Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ALFA LAVAL AB. We currently have 9 research reports from 1 professional analysts.
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ALFA LAVAL AB
ALFA LAVAL AB
Some order recovery in Marine, Process Technology
31 Jan 17
Q4 16 net sales were SEK9.9bn (-8% yoy), above consensus expectations. The operating income was SEK820m (vs. SEK1,483m in Q4 15), missing consensus. Net income at SEK 616m (vs. SEK935m in Q4 15) was also below expectations. On the other hand, the order intake, at SEK8.7bn, beat estimates. Outlook for Q1 17: demand somewhat lower than in Q4.
Restructuring one-offs at SEK1.5bn; SEK300m G&A savings
25 Oct 16
Q3 results: net sales were SEK8.6bn (-11% yoy), in line with consensus expectations. The order intake came in at SEK7.5bn (-13% yoy), below estimates. The adjusted EBITDA, at SEK1,339m (-20% yoy), is also in line. However, the company reported an operating loss (-SEK33m, vs. a SEK1,402m operating income in Q3 15) due to restructuring costs: SEK1.1bn in Q3, o/w SEK600m of write-offs and SEK500m for redundancies (700 employees, c. 4% of headcount); Alfa Laval expects SEK1.5bn in total. The company aims at saving SEK300m on sales and administrative costs. The net loss was at SEK106m (vs. a SEK988m profit in Q3 15). Outlook for Q4 16: demand in line with or somewhat higher than in Q3.
Strategic review: first results
30 Aug 16
The strategic review aims at getting back on to a solid organic growth track and face the hurdles related to the oil & gas and marine sectors. The organisation will be structured around target industries, where divisions bundle product-based business units: - Marine division; - Food & Water division; - Energy division. The divisions will share common Global Sales & Service (regrouping the previously three regional sales functions) as well as Operations. The strategy has three pillars: - Customers: improve interaction. The goal is to improve speed in customer interaction through clarity and accountability. Moreover, the company should become more selective in picking its market and application presence: fewer areas with better growth prospects. - Products: technological strength. Alfa Laval continues to rely on its three core technologies. Development axes include customer energy/environmental performance and digitalisation. The group will invest in a new R&D lab for high-speed separators in Sweden. - Services: expand the offering. New service centres are being open in 2016 (Iran, Angola and California).
Lack of large orders in Q2 16 with slow oil & gas and marine
18 Jul 16
In Q2 16, the order intake was SEK8.1bn (-9% yoy, ex. currency effects), above consensus estimates of SEK7.9bn. Net sales declined by 9% yoy (at constant currencies), to SEK8.8bn. Adjusted EBITA was SEK1.4bn (-23% yoy), just slightly below consensus. The operating income came in at SEK1.1bn (-27% yoy). Net income was SEK931m (-13% yoy), beating consensus of SEK797m. Outlook for Q3 16: demand in line with or somewhat lower than in Q2.
Starting a strategic review
26 Apr 16
Q1 16 results: the order intake was at SEK 7.7bn (-19% yoy, ex. currency effects). Net sales fell by 6% yoy (at constant currencies), to SEK 8.2bn. Adjusted EBITA was at SEK 1.3bn (-15% yoy), missing consensus. The operating income came in at SEK 1.1bn (-17% yoy), also below consensus. Net income was at SEK 871m (flat yoy), somewhat above consensus. Cash flow from operations stood at SEK 0.9bn (-17% yoy). Outlook Q2 16: demand at about the same level as in Q1 16.
N+1 Singer - T. Clarke - Strong conclusion to FY16, record order book
28 Mar 17
After significant upgrades at the time of the full year update (PBT forecast +43% FY16; +14% FY17), today’s results are c.4% ahead of our expectations at the PBT level and show strong growth on the prior year (PBT +48%). All regions achieved positive growth in revenue. The outlook statement refers to a still growing order book (£350m at the end of February vs. £330m at the year end) and the strength of recent trading, with London & the South East and Scotland said to be particularly positive. The Group has reiterated its ambitions to improve margins, but we have not incorporated this into our forecasts at this stage. We have nudged up our FY’17 forecasts (PBT +5%) and introduced FY’18 forecasts that imply 2% PBT growth. Despite the well justified bounce in the share price, the shares still trade at a significant discount to the peer group (7.6x FY17 PE, 4% yield).
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)