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Research Tree provides access to ongoing research coverage, media content and regulatory news on ALFA LAVAL AB. We currently have 8 research reports from 1 professional analysts.
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ALFA LAVAL AB
ALFA LAVAL AB
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.
Q4 15 missing expectations and weak demand calls for negative revision
02 Feb 16
Q4 results: the order intake was at SEK9.4bn (-11% yoy, ex. currency effects). Net sales declined by 2% yoy (at constant currencies), to SEK10.8bn. Adjusted EBITA came in at SEK1.8bn (-10% yoy), below consensus. The operating income came in at SEK1.5bn (-11% yoy). Net income was at SEK935m (+3% yoy), missing the consensus. Cash flow from operations of SEK1.9bn (+11% yoy). Outlook Q4 15: demand somewhat lower than in Q4 15.
Panmure Morning Note 30-11-2016
30 Nov 16
RPC, the international plastics products design and engineering group, has delivered yet another strong set of results (1H17 EBITDA +65%, EPS +45%). At the interim stage PBT was +66% (materially better than we had forecast). Topline growth has principally being driven by acquisitions (GCS + BPI), though organic remains a feature (and crucially remains at levels consistent with FY16). The two recent acquisitions have quickly been assimilated into the panEuropean platform and management has raised cost synergy guidance (again).
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)