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Research Tree provides access to ongoing research coverage, media content and regulatory news on LONZA GROUP AG-REG. We currently have 8 research reports from 1 professional analysts.
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LONZA GROUP AG-REG
LONZA GROUP AG-REG
Updating our assumptions
17 Nov 16
After the group’s Capital Markets Day, held in Portsmouth, USA, at the end of October and discussions we had with the group’s IR team, we have updated our model, integrating, in particular, the newly-acquired Interhealth to our numbers and also revising the Pharma&Biotech segment prospects.
Q3 business overview: everything looks just fine!
27 Oct 16
Lonza released its Q3 « qualitative business overview » and held its investors day in the US. The Pharma&Biotech segment is said to enjoy continued strong performance in revenue and profitability while the Speciality Ingredients segment posts robust results thanks to portfolio management. The group upgraded its guidance for FY16 core EBIT growth, from a double-digit growth to « over 15% growth ».
H1 16 earnings: hats off !
20 Jul 16
Lonza reported H1 16 earnings which show a +6% increase in sales (+4.7% at CER) to CHF1,904m, a +14.3% increase in core EBITDA to CHF447m, +20% in core EBIT (CHF312m) and an 18.3% drop in net to CHF1,505m (vs CHF1,842m a year ago and CHF1,660m at year-end 2015). Operating cash flow is down some 12% to CHF264m. With these numbers the group raises its 2016 outlook, now calling for a double-digit increase in core EBIT (vs at least +5% previously) while management keeps its « long-term » target of an EBITDA « approaching CHF1bn » for FY18.
Q1 trading statement looks fine, even without numbers !
26 Apr 16
Lonza released its Q1 16 trading statement, which, as usual, does not include hard numbers. The business development in Q1 is said to be good in both the Speciality Indredients and Pharma & Biotech segments. On this basis, the group expects a double-digit core EBIT growth in H1, while the full-year guidance will be discussed with the H1 results on 20 July. Note, so far, the FY16 guidance (released in January with the FY15 results) points to a growth in sales and a core EBIT growth of at least 5%.
FY15 : a sound performance
27 Jan 16
Lonza released FY results with sales of CHF3.8bn (+4.5% and +5.7% at CER), core EBITDA of CHF793m (+6.7%), core EBIT of CHF524m (+10.3%) and a profit for the period of CHF277m vs CHF237m. Net debt at the end of 2015 reached CHF1,660m significatly down on FY14 (CHF2,011m). A dividend of CHF2.50 will be proposed. The outlook for FY16 calls for an increase in sales and a minimum +5% increase in core EBIT, while the longer-term target (FY18) is to reach a core EBITDA level of c.CHF1bn (in line with the previous long-term guidance).
Q3 trading statement: management's confidence reiterated
29 Oct 15
Lonza released its 9m trading statement which does not include any hard numbers (as usual) and only stresses the continued positive momentum in both Speciality Ingredients and Pharma&Biotech. As a reminder, top-line growth in H1 was +5.8% (and +6.5% at CER). The group's outlook remains unchanged (sales growth in reported currency and core EBIT growth above +5% at CER with capex below CHF300m and a reduction in net debt).
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.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
Panmure Morning Note 02-12-16
02 Dec 16
We expect CareTech to report FY results to September on 8th December. A positive trading update in October indicated that performance for the year was in line with market expectations therefore we are focusing on the outlook. We expect a confident statement since the end of 2016 showed positive trends across fee rates, expansion in places and occupancy. We believe CareTech is well positioned for further expansion, and remains at an attractive valuation. We retain our BUY and 380p price target.
Food intolerance driving growth
29 Nov 16
Omega Diagnostics Group has an established core business providing high quality in vitro diagnostic tests within three core areas of competence – Food Intolerance, Allergy & Autoimmune, Infectious Disease – that are sold in over 100 countries. The group offers steady low single-digit growth which is profitable and cash generative. Investment in new products has seen the launch of a new panel of automated allergy tests and progress on Visitect CD4 for monitoring of HIV positive patients. Interim results highlighted the opportunities to accelerate growth of the business, particularly Allersys, which has drawn attention from its partner.