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Following the purchase of additional Syngenta shares, ChemChina’s participation in Syngenta has exceeded 98% of Syngenta’s share capital.
Companies: Syngenta
AlphaValue
ChemChina today announced the provisional interim results for ChemChina’s offer to acquire Syngenta.
Syngenta released Q1 revenue numbers. Sales reached US$3.7bn (-1% both reported and at CER). The group maintains its target for FY17 of “a low single-digit growth in sales, improvement in EBITDA margin and strong cash flow generation”.
Revenues in FY16 reached US$12,790m (-5% and -2% at CER), EBITDA US$2,659m (-4%m, +2% at CER), operating income US$1,647m (-11%) and net income US$1,178m (-12%). Net debt at the end of FY16 was US$2.3bn (US$3.09bn in FY15). No regular dividend will be proposed at the AGM in June (with a CHF5 dividend to be paid conditional upon and prior to the first settlement of the transaction. The expected closing of the deal with ChemChina is in Q2. For FY17, management expects a low single-digit sales grow
Syngenta released Q3 sales, which reached US$2.524m (-3% both published and at CER) bringing 9m sales to US$9,618m (-6% and -3% at CER). At CER, regional sales (i.e. excluding Lawn and Garden) were down 4% (prices up 3%, volumes down 7%) with a weak South America where the change in sales terms in Brazil (and weak insecticides) weighed again. The group reiterated its full-year guidance of a low single-digit decline in sales, with an EBITDA margin at « around last year’s level ». The group also i
Syngenta released H1 16 numbers: sales were down 7% (-2% at CER) to US$7,094m, EBITDA -12% to US$1,767m, operating income -14% to US$1,351m, net income -13% to US$1,064m. Lastly, free cash flow reached US$337m vs US$-109m last year.
Sales reached US$3.7bn (-7% and flat at CER, with prices up 2% and volumes down 2%). The group indicated it targets to maintain its sales level of last year at CER while profits should benefit from the cost-cutting programme (US$300m in FY16) and lower raw material costs. It also aims to deliver a US$1bn free cash flow, partly on the release of working capital.
SAINSBURY (J) PLC | SYNGENTA AG-REG
Macros: Indices and Markets
Louis Capital
Syngenta released FY15 results. They show sales down 11% to US$ 13.4bn (+1% at CER), EBITDA down 5% to US$2.78bn (+16% at CER), operating income down 13% to US$1.84bn and net income down 17% to US$1.34bn. Free cash flow (before M&A) was US$0.8bn. The proposed dividend is CHF11 (unchanged). For FY16, the group aims at "improving profitability on the basis of its AOL programme" (Accelerating Operational Leverage), which is a rather vague statement.
Syngenta’s CEO Michael Mack has announced his intention to step down and will leave the company at the end of October. John Ramsay, the CFO, is appointed as the interim CEO.
Syngenta released Q3 sales numbers that were flat at CER and down 12% in reported terms to US$2.6bn. Over 9 months, sales are up +2% at CER and down 8% reported to US$10.25bn. Excluding glyphosates and the change in the terms of sales in Brazil, sales would have been down 8% in Q3 at CER.
Monsanto announced it is withdrawing its offer on Syngenta since its improved proposal did not meet Syngenta’s financial expectations. Without a basis for constructive engagement from Syngenta, the US group indicated it "will continue to focus on its growth opportunities built on its existing core business to deliver the next wave of transformational solutions for agriculture".
H1 15 numbers: sales down 10% to US$7,634m (+3% at CER), EBITDA -5% to US$2,000m (+21% at CER), operating income -9% to US$1,566m, net income -12% to US$1,221m. Net debt at the end of H1 stood at US$3,609m vs US$3,611m last year (keep in mind this is not very significant since cash flow is generated in H2).
Syngenta made public an interview made by Mr Démaré, Chairman of the Board, to reassert the group’s view that Monsanto’s bid should be rejected. The main elements remain unchanged (the so-called "under-valuation" of Syngenta, the significant execution risks and the "damage" to Syngenta’s integrated business). Also, Démaré insists Monsanto has had a purely opportunistic approach, given Syngenta’s current share price weakness, in making its offer.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Syngenta. We currently have 14 research reports from 2 professional analysts.
16 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv
Companies: TXG TXG GGP RST CLCO CWR HAYD GYM EMH
Hybridan
Haydale has reported interim results for the six months ended December 2022. It is on track to meet revenue and EBITDA expectations for FY23 with revenue growing 50% to £1.78m and adjusted LBITDA increasing slightly from £1.75m to £1.89m in H1 as it invested to drive growth. Net cash was £1.6m (£3.0m gross), with the impact of the £5.15m net fundraise in September 2022 offset by higher-than-expected outflows as Haydale built inventory to service demand. We expect cash outflow to reduce over the
Companies: Haydale Graphene Industries Plc
finnCap
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23 million. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee, the online pensions provider, with a mission to make pe
Companies: KRS DEST ZPHR ADME KDNC HAYD CER OKYO CRTM ABDX
8 July 2022 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives
Companies: LIT CMH IOF EMIS SIS TGP HAYD ONC
01 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv
Companies: ARV OHG NICL MBT GETB CRCL HAYD HARL
Zotefoams has released a Q3 trading update this morning. In the context of difficult industrial markets and supply chains in Q3 (US industrials have started to miss consensus forecasts and downgrading guidance), we think Zotefoams statement is very robust, highlighting substantial underlying demand and top line momentum albeit mitigated by inevitable supply chain pressures which are being managed very well. We think recent underperformance should reverse. Buy.
Companies: Zotefoams plc
Arden Partners
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