Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LAFARGEHOLCIM LTD-REG. We currently have 13 research reports from 1 professional analysts.
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Use of a cheat code to ease the reaching of 2018 EBITDA target?
03 Mar 17
Key information: • FY revenue CHF26.9b; est. CHF27.4bn yoy. • Revenue decreased by 1.7% lfl. • FY adjusted operating EBITDA CHF5.83bn; est. CHF5.71bn. • Operating EBITDA adjusted up by 8.7% lfl. • Operating free cash flow at CHF1.7bn. • Recurring EPS at CHF2.67. • Net debt at CHF14.7bn, higher than expected. • LafargeHolcim sees double-digit growth in lfl adjusted operating EBITDA in 2017. • Proposed dividend of CHF2 per share. • Cement volumes down by 2.5% lfl.
Underinvestment in future growth? No, it's a switch to the cleverest capital allocation!
21 Nov 16
Key information: • Targets adjusted to reflect scope and FX effects. • EBITDA target revised at CHF7bn as expected including CHF200m of additional cost savings. • Cumulative operating free cash flow target of CHF7.5bn from 2016 to 2018. • ROIC improvement of 300bp in 2018 vs 2015 level targeted. • Maintains commitment to 2018 run rate capex of less than CHF2bn. • Dividend proposed of CHF2 per share. Targets of dividend payout ratio of 50% through the cycle. • Up to CHF1bn share buy-backs over the next two years.
LafargeHolcim: Doubts on guidance? Should the pricing strategy be questioned?
07 Nov 16
Key information: • Net sales decreased by 3.1% on a lfl basis in Q3 16 (down by 10.1% on a reported basis). • Adjusted operating EBITDA up 10.5% lfl in Q3 16. • Adjusted EBITDA margin up by 290bp in Q3 to 23.9%. • Operating free cash flow in Q3 improved by CHF826m versus the prior year. • Recurring net income of CHF740m in Q3 16 vs CHF366m in Q3 15. • Full-year incremental synergies target of CHF450m achieved at the end of Q3; at least CHF550m of synergies expected to be delivered for 2016. • Net debt of CHF16.5bn at end of Q3 compared to CHF18.3bn for Q3 15. • On track to achieve full-year targets. • Cement volumes down by 4.2% on a lfl basis (-11.6% reported) in Q3 16. • Aggregates volume down by 2.8% on a lfl basis in Q3 16.
Profitability improvement in Q2, 2018 EBITDA target expected below CHF7bn
09 Aug 16
Key information (Q2 figures): • Net sales decreased by 2% on a lfl basis • Pricing and synergies drove improvements in operating margins and earnings • Adj. operating EBITDA margin up 210bp to 23.4% in Q2. • Adj. operating EBITDA up by 2.6% and 6.0% on a lfl basis in Q2. • But adj. operating EBITDA down by 6.7% and 2.9% on a lfl basis in H1. • 26% increase in FCF. • Net income increased by CHF318m to CHF452m for the first half, but only by CHF92m when adjusted for non-recurring items. • Cement prices up by 2.2% qoq and 0.8% yoy (according to our calculations) but cement volume sales decreased by 3% lfl compared to H1 15. • Divestment target of CHF3.5bn for 2016 to be exceeded. • Like peers, the EBITDA margin growth mostly stems from lower energy prices. • Synergies also played a key role in margin improvement.
LafargeHolcim divests LafargeHolcim Vietnam at an attractive valuation
05 Aug 16
LafargeHolcim announced it has signed an agreement with Siam City Cement (SCCC), which is the second largest cement company in Thailand, for the divestment of its entire 65% shareholding in LafargeHolcim Vietnam for an enterprise value of CHF867m. LafargeHolcim Vietnam operates one integrated plant and four grinding plants with an annual cement capacity of 6.3mt.
Divestment of a stake in a Chinese company at an attractive valuation
02 Aug 16
LafargeHolcim announced it has signed a framework agreement with Tianjin Circle for the sale of a controlling stake, namely 56%, in Sichuan Shuangma Cement for a purchase price consideration of CNY8.08 per share, namely a CHF507m aggregate consideration.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
16 Mar 17
4imprint (FOUR): 6% dividend yield for a growth stock? (BUY) | Cambridge Cognition* (COG): Amgen uses CANTAB technology in trial (CORP) | Seeing Machines* (SEE): H1 results show steady operational progress (CORP) | Allergy Therapeutics (AGY): Pollinex Quattro Birch Ph III EU trial starts (BUY) | Capital Drilling* (CAPD): FY results in line, with turnaround in exploration activity (CORP)
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
FY results in line, with turnaround in exploration activity
16 Mar 17
Full-year results were in-line with the recent trading update. Market conditions continue to improve, with a strong improvement in exploration activity. We make no change to our forecasts. The shares have recently seen some profit taking after a strong run, which opens a valuation opportunity as the market turnaround provides strong medium-term potential. Our 95p target price points to strong upside.
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.