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Research Tree provides access to ongoing research coverage, media content and regulatory news on OC OERLIKON CORP AG-REG. We currently have 4 research reports from 1 professional analysts.
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OC OERLIKON CORP AG-REG
OC OERLIKON CORP AG-REG
Disappointing Q2 but confidence in Surface Solutions
05 Aug 16
Oerlikon posted a poor Q2 reflecting a mediocre environment in its three business lines. Over H1, group sales were down 15%, EBITDA down 35% with EBITDA margins down to 13.4% from 17.5% and EBIT down 57% to a modest CHF68m certainly looking like an earthquake. The underlying story is brighter.
Reshaping deeper and faster
09 Dec 15
Oerlikon made public a number of essential moves by the end of November 2015: p. - Disposal of its Vacuum division for a CHF525m price tag (EV), completed by Q2 16 p. - Fast-paced restructuring of the Drive and Manmade Fibres business that suffer from deep contractions in their underlying businesses, at a cash cost of c. CHF100m and goodwill impairment to the tune of CHF470m p. - A big focus on the potential derived from "Surface Solutions", the newish business since it changed its size following the acquisition of Metco from Sulzer
29 Oct 15
The Q3 15 figures are disappointing with group sales down 15.2% year-on-year to CHF722m (CHF761m lfl), including a negative currency impact of 5.4%. EBITDA at CHF118m, or a 16.3% margin, marginally up on 16% last year, shows resilience on cost control. EBIT for Q3 15 stood at CHF74m (Q3 14: CHF88m).
Robust H1 showing thanks to Surface Solutions
18 Aug 15
Q2 sales up 5.9 % to CHF827m excluding forex negatives but including the Metco acquisition. Reported H1 sales were up 4.8% and H1 EBITDA up 3%, with a margin of 16.9%, slightly down on last year (17.1%). H1 net profit down 29% to CHF87m due to the discontinued businesses but the cash flow from operations is about flat at CHF225m. Of note, free cash flow suffers from a sharp (but expected) decline in customer advance payments (Manmade Fibres business). The service content of revenues accounts for 31.4% of the total which is a positive in stabilising the outlook. Full-year guidance for 2015 unchanged.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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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.