Research, Charts & Company Announcements
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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.