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.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
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 - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume