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Research Tree provides access to ongoing research coverage, media content and regulatory news on PARGESA HOLDING SA-BR. We currently have 2 research reports from 1 professional analysts.
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PARGESA HOLDING SA-BR
PARGESA HOLDING SA-BR
Less downwards pressure to be expected on the share price
18 Jul 16
During 2015, the euro’s depreciation against the Swiss franc was not the only factor impacting the stock price downwards. As we noted (see our Latest dated 07/08/2015), one of the historical key partners of Pargesa, BNP Paribas, issued exchangeable bonds for Pargesa Holding SA bearer shares.
Not so graceful last steps to BNP exit
07 Aug 15
The H1 15 consolidated net income amounted to CHF399m (compared with CHF378m in H1 14), including the following items: 1) Pargesa’s share of the partial reversal of the impairment previously recorded by the subsidiary GBL on its holding in Lafarge (CHF221m), 2) Pargesa’s share of the capital gain generated from GBL’s sale of 0.1% of Total (CHF34m), 3) the net gain resulting from the delivery by GBL of Suez Environnement shares to bondholders who exercised their exchange rights early (CHF14m), and 4) the impact of the euro’s depreciation against the Swiss franc since the beginning of the year (an average €/CHF exchange rate of 1.06 in H1 15 compared with 1.22 in H1 14, i.e. a yoy decline of 13.6%), since most income derives from GBL’s contribution which is denominated in euros. Pargesa’s accounts recorded and will record over the year 2015 the transactions carried out by GBL (for more details, see our Latest dated 05/08/2015 on GBL): • The deconsolidation as associate of Lafarge in the group’s accounts, as a consequence of the success of the tender of the Lafarge shares to the public exchange offer launched by Holcim for the purpose of building in July 2015 the merged group LafargeHolcim, in which GBL would hold 9.43% of the share capital; • the dilution of GBL’s shareholding from 56.5% at 31/12/2014 to 53.2% in Imerys share capital, the acquisition by Imerys of the Greek group S&B being partly paid in shares; • the forward sales concluded by GBL on 10.3m shares of Total (0.4% of the share capital) at an average spot price of €48.17 per share, leading to a capital gain of about CHF130m Pargesa’s share; • the further implementation of GBL’s diversification strategy through the development of “Incubator”-type investments, with the stakes acquired in Umicore (13.1%), Ontex (7.4%) and now Adidas (about 3%); • within GBL’s “Financial Pillar”, Sienna Capital and Ergon Capital Partners funds continued to invest in a certain number of companies and disposed of their stakes in other companies, generating capital gains. An amount of CHF12m will be recorded by Pargesa in Q3 15. On the financial side, Pargesa Holding SA issued a CHF150m Swiss domestic bond in order to increase its financial resources and partially fund the redemption of its 2.5% bond of CHF150m maturing in November 2016. Issued in March 2015, the new bond pays an annual coupon of 0.875%, is redeemable in April 2024 and significantly increased Pargesa’s average debt maturity. Concerning the company's organisation, the Vice Chairman of the Board of Directors and Executive Director Albert Frère did not seek another term as Director (see our Latest dated 03/02/2015) and his son Gérald Frère replaced him as Executive Director, following the Annual General Meeting held in May 2015.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades