Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CLARIANT AG-REG. We currently have 7 research reports from 1 professional analysts.
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28 Oct 16
Clariant’s trading statement reported sales a bit weaker (-1% at CHF1,400m; +2% in LC) and an unchanged EBITDA before one-offs at CHF208m (-3% in LC). For 2016, management expects to generate growth in local currencies as well as increases in operating cash flow and EBITDA margin before one-offs, which is confirmation of the guidance given earlier this year.
Strong operating CF improvement, but net income suffers
28 Jul 16
Clariant reported slightly higher sales (+1% to CHF2,899m) in H1, but volumes were even higher at +3%. The gross profit margin was up at 31.7% (30.8%), but EBITDA weakened (-1% to €395m). Net income attributable to shareholders declined 10% to CHF123m. Operating CF jumped from CHF65m to CHF208m, propelled by lower restructuring payments and tax payments as well as a reduced NWC outflow (CHF-181m after CHF-232m). The latter benefited from the swing into positive figures of other current assets and liabilities as well as provisions. Investing CF (CHF-168m after CHF-279m) was predominately driven by the swing in current financial assets (CHF39m after CHF-222m). Financing CF came down from CHF167m to CHF88m mainly due to the lower net gross debt proceeds (CHF273m after CHF342m). For 2016, management expects to generate growth in local currencies as well as progress in operating cash flow and the EBITDA margin before one-offs, which is confirmation of the guidance given earlier this year.
25 Jul 16
The papers say, Clariant is preparing for a large acquisition, playing an active part in the current consolidation game. Management, especially Dr Kottmann, is in discussions with banks and investors in order to secure the financing of the potential deal. Insiders said, the company is looking for some USD100m, which might be ‘collected’ by the issuance of a corporate bond and could be available in August. The USA is currently under-represented and other Chemicals companies have already ‘found’ attractive, but not cheap, targets there.
28 Apr 16
Clariant has decided to provide the full set of financial figures only twice a year. Group sales were up +1% to CHF1,478m as volumes rose +3% and EBITDA pre one-offs went up +11% to CHF229m. For 2016, management expects to generate growth in local currencies as well as progress in operating cash flow and the EBITDA margin before one-offs, which is confirmation of the guidance given earlier this year.
Q4 gives operating CF a nice push
17 Feb 16
Q4 sales continued to suffer from FX headwinds (-8%) bringing it down by 4% to CHF1,526m. Partly benefiting from the lower raw material prices and a mix effect, the gross profit margin improved from 28.8% to 30.0%, but EBITDA clearly dropped 47% to CHF177m. As a reminder, there were some disposal gains (CHF164m) booked in Q4 14. Net profit attributable came in at CHF27m after CHF80m. Q4 operating CF was a bit weaker (CHF306m after CHF321m), but NWC (CHF205m after CHF221m) remained at its high level. Despite higher capex and significantly lower income from disposal gains, investing CF came in at CHF33m (CHF14m) helped by an inflow from near cash assets. Financing CF moved from CHF-210m to CHF-283m, fuelled by higher net gross debt repayments (CHF-243m after CHF-205m). Management proposes an unchanged dividend of CHF0.40 per share at the AGM on 21 April 2016. For 2016, management expects to generate growth in local currencies as well as increasing operating cash flow and the EBITDA margin before one-offs.
Operating CF is on the right track
29 Oct 15
Sales declined 6% (organic: +2%) to CHF1,410m but the gross profit margin improved 80bp to 31.6%. EBITDA remained unchanged at CHF191m and net income attributable to shareholders increased +18% to CHF65m. Operating CF continued to stay in the black (CHF131m after CHF126m), which is normal for Q3, but NWC outflow was slightly up (CHF-41m after CHF-31m). Investing CF (CHF-89m after CHF-144m) saw a CHF85m swing to a CHF19m inflow from current financial assets, which was partly offset by higher capex and acquisition costs. Financing CF swung from CHF-66m to CHF32m primarily due to net gross debt proceeds of CHF48m (CHF-44m). Management confirmed FY guidance, still expecting sales to grow by a low to mid single-digit percentage on local currencies and a higher EBITDA margin before one-offs compared to 2014 as well as an increased CF generation.
Innovate, specialise, integrate, globalise
01 Dec 16
Carclo has refocused investment in its established businesses (Technical Plastics and LED Technologies), where a differentiated offer and long-term relationships with customers provide good earnings visibility and more certainty of a return. This strategy delivered strong revenue and profits growth during H117. This growth appears set to continue, underpinned by long-term relationships with blue-chip customers. We leave our estimates and indicative valuation broadly unchanged and introduce our estimates for FY19.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
30 Nov 16
Results have yet again beaten our forecasts and the management has now delivered the fourth consecutive year of earnings above expectations. The share price is up 41% over the last three months, and Treatt is steadily moving from commoditised sales to more value-added products. Its strategy of deep customer relationships is paying off, giving it a real competitive advantage and improving margins. The year finished strongly and momentum is due to continue in the traditionally seasonally weaker Q117. Our P&L forecasts are broadly maintained, but our fair value moves to 272p (from 240p) as a result of stronger cash flow.
N+1 Singer - Carclo - Trading in line; all divisions performing well
15 Nov 16
Trading remains positive with momentum strong in Plastics and LED. For those willing to look past the pension and dividend issues discussed previously (or for those who think bond yields will now start to help the situation), we feel that there is an attractive investment case at these levels (P/E of c.10x March 17). We remain at Buy.