Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CLARIANT AG-REG. We currently have 8 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
Weak Catalysis, but stronger operating CF
16 Feb 17
Clariant reported slightly higher sales (+1% to CHF5,847m) due to higher volumes and the gross profit margin weakened from 30.7% to 30.3%. EBITDA grew +2% to CHF785m and net income attributable to shareholders rose +10% to CHF253m. Operating CF went up +7% to CHF646m based on less negative payments for taxes and restructuring and lower NWC outflows (CHF-18m after CHF-68m). Investing CF moved from CHF-335m to CHF-772m primarily due to higher acquisition-related costs and investments in near-cash assets. Financing CF swung from CHF-84m to CHF411m, pushed by higher net gross debt proceeds (CHF606m after CHF147m). Management will propose a 13% higher dividend of CHF0.45 per share after CHF0.40 per share at the AGM on 20 March 2017. The Annual Report will be available within the next few weeks. For 2017, management is confident it is able to achieve growth in local currency, as well as progress in operating cash flow, absolute EBITDA and the EBITDA margin before exceptional items.
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.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
Small Cap Breakfast
03 Feb 17
Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’. Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.
Small Cap Breakfast
03 Mar 17
Venn Life Sciences*( VENN . L) | MediaZest* (MDZ.L) | Legendary Investments (LEG.L) | AFH Financial (AFH.L) | Intercede Group (IGP.L) | Gear4Music Holdings (G4M.L) | Trakm8 Holdings (TRAK.L) | Kodal Minerals (KOD.L) | Applied Graphene Materials (AGM.L) | Velocys (VLS.L)