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.
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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.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. 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
Continued progress since interims
01 Feb 17
Carclo has announced that H217 trading remains strong and the outlook for the full year is in line with its expectations. Growth is being driven by the two larger divisions, Technical Plastics (TP) and LED Technologies, while the Aerospace division is experiencing stable trading conditions. We leave our estimates unchanged, but note potential currency upside should foreign exchange rates remain at current levels for the remainder of FY17.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Small Cap Breakfast
14 Dec 16
Ultimate Products—The Telegraph reports Jim McCarthy, former chief of Poundland has been appointed Chairman of Ultimate Products ahead of a £100m listing in H1 2017. Ultimate Products owns the Beldray cleaning brand and the licence to sell Russell Hobbs and Salter electrical products in the UK. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
N+1 Singer - Victrex - Strong Q4 delivered – meeting FY expectations
11 Oct 16
Victrex’ year end update confirms a strong Q4 performance, driven by the anticipated surge in demand from its large consumer electronics programme. Full year volume and revenue are both a touch ahead of our forecasts and consensus expectations. Invibio has delivered a steady year, in line with expectations, and the Magma oil & gas project has delivered its first meaningful revenues of over £1m. The outlook reiterates previous caution over the consumer electronics outlook but we believe this is now reflected in most analysts’ forecasts, including our own. There is no mention of currency, but this is clearly a strong tailwind for FY17 and, if current rates persist, into FY18. Overall, today’s statement should be well received. There was a lot to do in Q4 and Victrex has delivered it. In our view, the FY17 rating of 16x with a 6% yield (inc. 3% special) represents an attractive entry point for this high quality group.