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Bilfinger announced robust Q3 results, with both revenue and EBITA surpassing the market’s expectations. EBITA outperformed by an impressive 17%, driven by strong performances across all the segments. Although there was a decline in order intake in the E&M International sector due to the ongoing restructuring in the USA, the German company reaffirmed its year-end outlook.
Companies: Bilfinger SE
AlphaValue
Bilfinger exceeded market expectations with its Q2 2023 results. While revenue was in line with expectations, EBITA outperformed by 15%, propelled by robust performances in E&M Europe and Technologies. However, E&M International faced challenges due to the ongoing restructuring in the USA. Consequently, theorder intake remained steady after a substantial increase in Q1 2023.
Bilfinger’s Q1 2023 results beat the consensus, with organic order growth of 26% driven by inflation and strong demand momentum. Revenue increased by 12%, and EBITA (excluding special items) by 16%, resulting in a 10bp margin increase. All segments contributed to this growth in revenue, although E&M international’s EBITA remained negative due to legacy contracts.
Bilfinger published a good set of FY22 results with 15% growth in revenue and a 140bp decrease in EBITA margin due to a one time-expense of €60m for the efficiency program and a strong basis of comparison. Going forward, the company announce its strategy to capture further growth while improving margins in the coming years.
Bilfinger published good Q3 22 figures with a significant increase in orders received and revenue, with the EBITA margin excluding one-offs at the same level as in Q3 21. All segments saw positive developments in the orderbook, with the sharpest growth at E&M International, thanks to the additional efforts put in since last year to increase the utilisation rate. For the full year, Bilfinger has guided for a sharp increase in revenues and operational EBITA but significantly lower net income due t
Bilfinger Q2 22 results. While revenue was above the company-compiled consensus (+4%), EBITA was a miss (-8%). However, due to 1/ the strong order intake, especially in Energy & Utilities and O&G end markets, 2/ a selective approach towards Technologies projects and 3/ the replacement of some major projects by new more profitable projects, the management is positive that the company can achieve strong growth in revenues and EBITA along with a margin improvement in H2. Hence, it has re-iterated t
Bilfinger released its Q1 22 result. While the revenue was above the company-compiled consensus (€961m, +14% lfl and -5% vs consensus average), EBITA was a miss. After a €10m additional charge booked in relation with Russia, EBITDA stood at €9m, flat yoy (when compared to non-adjusted EBITDA) with a 20bps decrease in margin. Given that the management expects flat EBITA this year, we anticipate a consensus downgrade for 2022.
Bilfinger published a good set of FY21 results with 11% growth in revenue and an extraordinarily high EBITA margin (+210bp yoy), supported by gains from real estate disposals (€30m) due to a one-off of €18m in real estate disposal gains. Going forward, the company expects the good top-line trend to continue, driven mainly by the international and technologies businesses. The company also proposed a dividend of €1 along with a special dividend of €3.75 (expected by the market).
Bilfinger published good Q3 21 results with a 12% growth in revenue and the EBITA margin is extraordinarily high (+270bp yoy) due to a one-off of €18m in real estate disposal gains. Given the good results, the company has slightly updated its FY21 guidance.
Bilfinger published Q2 21 results above market expectations with a substantial margin improvement which is expected to improve further in H2 21. As a result, the company has raised its adjusted EBITA margin guidance to 3%. The company has also unveiled its capital allocation plan (following the sale of Apleona), which includes early debt repayment of €109m, a special dividend worth €150m, share buy-back supto €100m and the rest for organic growth and bolt-on acquisitions.
Bilfinger published FY20 results slightly below our expectations. However, following the sale of Apleona in Q4, net income benefited significantly (€210m capital gain), resulting in a positive EPS instead of a negative one. No quantifiable guidance has been given for FY21, but management re-confirmed its 2024 targets. A dividend of €1.88/share is proposed, the additional €0.88 is to recover last year’s €0.12 dividend to a €1/share floor.
Bilfinger published disappointing results, with a 21% decline in revenues and a breakeven EBITA. The E&M International division was particularly weak due to the challenging environment (COVID-19 and elections), with a 55% decline in revenues. The most buzzworthy piece of information was that the CEO confirmed that Bilfinger is not up for sale. The company has reiterated both short-term and medium-term guidance.
Companies: GBF GBF GBF BFLBF GBF
Bilfinger has published its Q2 20 results. It has observed a decline of 15% in new orders received and a 29% decline in revenues organically. Given that the Oil & Gas market continues to be in trouble, Bilfinger may struggle with receiving new orders, especially for large projects. However, the Hinkley Point contracts will partly offset this. For the full year, Bilfinger has reiterated its outlook announced at the time of the Q1 results.
Bilfinger published its Q1 20 results which were negatively affected by disruptions and uncertainties due to the pandemic as well as the substantial reduction in the oil price (Oil & Gas represent a third of its total market). Management has cut the dividend to the statutory minimum level and has provided new guidance for 2020 with a revenue decrease of 20% and a positive adjusted EBITA.
The company has published its FY19 results which far exceeded the FY18 results. Even though there was a decrease in the orders received, the company has managed to increase its organic revenues by 6% and has positive unadjusted bottom-line items finally. It lags behind in terms of margin improvement but has shown significant SG&A improvement. While we believe that the company has performed below its set targets, we will update our target price to reflect its improved performance.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Bilfinger SE. We currently have 1 research reports from 3 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
Companies: MPE TRI VNET BVXP HVO
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Companies: James Latham Plc
SP Angel
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: Ilika plc
Liberum
Companies: Gattaca plc
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