Event in Progress:
Discover the latest content that has just been published on Research Tree
Alfa Laval’s Q3 figures were above consensus estimates on orders, in-line on revenues but short on profitability. Orders and revenues grew by double-digits with solid demand across most geographies and several end-markets. Service growth was also strong. Adjusted EBITA, however, was impacted by a softer performance in two of the three divisions. CFO and FCF were lower due to increased levels of inventory. In Q4, the group expects demand to be fairly similar to its Q3 level.
Companies: Alfa Laval (ALFA:STO)Alfa Laval AB (ALFA:OME)
Alfa Laval’s Q2 results were above consensus estimates on all fronts. Orders and revenues recorded double-digit growth with demand coming from most end-markets and all key geographies. Adjusted EBITA also grew by double-digits although margins slightly contracted. The aftermarket business performed better qoq. CFO and FCF, though, were weaker due to an inventory build-up. The group also announced a new CFO replacing Jan Allde from November. For the Q3, the group expects demand to be slightly low
Companies: Alfa Laval AB (0NNF:LON)Alfa Laval AB (ALFA:OME)
Alfa Laval’s Q1 figures were a mixed bag vs. consensus expectations. While orders were ahead of consensus, revenues were slightly below and adjusted EBITA in line. The demand came from most end markets and geographies. The aftermarket business performed decently. The group also signed an agreement to buy Desmet, which should become a part of the group in Q2. For Q2, the group expects demand to be slightly lower than in Q1.
While Alfa Laval’s full-year numbers were broadly in line with expectations, Q4 was the strongest quarter of the year and better than Q4 20. Order intake was robust for the majority of 2021 even as revenues and adjusted EBITA were flat. The aftermarket business grew strongly as well. The board will propose a dividend of SEK6.0 and to buy back up to 5% of issued capital. The outlook for Q1 22 is expected to be better than this quarter.
Alfa Laval’s results were a mixed bag when compared to the consensus but showed clear growth over Q3 20. Orders were again the strongest part of the release, whereas revenues and adjusted EBITA rose in single-digits. The service business also registered all round growth. Profitability continued to be better than expected. For Q4, the group expects an environment similar to Q3. This would imply that revenues are likely to decline over 2020 but profitability will clearly be better.
Alfa Laval’s Q2 results were at par with expectations but below last year’s Q2 figures with the exception of orders, which were particularly strong. Revenues and adjusted EBITA declined slightly over the last year. CFO, though, declined by 50% due to higher working capital requirements. Margins were a touch above the previous quarter. Considering Q2 figures, it appears that growth rates are likely to be flat in 2021 but higher than expected in 2022.
Alfa Laval’s Q1 results were broadly in line with our and consensus expectations but much lower when compared to the year before. Orders, sales, and adjusted EBITA, all declined by mid-teen percentages. The positive, however, was a similar level of CFO despite the decline in operating performance. Margins, too, improved to some extent as a result of the cost actions. No major changes for now but we see 2021 leaning more towards H2 than H1.
Alfa Laval’s Q4 and FY20 figures were pretty much in line with our expectations. Revenues and orders improved sequentially but were down yoy. Nevertheless, the group benefited from its cost-saving efforts and was able to expand margins, even if only marginally. Of the group’s three divisions, Food & Water recovered the most and helped the group achieve a reasonable showing.
Companies: Alfa Laval AB
Alfa Laval’s Q3 figures were weak and in line with our expectations. Despite Net sales and adj. EBITA being lower by 8% yoy, margins largely remained flat showing that the cost programme is bearing fruit.
Alfa Laval posted better than expected Q2 20 figures. The recent cost programme implemented by Alfa Laval to protect the group’s profitability is bearing fruit: the EBITA margin improved to 17.2% (+70bp yoy).
Alfa Laval reported rather solid results given the current situation, with both orders and revenues remaining resilient. Management decided to withdraw the dividend in order to protect cash and it expects demand in the second quarter to be lower than in the first quarter.
Alfa Laval reported a strong set of Q4 results, with both sales and adjusted EBITA beating consensus (6% above for EBITA). The only downside of this release was on orders which slipped 6% organically (c.2% below consensus), mainly due to Marine. All divisions have contributed to growth. The favourable trend in both Food and Energy end-markets still drives the performance, further propped up now by Marine thanks to the IMO regulation.
The return to growth in Marine was much appreciated when the Q3 figures came out. This was, once again, largely driven by the IMO 2020 sulphur regulation. Now, the question is rather to identify where the industry is going and what level of growth in scrubbers is sustainable.
Alfa Laval reported a strong set of Q3 results, with both sales and adjusted EBITA growing in double-digits. Following a weak momentum in Q2, the Marine division was back in positive territory at record levels. This trend should continue to be supported by the IMI 2020 regulation, and management gave a positive outlook for Q4, with demand expected to be somewhat higher compared to this quarter.
Alfa Laval reported a mixed set of results, with declining orders due to both pumping systems and scrubbers, a better than expected development in Energy and Marine, while Food and Water underperformed and affected the whole group’s performance. The Marine division continues to drive growth thanks to good deliveries and execution. Management remains confident and expects demand to be “somewhat higher” in Q3 compared to Q2.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Alfa Laval AB.
We currently have 19 research reports from 2
Strix has issued a trading update today following a disrupted period due to China’s continued Zero Covid policy approach and ongoing macro uncertainty. This has so far restricted business activity for two of Strix’s top five major OEM customers, with further disruption expected. Revenues for the full year will be below initial expectations whilst profitability is impacted more heavily due to the operational gearing in the business. These difficult market conditions see Zeus full year revenue for
Companies: Strix Group PLC
Invinity has announced a record new order, for 15MWh of its vanadium flow batteries (VFB) for Everdura Technology in Taiwan with 255MWh of follow-on-order potential. This marks Invinity's sixth announced sale this year and its fifth in 2H22. For the YtD that brings total firm orders to 37.7MWh, almost 3.5x the previous annual record. The evidence continues to mount that Invinity has a commercially competitive product, yet it trades at well under half the market capitalisation to book value accor
Companies: Invinity Energy Systems PLC
Invinity have announced their largest single battery sale to date through a 15MWh contract with Taiwanese industrial technology company Everdura. This comes on the back of another recent deal in the Taiwanese market, as well as notable sales in the US and Europe. We see sales momentum for Invinity’s flow battery accelerating as renewable penetration increases creating urgency for proven, low-cost, safe Long Duration Energy Storage (LDES) technology.
Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production. Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI). Gemini #11 was put into production on 24 November while Gemini#12 will be brought
Companies: PEN TCFF ALV CE1 HHR ALV RHC RHC SOU EOG ENQ ZPHR IOG PMG NOG SDX CHAR PEN
Companies: Yu Group PLC
Companies: Atome Energy PLC
Companies: Currys PLC
Invinity has announced a further sale of its vanadium flow batteries (VFB), this one comprising 2.2MWh of its VS3 model. The purchaser is Bei Ying International Corporation, a Taiwanese industrial equipment wholesaler which is acting as a reseller for Invinity. This brings total sales announced since the interims to 14.3MWh and to 22.7MWh for the year to date. Given the run rate, we believe there is a high likelihood of further sales before year end, confirming solid demand for Invinity's VS3 pr
DX Group has reported strong full year earnings; we reinstate our estimates and valuation following the relisting of the shares in October. Trading has been resilient despite widely reported, but now resolved, corporate governance issues. Growth was healthy in DX Freight driven by the 1-Man delivery service, and with higher parcel revenues in DX Express. Current trading is reportedly in-line with expectations, and the medium-term operating margin target of 7.5%-10.0% (FY22a: 5.8%) has been reite
Companies: DX (Group) Plc
EAAS has announced its full year results (to June ’22) alongside news that it has secured further debt finance of £2.5m in order to support the growth of the business and strengthen the Group’s balance sheet. Last Friday’s update confirmed a strong start to the new year and reiterated expectations of material year on year revenue and EBITDA growth for FY23. We expect to update our valuation analysis following the upcoming AGM (20th Dec).
Companies: eEnergy Group PLC
Singer Capital Markets
Companies: Up Global Sourcing Holdings PLC
Companies: RNO DOTD NTQ KMK PMG EVG
Dish of the day
BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio
Companies: RNO BEM BOIL DOTD NTQ KMK PMG EYE EVG ENET
Energy from biomass or waste can be genuinely low carbon and sustainable, representing a major tool in the decarbonisation toolbox. The ability to add carbon capture technology creates an immediately available negative emissions solution and adding liquid fuels allows the decarbonisation of sectors previously seen as challenging. Demand for all these solutions is likely to grow as decarbonisation and energy security become essential requirements in the energy mix.
Companies: VLS DRX PHE EQT
Companies: Saietta Group PLC