FY20/21 results came in above expectations
The current great shape of the steel market at large gives decent visibility over 2021/22
The green transition will be an important supporting factor for the Plant-making business
Companies: Danieli & C Officine Meccaniche (DAN:BIT)Danieli & C. Officine Meccaniche S.p.A. (DAN:MIL)
H1 20/21 results showed a marked improvement in margins
This should continue going into H2, given the current positive context in the steel market
The group’s yearly target should be reached, at the least
We will upgrade our forecasts with a positive impact on our target price
The group’s results were very decent in the pandemic context
The Plant-making business has shown its resilience
Steel-making is suffering more, in line with its higher cyclicality
The outlook is rather vague, but we keep a positive stance over the long run
We will adjust our numbers, slightly down over FY20/21
Companies: Danieli & C. Officine Meccaniche S.p.A.
H1 19/20 was weak, mainly due to Steel-making, both on prices and volumes, but a degree of recovery is expected in H2
Plant-making did reasonably well, as should be the case over H2
We have concerns about the negative impact of the COVID-19 outbreak in Italy, which was not even mentioned by the group
The financial communication still looks pretty weak to us
We will downgrade earnings and valuation on a low H1 and our fears concerning the virus impact in H2.
- FY18/19 well in line and even better than guidance
- More needed on the outlook post the FY results comments
- Our numbers/targets are not likely to change much
The release of the FY18/19 outlook is clearly a disappointment, with the group guiding for EBITDA of €220-230m (we had over €260m) on the back of the low-priced contracts signed in civil FY17 (plant-making) and uncertainties on steel prices (steel-making). We will revise downwards our numbers and target price.
Danieli released FY 17/18 results (the group’s closing is 30 June). Revenues reached €2,706m (+9%), EBITDA €228.8m (+13%), EBIT €103.9m (+48%) and the net result-group share €58.4m (+16%). The order-book at the end of June reached €2,954m (+17%). The group’s net cash at the end of FY17/18 stood at €836.7m (vs €912.5m in FY16/17 and €858m in December). The group will pay a dividend of €0.10 for ordinary shares and €0.1207 for saving shares.
The results for H1 17/18 show a significant improvement, mainly due to higher volumes and prices in the steel-making division, while the order book is increasing quite markedly, also in plant-making which we consider as positive for mid-term growth. We will revise a tick upwards our numbers and valuation.
Danieli released FY 16/17 results (closing 30 June). Revenues reached €2,491m (flat), EBITDA €202.5m (-4%), EBIT €70.3m (-22%) and the net result €50.2m (-43%). The order book at the end of June reached €2,532m (-11%). The group’s net cash at the end of H1 16/17 stood at €912.5m (vs €910.2m in December).
Danieli released H1 16/17 results (closing 30 June). Revenues reached €1,158.1m (flat), EBITDA €80.8m (-25%), EBIT €13.3m (-76%) and net result €39m (-14%). The order book at the end of December 2016 reached €2.385m (-15%). The group’s net cash at the end of H1 16/17 stood at €910.2m (+/-0%).
Danieli released FY15/16 results (closing 30 June). Revenues reached €2,508.4m (-9%), EBITDA €211.4m (-17%), EBIT €90.2m (-40%) and the net result €88.3m (-45%). The order book at the end of June reached €2,814m (-5%). The group’s net cash at the end of fiscal 2015/16 stood at €908m (-5%). A dividend of €0.10 per share (€0.1207 for savings shares) will be proposed at the group’s AGM on 28 October.
Danieli released 9 months figures. Revenues reached €1,691.3m (-15%), EBITDA €154m (-11%), EBIT €78.3m (-22%) and net income €54m (-54%). Net cash at the end of March 2016 amounted to €823.5m (vs €841.8m at the end of H1 and €956m a year before). The group’s order book stood at €2,975m (vs €3,026m in December and €3,155m at the end of the last fiscal year.
Danieli’s H1 15/16 results were released. Revenues reached €1,161.1m (-14%), EBITDA €108.4m (-14%), EBIT €55.4m (-30%) and net profit €45m (-32%). Net cash at the end of H1 was €841.8m (vs €956m at year end 14/15 and €881m in Q1). The group’s order book stood at €3,026m (vs €3,155m in June 2015 and €3,094m at the end of Q1). The group confirms the FY16 results should be in line with the forecasts made at the beginning of the year (i.e. revenues of €2,700-2,850m and an EBITDA of €240-260m).
Danieli released Q1 15/16 results (as at 30 September 2015). Sales reached €556m (-15% yoy), EBITDA €51.6m (-22% yoy), EBIT €28.1m (-35% yoy) and the net result €22.5m (-58% yoy). Net cash at the end of Q1 15/16 was €880.5m (8% down from €956m at year end 2014/15). The group’s order book stood at €3,094m (-2% qoq, of which -9% in Steel Making to €154m).
Danieli released its FY14/15 results. Revenues reached €2,765.9m (-6%), EBITDA €250.5m (-19%), EBIT €150.2m (-29%) and the net result (group share) €161.8m (+5%). Net cash at the end of the year reached €956m (vs €844.3m a year before) and the order book €3,155m (+2% yoy and +15% sequentially). The company will cut its dividend to €0.10 (vs €0.30 last year), reducing its pay-out from 13-15% historically to a mere 5%.
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Seeing Machines has announced that it has been selected as the DMS supplier for automotive programmes through Magna International worth cA$120m and a fundraise of at least US$40m at 11p.
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Seeing Machines has announced results for its financial year ended June 2021 and, after the 3 August 2021 trading update, there were few surprises in the numbers with the company trading ahead of expectations in terms of margins and cash. This reflects the successful focus by the management on reducing costs and conserving cash. However, with the conclusion of the recent fund raise, we expect the company to change gear to investing in the business and managing for longer term shareholder value.
Whitelee windfarm hydrogen project funding
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The oversubscribed placing to raise £25m and £2m open offer leaves Velocys well placed to move forward on its reference projects and strengthens its ability to address further demand as airlines increasingly seek out sustainable fuelling solutions. We have updated our forecasts for the raise and after a review of project timings. These show that if the company can progress its projects, it is capable of being cashflow positive in FY 24 without recourse to further funding. Our DCF based central c
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While there remains considerable uncertainty over the planning and permitting of the Uskmouth power station conversion there have been a couple of recent pieces of good news for SIMEC Atlantis in our view. Inclusion of waste-to-energy in the carbon capture support model is potentially positive for Uskmouth and may increase its political attractiveness to the Welsh Government as they consider permitting. The ring fencing of CfD support for tidal steam in the next allocation round opens up the pos
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The Whitelee project to which ITM is supplying its PEM electrolyser technology has won £9.4m of government funding. We see this project as a key demonstration of the value of co-locating hydrogen production with renewables and indicates a wide market for this key energy storage solution.
Macfarlane Group, the leading protective packaging solutions specialist, servicing clients across the UK
and now emerging into Continental Europe, has issued a trading update this morning (25 November)
covering the period since end June and the year to date. Trading has continued to be robust in a difficult
supply chain environment and the Group now expects to exceed its previous expectations for the full
year. Sales growth for the year to date has accelerated through to October at rate of +2
Companies: Macfarlane Group PLC
The H1 results were a bit of a double check. First, how high hopes (battery materials) persist in a rapidly changing environment, something already communicated to the markets. The second, and a rather annoying one, was how to deal with the issues as management was not really transparent. This explains the strong miss in EBIT compared to the consensus. We were also wrong-footed as our impairment figure was far too low.
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Like Taylor Maxwell before it, management's patience and persistence has landed another prized target, this one HBS NE Limited trading as HBS New Energies and UPOWA, giving Brickability a platform into the fast-growing renewables energy products market. It is Brickability's 13th acquisition in the past three years, will cost a maximum £5.5m and falls within the group's target 4-6x EV/EBITA purchase range thus enhancing earnings whilst broadening the product offering to its core housebuilder cust
Companies: Brickability Group PLC
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What’s cooking in the IPO kitchen?
Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
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Oil prices suffered one of the largest ever one-day plunges, crashing more than 11% on Black Friday as a new coronavirus strain sparked fears that renewed lockdowns will hurt global demand. The crash, the 7th largest ever for Brent crude, the global oil benchmark, may prompt the OPEC+ cartel to re-consider its policy when it meets next week, with the group increasingly leaning toward pausing its output hikes. The sell-off was amplified by low liquidity on a festive day in the US, the breach of s
Companies: FO 88E DEC EME GTC TRIN UOG WEN
The trading update confirms that TClarke is on track to meet FY21 expectations signalling a strong recovery from the pandemic-hit 2020 with revenues +47%, H2 margins back at 3%, underlying EPS +50% and net cash of c£5m in the year-end balance sheet. The highlight, in support of its target £500m turnover by 2023, is continued improvement in the order book, currently at £525m (end June £503m) including a record £320m (+25%) secured for a year out. This is not ‘being bought' but comes with a real s
Companies: TClarke plc
LTHM announced exceptional results for H1F22 ended 30 September 2021. H1F22 revenue reached £193.9m, +81.2% over H1F21 of £107m. This is notably a stellar first half driven by demand-supply imbalances in global markets that have resulted following the pandemic. Resulting PAT of £26.6m translates to EPS of £1.335 vs. £0.256 in H1F21.
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