Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LAMPRELL PLC. We currently have 4 research reports from 1 professional analysts.
|27Mar17 18:04||RNS||Holding(s) in Company|
|24Mar17 07:15||RNS||Directorate Change|
|24Mar17 07:00||RNS||Final Results|
|23Jan17 07:00||RNS||Pre-Close Trading Update|
|20Dec16 16:35||RNS||Price Monitoring Extension|
|25Nov16 07:00||RNS||Contract award|
|04Nov16 07:00||RNS||Delivery of jackup rig|
Frequency of research reports
Research reports on
H1 2016 results follow up
28 Sep 16
Lamprell released its H1 2016 results last week. These reported revenue of US$451m (versus US$351m in H1 2015), operating profit of US$1.4m (versus US$26.9m in H1 2015) and EPS loss of 1.3c (versus 5.9c profit in H1 2015). The overriding factor in these results was the hit taken from the deal made with Ensco due to the late delivery of the Ensco 140 rig, which caused a US$25m reduction in revenues and a further US$10m increase in costs (Lamprell is in the process of trying to recover this from OEM Cameron). The Ensco issue was well flagged so was no huge surprise. Revenues are well over half our full year number, but this is more down to project timing than anything else (we are easing back our full year revenue forecast – see below).
Ensco 140 rig delivered and settlement reached
30 Aug 16
Long-term Lamprell is well placed to win contracts from high quality clients when these start to come through again; there is the potential for further efficiency gains to help with margins; it has a strong net cash position to help see it through; and an undemanding EV/EBITDA valuation. Over 2016 however we expect decline in revenues and profitability; uncertainty on how Lamprell will fill the order book (for 2017 in particular – recent news indicates that the environment has not improved); and there is likely to be a time lag before the company’s new strategic alliances start to bear fruit. For investors keen to secure an entry into the stock and willing to take some pain short term, the shares may be attractive. Our view is that news will continue to be negative over the course of 2016 as order book progress continues to be challenging, and, we believe, revenue guidance comes under pressure (which could happen at the upcoming interims). As such, we believe that the price will struggle (absent significant further oil price recovery) and we have a Reduce recommendation.
2015 results follow up
29 Mar 16
We have now updated our forecasts for Lamprell. We have put through a greater hit to revenues than guidance, reducing these by 11.7% in 2016 versus 2015, compared with guidance of a 5.0% decline. Walk-in work slowed significantly in the second half of 2015 and we are allowing for further weakening during 2016. We have also reduced operating margins base on broadly flat fixed costs 2016 versus 2015 and a small increase in variable costs (with the pricing pressure effect on margins counteracted by cost savings as a result of the company’s Project Evolution Phase 2 efficiency drive and its new ERP system). It’s worth being aware in this context that the US$77.7m of 2015 operating profit contained US$7.5m of reversed warranty provisions and US$6.1m of reversed bad debt provisions – neither of which may be repeated going forward. Overall, our 2016 operating profit falls from US$62.1m to US$60.1m. We have also beefed up finance charges as these were ahead of our assumption in 2015. Overall, our EPS falls from 18.0c/share to 13.9c/share.
2015 Results Preview
06 Mar 15
Lamprell is due to release its 2014 results on Thursday 19 March. The company gave guidance on 2014 and 2015 numbers at the January trading statement and so we are not expecting any huge surprises either in the results or in any new forward guidance (though knowing Lamprell there could potentially be some more benefit on margins over and above our assumptions industry headwinds not withstanding). More important for us is order book outlook for the rest of this year and into next, any update on margins versus our forecasts, how the company expects to fully secure 2015 revenue expectations and any further guidance around when dividends might potentially resume.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Share & share alike
29 Mar 17
In a key week in a number of respects, some of the optimism that buoyed up markets has dissipated. In the UK, inflation istrending higher and above wage growth, putting pressure on the consumer although retail sales show contrasting signs. Corporate action continues apace. Yesterday there were more than fifty company results – all appear to be at least as expected. We now face a prolonged period of pre-Brexit bargaining. In Share News & Views we have covered Cropper (James)*, ECSC*, Gamma Communications, Goodwin*, Helios*, Manx Telecom, Personal Group and Quarto Group.-
GMP FirstEnergy ― UK Energy morning research package
24 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.35: YE26 Reserves | Faroe Petroleum (FPM LN)6; Hold, £1.10 & Maersk Oil (not covered): Tyra field facilities redevelopment in the North Sea to extend Trym field production | SDX Energy (SDX LN/CN)1; BUY, £0.65: FY16 Results