Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GLENCORE PLC. We currently have 41 research reports from 4 professional analysts.
|01Dec16 11:30||RNS||Glencore announces US$1,000,000,000 tender offer|
|01Dec16 07:00||RNS||Disposals programme completions|
|01Dec16 07:00||RNS||Glencore plc - investor update|
|22Nov16 05:02||RNS||Notification of transaction of PDMR|
|16Nov16 07:00||RNS||Glencore investor update call|
|03Nov16 10:00||RNS||2017 Corporate Calendar / 2016 Q4 Investor Call|
|03Nov16 07:00||RNS||Third Quarter 2016 Production Report|
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Balance sheet improves further, while operating weakness was (largely) anticipated
25 Aug 16
Even though Glencore’s H1 16 results came materially behind consensus estimates, we were not very surprised as our estimates were on the cautious side. Continuation of the group’s deleveraging plan was again the key highlight. H1 sales came in at $69.4bn (-19% yoy), with weakness in metals and energy industrials being most pronounced. But, if the impact of divestments/discontinued operations was excluded, sales were down only 6% yoy. Adjusted EBIT (excluding income from associates and JVs) came in at $539m – translating into a wafer-thin operating margin of 0.8%, similar to the levels achieved in H2 15 (which were before any divestments/discontinued operations). Marketing (aka trading) continued to be Glencore’s sole shining spot, with an adjusted EBIT of $1.1bn. While industrial (primarily energy) was an operational drag – generating an operating loss of $315m. Besides the operating weakness and despite material deleveraging, H1 interest expenses came in 18% higher at $862m – primarily due to higher interest capitalisation in the comparable period. Net losses shrunk to $615m vs. $4.3bn and $817m in H2 15 and H1 15, respectively. While the pace of working capital efficiencies lost steam (release of $1.7bn vs. $4.7bn in H1 15), which along with weak operations resulted in reported OCFs collapsing 47% to $4bn, conservative capex (down 48% to $1.4bn) ensured that FCFs remained healthy. Net debt (excluding marketable inventories) was reduced further to $35.7bn vs. $41.3bn at 2015-end.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.