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PHARMACYTE BIOTECH INC
PHARMACYTE BIOTECH INC
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
Small Cap Breakfast
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Panmure Morning Note 21-3-2016
21 Mar 16
Full-year results have come in ahead of our expectations at both the top and bottom line, with the period representing an important phase in the evolution of the business. Structural organisation and divisional priorities are further focused on sustaining and growing the specialty materials business and we note a strong signal of intent with regards to receptivity towards increased investment in the business and/or M&A opportunities. Our investment thesis on the business as it presently stands remains, and we note the opportunity to use this as a platform for strategic growth.
Persil’s strong contribution
11 Aug 16
Stronger FX headwinds (-5%) ate up more than the solid organic performance (+3%), so Q2 sales slightly declined (-1% to €4,654m), but the gross profit margin improved from 48.1% to 49.0%. EBITDA rose +5% to €875m and net income attributable to shareholders increased by +8% to €561m. Operating CF nearly tripled (€606m after €204m), mainly driven by the NWC meltdown (€-105m after €-359m) enlivened by the swing to payables inflow and lower income tax payments. Investing CF soared up to €-468m (€-198m), burdened by higher outflows for acquisitions (detergent business in Nigeria and hair care business in Africa/Middle East). Financing CF (€-358m after €-27m) saw higher dividend payments, lower net gross debt proceeds and a significant weaker inflow from other financing transactions. Management confirmed FY guidance, still expecting an organic sales growth of 2-4%, an adjusted EBIT margin above 16.5% (around 16.5%) due to a lower share from emerging markets and an adjusted EPS growth of 8-11%.
Another quarter of weaker sales, but profitability up
10 Aug 16
Q2 sales were down 8% (prices: -7%; volume: +1%; FX: -1%) to €1,943m, but the gross profit margin strongly rose from 23.0% to 25.0%. EBITDA came in slightly weaker (-2% to €291m) and net profit attributable to shareholders dropped 14% to €75m, facing €-8m (nil) of minority interest. Operating CF strongly moved up (+51% to €180m), lacking the previous year’s quarter minus-sign-carrying disposal gains and lower NWC outflows (€-79m after €-101m). Investing CF (€-981m after €-151m) absorbed the payments for financial assets investing in the purchase price for the ARLANEXO share and a €200m cash outflow for the addition to the German pension fund assets. Financing CF swung from €-105m to €1,115m, primarily due to the €1,194m inflow for Saudi Aramco’s interest. Management again lifted FY 2016 guidance, now expecting EBITDA pre one-offs in the €930-970m (€900-950m) range.