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Dietswell
H1: a semester to forget in oil activities

H1: a semester to forget in oil activities EARNINGS/SALES RELEASES FACT H1 : Turnover: €1.5m (-50% yoy) EBITDA: €-1.1m (vs €-0.3m in H1 19) Net income: €-1.3m (vs €-0.5m in H1 19) Net debt: €0.4m Treasury: €0.7m ANALYSIS In renewables, nothing new since the positive update at the beginning of the month. In oil & gas, Dolfines has been seriously impacted by the oil price crash. By way of comparison, CGG’s revenue was down 20% yoy. Despite operating in activities that are deemed to be more recurring (drilling for Dolfines/exploration for CGG), Dolfines’ small size and concentration of customers/contracts make it more vulnerable to abrupt changes in the environment. Hopefully this will also hold true for the recovery… IMPACT We will revise downwards the forecasts in our model for oil & gas.

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  • 30 Oct 20
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Casino, Guichard-Perrachon SA
Lack-lustre performance in Q3

Casino’s Q3 performance was a mixed bag; sales and profitability were healthy overall but French same-store sales were flattish. Low tourist numbers in July were followed by positive momentum in the subsequent months. We see more chinks in the armour, however, and Q4 is likely to be do or die in terms of both the operational performance and gross debt reduction. We plan to trim our estimates but will maintain our positive stance given the cheap valuation.

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  • 30 Oct 20
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Actividades de Construccion y Servicios SA
Q3 20: Last year’s boon this year’s bummer

ACS registered a drop of 5.5% in sales over 9m but its EBITDA and net income were materially lower, by 17.1% and 37.9% respectively. Ex Abertis the net income was down by only 12.3%. As for the deal with Vinci, ACS plans to use the proceeds to strengthen its core greenfield infrastructure construction business in its core markets.

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  • 30 Oct 20
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Total SE
Q3: Upstream bounces back

Being cash positive at such levels is a must and the results were above estimates with the E&P division up by $1bn qoq at $801m. A mixed picture for the other divisions, with integrated gas impacted by the price lag in LNG contracts and refining & chemicals suffering from depressed margins, while marketing again picked up and actually came in up yoy. The gearing was down to 22% vs 23.6%, thanks to cash generation and further capex cuts.

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  • 30 Oct 20
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Millicom International Cellular SA Swedish Depository Receipt
Very resilient cash-flow generation

Millicom released a decent Q3 with, in particular, continued flat cash-flow generation. Management confirmed its goal of delivering mid-single-digit service revenue growth and mid-to-high single-digit EBITDA growth over the mid-term. The Board had decided not to pay a dividend in 2020. This will enhance Millicom’s 2020 cash-flow by $100m enabling the group to resume the execution of its plans once the pandemic passes: a share buy-back of $500m over 2021-23 and a dividend of SEK10 in respect of 2020.

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  • 30 Oct 20
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William Hill PLC
Q3 20: unimpressive online but retail is recovering strongly

William Hill announced soft sales numbers for the 12-week period ending 29 September. Revenue declined by 27%, driven by a 39% drop in retail revenue, the latter being hurt by pandemic-induced shop closures in addition to the closures from the triennial impact in Q4 19. An improved liquidity position was the one bright spot with the company well on course to achieve its year-end net debt/EBITDA target of 1-2x. Following the latest update, we will be lowering our FY20 estimates.

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  • 30 Oct 20
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Change makes L’Oréal better

The group has released a very strong year-end trading performance, especially in Asia Pacific. The better than expected revenue growth (9.6% lfl vs. consensus of 7.4%) in Q4 has led the group to finish the year with 8.0% lfl top-line growth and an improved operating margin of 18.6%. Following an annual lfl revenue growth of 25.5%, Asia Pacific (32.3%) has overtaken Europe in becoming the group’s biggest region in terms of sales contribution.

L'Oreal SA

  • 10 Feb 20
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