Salut tout le monde,
je ne suis pas ce titre, mais je viens de voir que KBC change sa reco de "HOLD" à "REDUCE" et ramène son obj de cours de 41,00 à 32,00 €. Il y aurait un profit warning 2Q14 inférieur aux prévisions en plus d'"IMPAIRMENTS" (dégradation ?) de 300 à 350 mio €.
Bien à vous,
demat
voici l'info complète
Fugro issues a profit warning due to weaker than expected 2Q2014 + impairments of € 300-350m.
After already guiding for lower 1H2014 EBIT (‘significantly lower EBIT margin’) due to a
slow start in 1Q2014, Fugro now also says 2Q2014 results have been poor.
The company expects a low single digit EBIT margin in 1H2014 compared to 10.3% (excl. one-offs)
and 11.4% reported EBIT margin in 1H2013. Furthermore, Fugro announces non-cash impairments
and write-offs of € 300-350m of which majority will be in Seabed Geosolutions j-v and the multi-client
library (book value was € 366m at y-e 2013).
Fugro generally experiences a weakening oil & gas market due to decelerating growth in capital spending
resulting in project delays and increasing margin pressure in all divisions. Geoscience is single largest
contributor to disappointing performance and reported losses in Seabed Geosolutions
(underutilization in OBN market and delays on mobilisation of two large OBC contracts).
Fugro also says the weakened seismic market results in much lower multi-client sales and therefore
lower EBIT contribution. The improving trend in Subsea Services has been marred by two specific issues,
a fire on the engine room of their largest vessel in the fleet a (7 weeks down time) and a strike of 3
diving crews in Brazil (4 week impact). Fugro is taking measures such as cold stacking one asset light OBN
operation, review its vessel fleet expansion program (e.g. postponing new Geotechnical vessel planned
for 2015), emphasis on short term improvements (incl. working capital, project management, procurement
and shortening data delivery cycle in client projects), accelerate cost savings and restructuring
loss making aerial mapping business.
Outlook: Fugro expects results to improve strongly in all divisions in 2H2014 compared to 1H2014
supported by current backlog and measures being taken. But FY2014 EBIT margin is expected to be lower
than last year due to weak start in 1H2014. Fugro also says that in current market circumstances it will
be increasingly difficult to achieve Fugro’s mid-term (2016) strategic targets
(>10% revenues growth with EBIT margin of ~15% and ROCE of ~14%). Fugro’s CEO states ‘expected growth will be somewhat slower than originally assumed’. Fugro will reassess the targets and report on the outcome in the coming months. Fugro intends to maintain its dividend policy (30-55% pay-out of net profit excluding impact non-cash impairments and one-off writeoffs). Fugro expects to remain within its debt covenants.
Conclusion: We expect 2014-2015E EPS estimates (adjusted for impairments) to be revised towards
€ 2-2.1 for 2014 and € 2.8-2.9 for 2015. Fugro traditionally trades between 9-16x P/E but we expect
the shares to trade at the lower end of this range given where end markets are and because of the
disappointing earnings momentum. We cut our recommendation to Reduce (vs. Hold) with a price target
of € 32.
Dernière modification par demat (10-07-2014 10:33:48)
