reports
- Thijs Berkelder
Vopak : Buy-out Hoegh LNG highlights attractiveness of buy-out potenti...
>Buy-out attempt for Hoegh LNG (Norway) with 36% premium - Höegh LNG Holdings Ltd. today announced a recommended offer by Leif Höegh & Co. Ltd. and Funds managed by Morgan Stanley Infrastructure Partners (“MSIP”) through a 50/50 joint venture, Larus Holding Limited (“JVCo”), to acquire the remaining issued and outstanding shares of the Company not currently owned by LHC or its affiliates, representing approximately 50.4% of the shares outstanding. The share acquisitio...
- Thijs Berkelder
SBM Offshore : ExxonMobil reducing carbon emissions, cutting capex, bu...
>ExxonMobil Investor Day: committing to Paris Agreement, and Upstream focus on Guyana-Suriname and Brazil - Yesterday, ExxonMobil organised its annual Investor Day, outlining its plans through 2025 to increase earnings and cash flow, to sustain and grow its dividend, reduce debt and fund advantaged projects, while working to commercialize lower emission technologies in support of the goals of the Paris Agreement. ExxonMobil’s 2025 emission reduction plans include...
- Thijs Berkelder
Boskalis : Not yet firing on all cylinders, but market outlook promisi...
>Group EBITDA 6% ahead of consensus but Dredging still below - 2020 group EBITDA came in 7% better than a year ago at € 404m, 7% better than guidance and 6% better than consensus expectations. The Dredging & Inland Infra saw its EBITDA decline by 27% to € 177m (€ 93m in H1, € 84m in H2), 8% below consensus expectations, affected by COVID weakness. Offshore Energy improved to € 194m (€ 87m in H1, € 107m in H2), which was 15% better than expected, although helped by a c...
- Thijs Berkelder
CFE : Deep sea mining + SPAC = multi-billion holy grail
>“DeepGreen Metals” gets $ 2.9bn listing via “Sustainable Opportunities Acquisition Corporation” - DeepGreen Metals Inc., a developer of lower-impact battery metals from unattached seafloor polymetallic nodules, has announced that it has entered into a definitive business combination agreement with Sustainable Opportunities Acquisition Corporation (SOAC), a NYSE listed SPAC. The transaction represents a pro forma equity value of $ 2.9bn for the combined company ($ 2.4...
- Thijs Berkelder
Boskalis : Better than expected thanks to Offshore Energy, Salvage and...
>Group EBITDA 6% ahead of consensus but Dredging well below - Revenues, 2% below consensus. Boskalis FY20 revenues declined by 4.5% (-6.9% ex forex & M&A) to € 2,525m (2% below consensus) with Dredging & Inland Infra down 13% to € 1,316m (5% below consensus), Offshore Energy up 4% to € 1,065m (1% ahead of consensus) and Salvage up 32% to € 175m (8% better than consensus.EBITDA, 6% ahead of consensus. 2020 group EBITDA came in 7% better than a year ago at € 404m, ...
- Thijs Berkelder
Vopak : Fundamental infrastructure growth investment, not just a short...
On expectations that in 2021-2024 Vopak should reap the benefits of its significant investments in new growth markets and thus grow its recurring EBITDA by around 25% from € 0.8bn to € 1.0+bn per annum, we perceive the recent share price underperformance as short-sighted. As we expect earnings to grow by double digits, we reiterate our OUTPERFORM recommendation. - >It’s time for clarity on medium-term objectives: € 1bn EBITDA can be reached in 2024, up 25% from 2020 - ...
- Thijs Berkelder
Boskalis : Awaiting confirmation that earnings recovery indeed is ther...
>FY20 results expected to slightly beat the guidance - Boskalis will report its FY20 results on Thursday 4 March 2021 at 7.00h CET, with an analyst teams meeting starting at 11.00h CET. Following its Q3 trading update, Boskalis maintained its earnings outlook for 2020: “Barring unforeseen circumstances the 2020 EBITDA, adjusted for the extraordinary charges taken in H1 2020, is expected to match the level achieved in 2019.” Looking at consensus forecasts, nearly all a...
- Thijs Berkelder
CFE : Expects to improve in 2021, but still cautious on recovery poten...
>Feedback analyst call: all eyes on DEME - CFE’s analyst call on Friday afternoon was for 90+% focused on the developments with offshore subsidiary DEME, and within this scope the puzzle was two-fold: 1. How to interpret the stronger than expected 2020 results vs. the long list of one-offs in these results, and 2. How to interpret the guidance for 2021 ?Long list of one-offs in 2020 results: 1. COVID & Orion: CFE has indicated that COVID & the crane hook incident...
- Thijs Berkelder
Ackermans & Van Haaren : Strong Private Banking will push forecasts hi...
>Solid beat of earnings expectations - AvH just published a FY20 net result of € 230m (AAOB € 179m), with € 240m from its participations (AAOB € 194m).Looking at the results from a segment angle: Marine Engineering was € 46.7m (AAOB € 45.7m), Private Banking € 141.3m (AAOB € 127.6m), Real Estate & Elderly Care € 32.7m (AAOB € 17.0m), Energy € 6.8m (AAOB € 5.4m) and Growth Capital € 12.7m (AAOB - € 1.4m).Outlook 2021. “After a first half-year in 2020 which so...
- Thijs Berkelder
CFE : Strong H2 performance but outlook in-line with our expectations
>FY20 operational results and backlog better than expected - Revenues in 2020 were down 11% to € 3,222m (AAOB € 3,171m) with DEME -16% to € 2,196m (AAOB € 2,225m), CFE Contracting down 9% to € 912m, and Real Estate up 122% to € 131m.Group EBITDA in 2020 was 8% lower at € 415m (AAOB € 398m) with DEME -16% to € 370m (AAOB € 341m). Group EBIT declined in 2020 by 33% to € 119m (AAOB € 93m), with DEME -47% to € 86.7m (AAOB € 52m), CFE Contracting -21% to € 14.9m (AAOB...
- Thijs Berkelder
Royal Dutch Shell Plc : With LNG essential for net zero policies, Inte...
>2021 LNG Outlook: 3.5% CAGR until 2040, supply gap in 2025, and net zero one of key demand drivers - Shell has published its 2021 annual LNG outlook, indicating that global LNG demand in 2020 has grown to 360m tonnes, up from 358m in 2019, the growth logically affected by the COVID pandemic. China and India led the recovery in demand for LNG following the outbreak of the pandemic, both having grown LNG imports by 11%. Global LNG prices hit a record low early in 2020,...
- Thijs Berkelder
SBM Offshore : Award of Búzios 6 - Almirante Tamandaré – FPSO contract...
>Petrobras confirms award of Búzios 6 contract - Petrobras informs that today it signed a letter of intent with SBM Offshore for the chartering and provision of services for the FPSO - floating production storage and offloading unit - Almirante Tamandaré, to be installed in the Búzios field, located 180km offshore Rio de Janeiro in the Santos Basin pre-salt area.The FPSO will be the sixth unit of the definitive system to be installed in the Búzios field and will...
- Thijs Berkelder
Fugro : Foundations in place for growing again
Based on a deep dive into Fugro’s market circumstances, we again highlight our Outperform recommendation. Four key factors lead us to be positive: 1) refinancing succeeded; 2) oil & gas prices are back up; 3) COVID vaccines available; and 4) new US administration. - >Four key factors make us positive on the name - 1. Refinancing. In December 2020, Fugro successfully refinanced its balance sheet and it is now free to invest and grow again; 2. Oil & gas price...
- Thijs Berkelder
SBM Offshore : Sole bidder for Mero 4 FPSO
>Facts: Mero 4, potentially another 22.5 years charter contract - According sources from Upstream, only one contractor has submitted a commercial offer in the Petrobras tender calling for the charter of a 4th FPSO to be deployed in the Mero pre-salt field in Brazil’s Santos basin, and it seems that the one contractor is SBM Offshore.While SBM Offshore is already busy with the construction of the Mero 2 – Sepetiba FPSO (delivery scheduled for 2022), Upstream is in...
- Thijs Berkelder
CFE : Offshore wind, dredging & infrastructure markets preparing for a...
>Facts: 2020 has been a year with a lot of one-off effects - CFE will publish its FY20 results on Friday 26 February at 7.00h CET. An analyst conference call will be held the same day, and starting at 14.30h CET. Main analyst focus as always be on offshore subsidiary DEME, and representing more than 90% of EBITDA. While DEME’s revenues in H1 were down by 22% y-o-y, we assume a H2 decline by 7.5%. In H1, DEME’s EBITDA was for around € 60m negatively affected by th...
- Thijs Berkelder
Ackermans & Van Haaren : Banking on a step-by-step recovery from COVID...
>Facts: step-by-step recovery from COVID pressured H1 - Ackermans & van Haaren will reports its FY20 results on Friday 26 February at 7.00h CET. An analyst conference call will start at 11.00h CET. As usual, main focus will be on the largest subsidiaries of the holding: in marine engineering listed entities CFE & DEME (both 62% owned) and in private banking Bank Delen and Bank Van Breda (both 78.75% owned). Real estate subsidiary Leasinvest already reported its F...
- Thijs Berkelder
Fugro : Offshore wind growth to be joined by Oil & Gas and Infra
>Feedback conference call - CEO Mark Heine and CFO Paul Verhagen hosted the FY20 analyst conference call. The questions in the call were focused on backlog, cost program & state support, offshore wind vs oil & gas, Seabed Geosolutions, and capex.Offshore Wind. Main confusion amongst analysts probably was around offshore wind. Because Fugro had made a small mistake in Q3, labelling € 6m revenues in renewables, while they were oil & gas, the perception was that of...
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