Italian Morning Sight
30 August 2012
Trevi
Italy/Construction & Materials
Trevi (Hold)
Hold
H1 12 results in line with our estimates, good NFP
Recommendation unchanged
4.88
Share price: EUR
TREVI: H1 12 results
closing price as of 29/08/2012
Target price: EUR
4.95
Target Price unchanged
Sales
Reuters/Bloomberg
EBITDA
TFI.MI/TFI IM
Market capitalisation (EURm)
Current N° of shares (m)
Free float
343
70
50%
Daily avg. no. trad. sh. 12 mth
Daily avg. trad. vol. 12 mth (m)
Price high 12 mth (EUR)
Price low 12 mth (EUR)
Abs. perf. 1 mth
Abs. perf. 3 mth
Abs. perf. 12 mth
400,170
2
8.83
3.17
12.55%
36.92%
-38.27%
Key financials (EUR)
Sales (m)
EBITDA (m)
EBITDA margin
EBIT (m)
EBIT margin
Net Profit (adj.)(m)
ROCE
Net debt/(cash) (m)
Net Debt/Equity
Debt/EBITDA
Int. cover(EBITDA/Fin. int)
EV/Sales
EV/EBITDA
EV/EBITDA (adj.)
EV/EBIT
P/E (adj.)
P/BV
OpFCF yield
Dividend yield
EPS (adj.)
BVPS
DPS
12/11
1,061
119
11.2%
69
6.5%
26
8.1%
404
0.9
3.4
6.2
0.8
7.1
7.1
12.2
12.8
0.8
0.9%
2.7%
0.38
6.07
0.13
12/12e
1,151
124
10.8%
71
6.2%
26
7.9%
422
0.9
3.4
5.1
0.7
6.9
6.9
12.0
13.0
0.8
20.0%
2.7%
0.38
6.31
0.13
12/13e
1,229
149
12.1%
94
7.6%
41
10.1%
414
0.8
2.8
5.7
0.7
5.7
5.7
9.1
8.4
0.7
20.8%
2.7%
0.58
6.76
0.13
EBITDA margin
H1 11a
H1 12a
%Chg.
H1 12e Akros est.
474.5
584.7
+23.2%
581.1
64.8
56.2
-13.3%
55.4
13.7%
9.6%
H1 12 results were substantially in line with our estimates: the sales increase
was due to a steady recovery in both two divisions (special foundation and drilling
division +13.4% Y/Y and mechanical engineering division +26.7% Y/Y); in terms of
profitability, as expected, the group still suffers from the price pressure in the
mechanical sector.
Improvement in NFP: Net debt dropped from EUR 495 m at the end of March 12
to EUR 425.6m at the end of June 12 (our estimates of EUR 435m) thanks to the
positive effects of the cash settlement owing to the delivery of the oil drilling rigs to
Pemex in the second quarter.
Positive order intake in H1: the order book at the end of June 12 was of EUR
929.2m (our estimates around EUR 910m), almost in line with EUR 940m in June
11.
Conclusion & Action: Hold recommendation confirmed, while we wait to have
more details from the post-results conference call today at 4:00 pm CET (dialnumber: +39-02-67688 and after the recorded message, dial *0 to connect in
conference Call).
9vvdsvdvsdy
8
7
6
5
4
3
Aug 11
Sep 11
Oct 11
Nov 11
Dec 11
Source: Factset
Jan 12
TREVI
Feb 12
Mar 12
Apr 12
May 12
Jun 12
Jul 12
9.5%
Aug 12
FTSE Italy All Share (Rebased)
Shareholders: Trevi family 50%;
Analyst(s):
Paola Saglietti, Banca Akros
[email protected]
+39 02 4344 4287
Banca
14
Akros