08/03/2011

10H...UN PEU MIEUX..+0.4%

une RECO de ING...Belle valeur. CFE.cours actuel 56€

CFE (BUY, TP €68.0): Any worry about the 4Q10 dredging order book, don’t

For further information contact analyst: Tijs Hollestelle, Amsterdam (31) 20 563 8789

·       DEME and Van Oord have been awarded the Western Basin Main Works Dredging Parcel 5 contract in the Port of Gladstone in Australia. The client of this €190m contract is the Queensland Gladstone Ports Corporation. The works under Parcel 5 of the WBDD project include dredging to 7.5m of a 3km access channel and several access channel ramifications as well as several berth pockets. The specific aim of the Parcel 5 dredging works is to allow early access for heavy equipment and modules to the so called Material Offloading Facilities on Curtis Island as well as to allow an early start of the LNG jetty construction. The work will start on June 2, 2011 and have a contractual execution period of 40 weeks.

·       The total project size concerns 950m, split into 7 independent parcels, we believe this refers only to dredging marine infrastructure related work as the total project budget is around $11bn for Gladstone LNG.

·       CFE recently released solid FY10 numbers, dredging revenue propelled 28% higher YoY to €1.8bn in 2010 a record high for DEME, while EBIT arrived at €173m (margin 9.6%). DEME’s order book, a vital indicator for future business prospects arrived at €1.93bn declining 8% QoQ, but DEME mentioned it signed already €250m (50% of €500m) of new contracts in 1Q11F hence the order book was already on the rise if we deduct our 1Q11F revenue estimate for DEME of c.€200m +4% YoY). We can add another €95m contract. Please note that the order book of DEME represents an 11% rise versus the pre-credit crisis order book early ‘08. Based on this confirmation we expect, if our 1Q11F revenue forecast is right that DEME will report an all time high order book of €2.2bn at the end of the first quarter.

·       Secondly we like this news as its shines positively on the whole international dredging market, we flagged the Australian LNG market as a potential growth market for the dredgers, but sadly could not promise investors any deadlines on project awards. We expect more dredging contracts to be awarded during 2011F, from Gladstone but also potential other Australian LNG contracts.

·       Dredger Van Oord posted FY10 results the other day, reporting 11% YoY revenue increase and a net profit of €165m (including a €40m tax gain) and an order book €1.86bn up 4.4% YoY (BtB 1.2x). All looking quite solid.

·       We rate CFE BUY, our €68 TP suggest a blended target EV/EBITDA 2011F of 5.0x and PER of 10.0x not very demanding.

et HSBC aime toujours NYRSTAR...(moi aussi)

HSBC Ups Xstrata To Neutral From Underweight

DJ MARKET TALK: HSBC Ups Xstrata To Neutral From Underweight

1148 GMT [Dow Jones] HSBC upgrades Xstrata (XTA.LN) to neutral from underweight on valuation, following recent weakness in the stock. Maintains 1400p target. Remains broadly neutral on the sector as a whole. Senses investors are looking for three things: a cooling of some spot commodity markets, notably iron ore; more clarity on global growth; some reassurance that excess cash does not mean excess M&A activity. Top picks remain Rio Tinto (RIO.LN), Norsk Hydro (NHY.OS), and Nyrstar (NYR.BT), all rated overweight. Xstrata +2% at 1454p. (andrea.tryphonides@dowjones.com)

March 07, 2011 06:48 ET (11:48 GMT)

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10:08 Écrit par swingteam-cc | Lien permanent | Commentaires (0) |  Facebook |

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