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Thursday preview: Hikma, PV Crystalox, retail sales

Wed, 15th Aug 2012 17:57

Acquisitions are set to put a gloss on the interim results of pharmaceuticals firm Hikma on Thursday.Peel Hunt is expecting the group to report sales of more than $500m, up 25% on the first half of last year when, admittedly, results had been negatively affected by the so-called Arab Spring.Sales will be down slightly over the $523m achieved in the second half of last year, the broker predicts, "with the problems in US generics (FDA-enforced shut down) offsetting the additional pro-forma sales from the Moroccan acquisition, which made only a three-month contribution last year"One thing to watch out for is the EBITA [earnings before interest, tax and amortisation] margin, which Peel Hunt thinks will likely take a hit from a competitive pricing environment for generic drugs in the US and continued wage pressure in the Middle East & North Africa (MENA) region. Peel Hunt has pencilled in a margin decline of six-tenths to eight-tenths of a percentage point. "We expect margins (and the tax rate) to benefit further as more Generics manufacturing is transferred to Jordan (up to 50% is still targeted). Hikma's net debt to EBITDA [EBITA + depreciation] stands well within covenants and further bolt-on acquisitions remain possible, with Turkey high up management ambitions. Furthermore, acceleration of product development and a move into higher-value treatments for chronic diseases remain key to organic growth across MENA," Peel Hunt said. Interim results from struggling solar panel maker PV Crystalox could reveal whether the company is going to stick or twist in terms of holding on for an upturn in average selling prices.The group has received a €90m one-off payment in compensation for a contract cancellation, which should ensure it makes a first half profit, probably somewhere in the €70m region.As to what to do with the cash windfall, the group is expected to reveal whether it will essentially run the business for cash from now on.UK retail sales data for July will cover a period between the end of the Queens Jubilee celebration and Euro 2012 and the start of the Olympics, so analysis of underlying trends may be easier than of late - notwithstanding the weather effect, of course.Economists at Credit Suisse think UK Retail Sales, excluding vehicle fuel, will rise 0.3% after advancing 0.2% in June, to a level 2.2% higher than in July 2011.In contrast, Charles Stanley's weekly preview note has July retail sales excluding fuel down 0.2% in July, and up 1.7% year-on-year, so confusion - like the British weather - still reigns.NTERIMS BATM Advanced Communications Ltd., Cineworld Group, Hikma Pharmaceuticals, PV Crystalox Solar, Talvivaara Mining Company, Xaar INTERNATIONAL ECONOMIC ANNOUNCEMENTS Bloomberg Consumer Confidence (US) (14:45) Building Permits (US) (13:30) Consumer Price Index (EU) (10:00) Continuing Claims (US) (13:30) Harmonised Index of Consumer Prices (EU) (10:00) Housing Starts (US) (13:30) Initial Jobless Claims (US) (13:30) Philadelphia Fed Index (US) (15:00) Q2 Talvivaara Mining Company GMS Aegis Group, Energy Technique IMSS Micro Focus International AGMS IGas Energy, Triad Group UK ECONOMIC ANNOUNCEMENTS Internet Retail Sales (09:30) Retail Sales (09:30) FINAL DIVIDEND PAYMENT DATE F&C Global Smaller Companies, Moss Bros Group, MS InternationalJH
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29 Mar 2010 13:26

Broker tips: BSkyB, PV Crystalox, Antisoma

Broker UBS thinks the share price of pay TV operator British Sky Broadcasting (BSkyB) has been buoyed by hopes of a bid from majority shareholder News Corporation, an event which the broker thinks is unlikely to happen. 'Although it cannot be ruled out, we would question the timing and rationale fo

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29 Mar 2010 13:14

Broker snap: PV Crystalox unjustly overshadowed

Solar panel silicon wafer maker PV Crystalox Solar (PVC) has seen its share price more than halve since May 2009 and Nomura Securities thinks the decline has gone too far. 'We reiterate our Buy rating as we see the stock as undervalued vs its peers given that we see upside from strong markets and a

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25 Mar 2010 07:53

PV Crystalox chops divi

PV Crystalox Solar, which makes the silicon wafers used in solar power systems, saw adjusted earnings more than halve in 2009 as the company was hit by a price squeeze. Total wafer shipment volumes in 2009 were 4% higher than in 2008 at 239 megawatts (mw) but with prices slumping in the second half

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10 Mar 2010 14:25

Sector movers: Melrose lifts engineering sector

Strong results from Melrose help lift the industrial engineering sector higher. Engineering conglomerate Melrose said the acquisition of FKI is working out better than expected for thee, helping it lift headline profits rise by almost two-thirds in 2009. Revenue advanced to £1,298.5m from £895.3m

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15 Jan 2010 16:39

London close: Footsie follows US lower

Footsie finished the week on a low as a poor performance in the US dragged the leading share index down in afternoon trading. US shares fell after consumer confidence rose less than expected in January. Here, Man Group was the heaviest faller after the hedge fund manager suffered a 4% drop in fund

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15 Jan 2010 14:27

London afternoon: Flat Footsie

The blue-chip index is treading water, though there has been some keen interest in the day's big results announcements. Man Group is sharply lower after the hedge fund manager suffered a 4% drop in funds under management during the third quarter, mainly due to the $1.2bn pulled out of its flagship

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12 Jan 2010 06:36

Tuesday tips round-up; Wolseley, BHP Billiton, Centamin

Ireland was not the biggest bet in Wolseley's decade-long multibillion-pound global acquisition spree, but the building-material distributor's exit from the country provides one of the starkest examples of how its ambitions have changed. Only five years ago, Wolseley paid €183m alone for Brooks, on

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11 Jan 2010 07:29

PV Crystalox trading in line

PV Crystalox Solar, the solar panel silicon wafer maker, said trading in the last six weeks of 2009 was in line with management expectations. Wafer shipments for the whole of 2009 were marginally above the guidance of 230-235 megawatts indicated in the November trading update, reflecting the impact

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19 Nov 2009 09:57

PV Crystalox Solar on track

PV Crystalox Solar, the maker of silicon wafers that are used in solar panels, said its full-year performance continues to be in line with expectations.? The group said the photovoltaic (PV) market is benefiting from improving demand driven by incentive programmes in Japan and in particular in Germ

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26 Sep 2009 22:41

The Fundamentalist: PV Crystalox Solar

It's rare for a growth stock to also be a value stock so my eye was caught by PV Crystalox Solar, the maker of silicon wafers that are used in solar panels, which scores close to five out of five on Digital Look's Star Rating system for both Value and Growth. An examination of the company's interim

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21 Aug 2009 11:10

FTSE 250 movers: Wellstream recovers some losses

Shares in Wellstream Holdings have recovered slightly after falling sharply yesterday when the pipeline products maker for the oil and gas industry reported a slide in half-year profits. Silicon wafers supplier PV Crystalox Solar, which said on Wednesday it is confident of a "robust" performance in

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19 Aug 2009 17:14

London close: Late rally leaves Footsie little changed

Share prices of London's leading stocks closed mixed, thanks to a late rally, after the market had spent most of the day in retreat. ENRC was the day's star performer despite reporting a 63% slide in pre-tax profits for the first half of 2009. The dividend has been cut in half but investors were e

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19 Aug 2009 14:14

London afternoon: Lloyds provides some cheer

The bears are back in command today with the blue-chip index in the red, though the size of the decline has been exacerbated by a number of index constituents trading in ex-dividend form. Former Bank of Ireland governor Richard Burrows is to be the new chairman of Lucky Strike maker British Americ

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19 Aug 2009 11:54

London midday: Shares stable at lower levels

Equities are back on the slide again today with little hope of a boost from the other side of the Atlantic where the Dow Jones 30 is expected to open around 80 points lower. ENRC is a bright spot despite reporting a 63% slide in pre-tax profits for the first half of 2009. The dividend has been cut

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19 Aug 2009 11:35

FTSE 250 movers: 'Robust' performance lifts PV Crystalox

Silicon wafers supplier PV Crystalox Solar is higher after saying it is confident of a "robust" performance in the second half despite reporting a 57% slump in earnings for the first six months of 2009. James Fisher is buoyant again after the marine services group yesterday said it has bought MB Fa

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