Friday 30 October 2015

Tessenderlo report Q3 2015

Tessenderlo, Q3, 2015, report, front page

Tessenderlo, my Belgian chemical company with excellent managers, arrived with their Q3 2015 "report". The Q1 and Q3 reports are minimalistic so there will not be too much to say. The share price was dipping down to around 25 € during October but are now already up around 29 € again. Was there any good news in the report?

For the report in full please click here and to see my previous summary then please visit Tessenderlo report Q2 2015 and to find out more concerning Tessenderlo then please go to analysis of Tessenderlo 2015.

From the key figures below we can see that the sales have continued up and for the running nine months we are up 9%. this time they do not praise Agriculture but instead industrial solutions but they offer no individual data for the segments. The REBITDA is fairly flat compared to the previous quarters but many are having problems at the moment and the other day reading the Q3 report from BASF they were complaining about agricultural being tough at the moment so it could be something similar for Tessenderlo. They have also continued to decrease their debt and yet they are making acquisitions of for instance a crop protection product line from DuPont.

Tessenderlo, Q3, 2015, key figures

They ended the letter by stating that they will most likely enjoy a good year in 2015 compared to 2014 with an around 20% growth rate of REBITDA for the full year. Well... it is 23% now so it does not look as if they stretched out their necks too far with that outlook statement.

Conclusion: Everything is running along as it should and if I have any regret than that would be that I did not buy more shares from the beginning OR when they dipped down to 25 € recently. Oh, well... there will always be missed opportunities and at least I have some shares. I will, of course, continue to be a shareholder in Tessenderlo.

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