Barclays has become the latest broker to set a price target for Rolls-Royce Holdings PLC north of 400p. It thinks the potential reinstatement of an investment grade rating, and subsequent resumption of the dividend will be a key catalyst. Barclays said despite an expected £300 million of one-off outflows (over-hedging costs/OE concessions), it forecasts Rolls reaching a net cash position of around £750 million in 2024, “a key metric for potential reinstatement of an investment grade rating.” It forecasts an ...

A Rolls-Royce jet engine and logo on display at a company production facility in Europe. (Photo: ... [+] Omer Messinger/Getty Images)Getty ImagesBy every stretch of every imagination Rolls-Royce (LON: RR) had a remarkable 2023. The engineering and aerospace giant added share price gains over 200% on an annualized basis last year.This impressive uptick in price made Rolls-Royce the year's top riser among the U.K.'s blue-chip FTSE 100 companies, as well as the Stoxx 600, a pan-European index of leading compan ...

Rolls-Royce Holdings PLC (LSE:RR.) has been the talk of the town this year. Since Tufan Erginbilgic took the helm early on in January, things could not have gone better for the FTSE 100-listed manufacturer, with the new boss’s large-scale turnaround plan working wonders in reigniting enthusiasm for the stock. Indeed, Rolls-Royce is honing in on share price gains of 200% for the year. What’s more, general consensus is that Rolls-Royce will keep it up in 2024, with the manufacturer having been showered in upg ...

Rolls-Royce Holdings plc (OTCPK:RYCEY) Q2 2023 Earnings Conference Call August 3, 2023 4:00 AM ET Company Participants Isabel Green - Head, Investor Relations Tufan Erginbilgic - Chief Executive Officer Panos Kakoullis - Chief Financial Officer Conference Call Participants Nick Cunningham - Agency Partners David Perry - JPMorgan George Zhao - Bernstein Chloe Lemarie - Jefferies Ian Douglas-Pennant - UBS Isabel Green Hello, and welcome, everyone, to our 2023 Half Year Results Presentation. I'm Isabel Green, ...

Rolls-Royce Holdings Plc (OTCPK:RYCEY) Q2 2022 Results Conference Call August 4, 2022 4:00 AM ET Company Participants Isabel Green - Head, IR Warren East - CEO Panos Kakoullis - CFO Conference Call Participants Robert Stallard - Vertical Research Partners David Perry - JPMorgan George Zhao - Bernstein Olivia Charley - Goldman Sachs Andrew Humphrey - Morgan Stanley Nick Cunningham - Agency Partners Harry Breach - Stifel Zafar Khan - Societe Generale Isabel Green Hello, and welcome, everyone, to our 2022 half ...

Rolls-Royce Holdings plc (OTCPK:RYCEY) Q4 2021 Earnings Conference Call February 24, 2022 3:30 AM ET Company Participants Isabel Green - Head, IR Anita Frew - Chair Warren East - CEO Panos Kakoullis - CFO Conference Call Participants Celine Fornaro - UBS Robert Stallard - Vertical Research George Zhao - Bernstein Ben Heelan - Bank of America Harry Breach - Stifel David Perry - JPMorgan Andrew Humphrey - Morgan Stanley Charles Armitage - Citigroup Disclaimer*: This transcript is designed to be used alongside ...

2021 Full Year Results 24 February 2022 1 2021 Full Year Results © Rolls-Royce Safe harbour statementThis announcement contains certain forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. In particular, all statements that express forecasts, expectations and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of intere ...

2021 Half Year Results 5 August 2021 2021 Half Year Results © Rolls-Royce 1 This announcement contains certain forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. In particular, all statements that express forecasts, expectations and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of interest or exchange rates, the ...

Financial Data and Key Metrics Changes - The underlying operating profit increased significantly to £307 million, compared to an underlying operating loss of £1.6 billion in the previous year, which included £1.2 billion of one-off charges related to COVID-19 [30][23] - Free cash flow improved to a cash outflow of just under £1.2 billion, a significant improvement from the £2.9 billion outflow in the previous period [40][22] - The company ended the period with net debt before leases of £3.1 billion, expecting to reach around £4 billion by year-end [46] Business Line Data and Key Metrics Changes - Civil Aerospace revenue was £2.2 billion, down 13% year-on-year, but operating profit returned to £39 million [34] - Defence revenue increased by 17% year-on-year to £1.7 billion, with operating profit rising to £269 million from £210 million [35] - Power Systems saw stable revenues with an operating profit of £41 million, up from £33 million in the first half of 2020, and order intake increased by 19% to £1.4 billion [38][39] Market Data and Key Metrics Changes - Large engine long-term service agreement flying hours were at 43% of 2019 levels, up from 34% in the second half of 2020 [33] - Domestic flying activity in regions like China has returned to 2019 levels, indicating a recovery in business aviation [32][90] Company Strategy and Development Direction - The company is focused on achieving net zero emissions by 2050, with plans to develop new technologies and accelerate the use of sustainable fuels [17][60] - A restructuring program is on track, aiming for a reduction of at least 9,000 roles, with around 8,000 already removed [18] - The company is exploring new growth opportunities in electrical and small modular reactors (SMRs) as part of the energy transition [71][77] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a positive cash flow in the second half of the year, despite uncertainties in international travel recovery [50][96] - The outlook remains sensitive to the timing of original equipment (OE) concession outflows, with expectations for a gradual recovery in engine flying hours [51][52] - The company anticipates that the recovery in international travel will accelerate once border restrictions are lifted, with a return to 2019 levels expected around 2024 or 2025 [109] Other Important Information - The company has a strong liquidity position of £7.5 billion, with no debt maturities before 2024 [24][47] - The disposal program is progressing well, targeting proceeds of at least £2 billion [48][81] Q&A Session Summary Question: What is the expected benefit to free cash flow this year from the deferred payments on the Trent 1000? - Management indicated variability in concession payments and reiterated guidance for a £2 billion outflow this year, considering both concessions and engine flying hours [85][89] Question: What proportion of engine flying hours were from Asia Pacific, ex-China, pre-COVID? - Approximately 20% of 2019 levels of engine flying hours were exposed to international flights in that region [93] Question: Have you seen any impact from the retirement of older aircraft? - No significant changes were noted in the patterns of older aircraft retirements compared to the previous year [99] Question: What is the breakeven rate for engine flight hours for free cash flow? - Management stated that achieving breakeven is dependent on various factors, including engine flight hours, and expects to reach positive cash flow in the second half of the year [105][106] Question: What is the impact of disposals on targeted free cash flow? - The impact of disposals on free cash flow is not significant, and management expects to see some outflow related to concession payments [113][115] Question: How do you view the balance sheet and the complexity of financial reporting? - Management aims to improve the balance sheet towards an investment-grade credit profile while maintaining a comfortable business model that supports customer retention [118][122]

Rolls-Royce Holdings PLC (OTCPK:RYCEF) Q4 2020 Earnings Conference Call March 11, 2021 4:00 AM ET Company Participants | --- | --- | |-------------------------|----------------------------------------------------------------------------------------------| | | | | Isabel Green - Head, IR | | | | Warren East - CEO & Executive Director | | | Stephen Daintith - CFO & Executive Director | | | Conference Call Participants | | | Andrew Humphrey - Morgan Stanley | | Celine Fornaro - UBS | | | | Chloe Lemarie - Exan ...