09.08.2017
Zugemailt von / gefunden bei: Baader Helvea (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
We upgrade Semperit from Hold to Buy. Our target price remains unchanged at EUR 30. Our new recommendation is based on two main assumptions: 1) Sempermed is a valuable asset. 2) The new management is able to stabilize the operations and establish a more decent strategy for the group. Regarding the Industrial activities, we think that the current product portfolio and customer relationships are good enough to reach double-digit EBIT margins in a normalized economic environment.
Since 2010, Semperit invested heavily into its growth strategy with a questionable success. This was especially true for Sempermed. In 2012, Semperit bought Latex Partners and planned to increase production capacity to more than 10bn until 2018. We had a cautious view on that strategy. The expansion strategy was mainly financed by the operating cash flow, but the entire dividend payment of approximately EUR 230mn was financed out of substance. The EBIT margin declined. The quality of the balance sheet deteriorated, gearing increased from a net cash position above 60%.
In 2017, the company ended a long-time joint venture in Thailand. The management will use the proceeds to wind down intangibles, finance the remaining high capex requirements and restore the quality of the balance sheet. Going forward, we expect them to be much more focused when it comes to expansion plans. Before they even think about that, they have to fix the loss-making Sempermed business. The company has reduced production guidance. The easing of raw material prices and the ongoing growth in demand (5-7%) should help. The other, much smaller, problem child Sempertrans might have seen its trough in the first half 2017. The closing of a plant in France and a slight increase in demand should lift profits going forward.
We value Semperit in a sum-of-the-parts approach taking an average FY2 multiple for an EBITDA, which is approximately 15% above the consensus average. If the management decides to divest Sempermed, we think that they can get a decent price which might have an additional positive effect.
7207
fur_baader_helvea_ist_semperit_jetzt_ein_buy
Aktien auf dem Radar:Addiko Bank, Strabag, CA Immo, Flughafen Wien, Austriacard Holdings AG, Kapsch TrafficCom, ATX TR, S Immo, AT&S, Rosgix, RBI, ATX, ATX Prime, FACC, Marinomed Biotech, Erste Group, Polytec Group, Agrana, EuroTeleSites AG, Gurktaler AG Stamm, Gurktaler AG VZ, Immofinanz, Semperit, Oberbank AG Stamm, Lenzing, Amag, EVN, Österreichische Post, Telekom Austria, Uniqa, VIG.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)182354
inbox_fur_baader_helvea_ist_semperit_jetzt_ein_buy
Rosinger Group
Die Rosinger Group ist einer der führenden Finanzkonzerne in Mitteleuropa und in den Geschäftsfeldern "Eigene Investments" sowie "hochspezialisierte Beratungsleistungen" aktiv. Mit bisher mehr als sechzig Börsenlistings und IPOs weltweit gehört die Rosinger Group auch an der Wiener Börse zu den maßgeblichen Playern.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
09.08.2017, 3192 Zeichen
09.08.2017
Zugemailt von / gefunden bei: Baader Helvea (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
We upgrade Semperit from Hold to Buy. Our target price remains unchanged at EUR 30. Our new recommendation is based on two main assumptions: 1) Sempermed is a valuable asset. 2) The new management is able to stabilize the operations and establish a more decent strategy for the group. Regarding the Industrial activities, we think that the current product portfolio and customer relationships are good enough to reach double-digit EBIT margins in a normalized economic environment.
Since 2010, Semperit invested heavily into its growth strategy with a questionable success. This was especially true for Sempermed. In 2012, Semperit bought Latex Partners and planned to increase production capacity to more than 10bn until 2018. We had a cautious view on that strategy. The expansion strategy was mainly financed by the operating cash flow, but the entire dividend payment of approximately EUR 230mn was financed out of substance. The EBIT margin declined. The quality of the balance sheet deteriorated, gearing increased from a net cash position above 60%.
In 2017, the company ended a long-time joint venture in Thailand. The management will use the proceeds to wind down intangibles, finance the remaining high capex requirements and restore the quality of the balance sheet. Going forward, we expect them to be much more focused when it comes to expansion plans. Before they even think about that, they have to fix the loss-making Sempermed business. The company has reduced production guidance. The easing of raw material prices and the ongoing growth in demand (5-7%) should help. The other, much smaller, problem child Sempertrans might have seen its trough in the first half 2017. The closing of a plant in France and a slight increase in demand should lift profits going forward.
We value Semperit in a sum-of-the-parts approach taking an average FY2 multiple for an EBITDA, which is approximately 15% above the consensus average. If the management decides to divest Sempermed, we think that they can get a decent price which might have an additional positive effect.
7207
fur_baader_helvea_ist_semperit_jetzt_ein_buy
Was noch interessant sein dürfte:
OÖ10 mit klarem Minus, FACC und Rosenbauer belasten
ATX verliert 1,28%, Wienerberger fällt um 4,39%, SBO und Andritz weiten Negativ-Serien aus
Inbox: Berenberg zu voestalpine: A solid beat
Inbox: FMA verzeichnet in ihrer FinTech-Kontaktstelle lebhaftes Interesse
Inbox: Polytec rechnet mit leichtem Wachstum von Umsatz und Ergebnis
Inbox: CA Immo hat Bukarester Büro-Tower zu 65 Prozent vermietet
Inbox: Post-CEO Pölzl: "Unser Kundenzufriedenheitsindex liegt aktuell am bisherigen Höchststand"
Inbox: Warum Japan wieder da ist
Inbox: OMV verdoppelt operatives Ergebnis
Inbox: Strabag baut in Krakau einen Turm um 89 Mio. Euro
Wiener Börse Party #619: Neuer bei Addiko, dad.at mit Milestone und grossem Neukundenpaket, alle Details Börsentag Wien 4.6.
1.
Semperit
, (© finanzmarktfoto.at/Martina Draper) >> Öffnen auf photaq.com
Aktien auf dem Radar:Addiko Bank, Strabag, CA Immo, Flughafen Wien, Austriacard Holdings AG, Kapsch TrafficCom, ATX TR, S Immo, AT&S, Rosgix, RBI, ATX, ATX Prime, FACC, Marinomed Biotech, Erste Group, Polytec Group, Agrana, EuroTeleSites AG, Gurktaler AG Stamm, Gurktaler AG VZ, Immofinanz, Semperit, Oberbank AG Stamm, Lenzing, Amag, EVN, Österreichische Post, Telekom Austria, Uniqa, VIG.
Rosinger Group
Die Rosinger Group ist einer der führenden Finanzkonzerne in Mitteleuropa und in den Geschäftsfeldern "Eigene Investments" sowie "hochspezialisierte Beratungsleistungen" aktiv. Mit bisher mehr als sechzig Börsenlistings und IPOs weltweit gehört die Rosinger Group auch an der Wiener Börse zu den maßgeblichen Playern.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
Die Useletter "Morning Xpresso" und "Evening Xtrakt" heben sich deutlich von den gängigen Newslettern ab.
Beispiele ansehen bzw. kostenfrei anmelden. Wichtige Börse-Infos garantiert.
Newsletter abonnieren
Infos über neue Financial Literacy Audio Files für die Runplugged App
(kostenfrei downloaden über http://runplugged.com/spreadit)
per Newsletter erhalten
AT0000A2TTP4 | |
AT0000A36XA1 | |
AT0000A2YNV5 |
Börsenradio Live-Blick, Do, 7.3.24: DAX down, Brenntag-Support fällt weg, SAP High 15, Palfinger überzeugt in Wien
Christian Drastil mit dem Live-Blick aus dem Studio des Börsenradio-Partners audio-cd.at in Wien wieder intraday mit Kurslisten, Statistiken und News aus Frankfurt und Wien. Es ist der Podcast, der...
Christian Reister
Driftwood 15 | New York
2023
Self published
Naotaka Hirota
La Scène de la Locomotive à Vapeur
1975
Yomiuri Shimbun
Sebastián Bruno
Duelos y Quebrantos
2018
ediciones anómalas