|
Inbox: SBO: Aktie für Baader teuer, Sell
SBO
Uhrzeit: 22:58:40
Veränderung zu letztem SK: 0.24%
Letzter SK: 42.35 ( -0.59%)
23.11.2017
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)
Schoeller-Bleckmann Oilfield Equipment (SBO ) - (Sell/TP EUR 60.00) - Out of the trough. Further improvement to be expected. Expensiv…
Out of the trough. Further improvement to be expected. Expensive.
Our conclusion
SBO has successfully marked its way through the most severe demand decline in recent history. Despite the fact that North America and especially Oilfield Equipment in the U.S. is by far the most important driver for the current positive EBIT, SBO is back in the positive territory. And they guide for a further improvement going forward. Demand in North America should remain strong and there are first signs of a slight uptick in the international markets. The 2016 acquired Downhill Technology moved to a modern and expanded facility to cope with the expected further rise in demand.
High valuation. SBO share rose almost in-line with the oil price since mid of this year driving FY2 P/E above 35 and price/book again above 3. We are skeptical about any further meaningful upside in the oil price.
Facts & Analysis
Operating performance continued its positive path. 3Q17 sales came in with EUR 104mn vs. EUR 45.1mn driven by both segments. EBIT reached EUR 13.8mn, the second positive quarter this year with Oilfield Equipment as a more pronounced contributor.
With the release of the preliminary figures on 17 October SBO announced that the valuation of the put/call option for minority shareholders, related to the acquisition of Downhole Technology requires a non-cash-effective expense of EUR 91.3mn shown in the financial result. The Put/Call option can be exercised on 1 April 2019, at the earliest. The quarterly valuation is driven by profit expectations. A strong result (28% margin in OE) and a more positive outlook for the business triggered that number. At the current state SBO would have to pay EUR 133mn for the remaining 32% stake.
Company im Artikel
Show latest Report (18.11.2017)
8721
sbo_aktie_fur_baader_teuer_sell
Aktien auf dem Radar:Palfinger, Immofinanz, Kapsch TrafficCom, Flughafen Wien, EuroTeleSites AG, Addiko Bank, Rosgix, Telekom Austria, RBI, SBO, Uniqa, ams-Osram, Oberbank AG Stamm, Agrana, Amag, CA Immo, Erste Group, EVN, FACC, OMV, Österreichische Post, VIG, Wienerberger, Warimpex, Henkel, Apple, Amgen, Deutsche Post, Vonovia SE, Beiersdorf, Münchener Rück.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)190704
inbox_sbo_aktie_fur_baader_teuer_sell
Random Partner #goboersewien
BNP Paribas
BNP Paribas ist eine führende europäische Bank mit internationaler Reichweite. Sie ist mit mehr als 190.000 Mitarbeitern in 74 Ländern vertreten, davon über 146.000 in Europa. BNP Paribas ist in vielen Bereichen Marktführer oder besetzt Schlüsselpositionen am Markt und gehört weltweit zu den kapitalstärksten Banken.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
Sebastián Bruno
Sebastián Bruno
Dominic Turner
Kazumi Kurigami
Helen LevittInbox: SBO: Aktie für Baader teuer, Sell
23.11.2017, 3115 Zeichen
23.11.2017
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)
Schoeller-Bleckmann Oilfield Equipment (SBO ) - (Sell/TP EUR 60.00) - Out of the trough. Further improvement to be expected. Expensiv…
Out of the trough. Further improvement to be expected. Expensive.
Our conclusion
SBO has successfully marked its way through the most severe demand decline in recent history. Despite the fact that North America and especially Oilfield Equipment in the U.S. is by far the most important driver for the current positive EBIT, SBO is back in the positive territory. And they guide for a further improvement going forward. Demand in North America should remain strong and there are first signs of a slight uptick in the international markets. The 2016 acquired Downhill Technology moved to a modern and expanded facility to cope with the expected further rise in demand.
High valuation. SBO share rose almost in-line with the oil price since mid of this year driving FY2 P/E above 35 and price/book again above 3. We are skeptical about any further meaningful upside in the oil price.
Facts & Analysis
Operating performance continued its positive path. 3Q17 sales came in with EUR 104mn vs. EUR 45.1mn driven by both segments. EBIT reached EUR 13.8mn, the second positive quarter this year with Oilfield Equipment as a more pronounced contributor.
With the release of the preliminary figures on 17 October SBO announced that the valuation of the put/call option for minority shareholders, related to the acquisition of Downhole Technology requires a non-cash-effective expense of EUR 91.3mn shown in the financial result. The Put/Call option can be exercised on 1 April 2019, at the earliest. The quarterly valuation is driven by profit expectations. A strong result (28% margin in OE) and a more positive outlook for the business triggered that number. At the current state SBO would have to pay EUR 133mn for the remaining 32% stake.
Company im Artikel
Show latest Report (18.11.2017)
8721
sbo_aktie_fur_baader_teuer_sell
Was noch interessant sein dürfte:
SportWoche Podcast #107: Kave Atefie, Co-Founder gesund.co.at, Maradonas Balljunge, Rocky-Box-Double, BB King Vorgruppe
SBO
Uhrzeit: 22:58:40
Veränderung zu letztem SK: 0.24%
Letzter SK: 42.35 ( -0.59%)
Bildnachweis
Aktien auf dem Radar:Palfinger, Immofinanz, Kapsch TrafficCom, Flughafen Wien, EuroTeleSites AG, Addiko Bank, Rosgix, Telekom Austria, RBI, SBO, Uniqa, ams-Osram, Oberbank AG Stamm, Agrana, Amag, CA Immo, Erste Group, EVN, FACC, OMV, Österreichische Post, VIG, Wienerberger, Warimpex, Henkel, Apple, Amgen, Deutsche Post, Vonovia SE, Beiersdorf, Münchener Rück.
Random Partner
BNP Paribas
BNP Paribas ist eine führende europäische Bank mit internationaler Reichweite. Sie ist mit mehr als 190.000 Mitarbeitern in 74 Ländern vertreten, davon über 146.000 in Europa. BNP Paribas ist in vielen Bereichen Marktführer oder besetzt Schlüsselpositionen am Markt und gehört weltweit zu den kapitalstärksten Banken.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
Useletter
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
Runplugged
Infos über neue Financial Literacy Audio Files für die Runplugged App
(kostenfrei downloaden über http://runplugged.com/spreadit)
per Newsletter erhalten
| AT0000A38J73 | |
| AT0000A2SUY6 | |
| AT0000A2UVX2 |
- SportWoche Podcast #107: Kave Atefie, Co-Founder ...
- Wie paragon, Sixt, Aurubis, Henkel, TLG Immobilie...
- Wie ams-Osram, Varta AG, Nemetschek, Wirecard, WC...
- Wie Henkel, Rheinmetall, DAIMLER TRUCK HLD..., Vo...
- Wiener Börse: ATX am Freitag wenig verändert, Wie...
- Wiener Börse Nebenwerte-Blick: ams-Osram, Porr un...
Featured Partner Video
Wiener Börse Party #628: Schönwetter an der Börse, UBM will nicht nackt dastehen, Spoiler Astrid Wagner, Zertifikate und Dividenden
Die Wiener Börse Party ist ein Podcastprojekt für Audio-CD.at von Christian Drastil Comm.. Unter dem Motto „Market & Me“ berichtet Christian Drastil über das Tagesgeschehen an der Wiener Börse....
Books josefchladek.com
Bonifica
2024
Self published
Bolnichka (Владислава Краснощока
2023
Moksop
Found Diary
2024
Self published
Christian Reister
Valie Export