Wochenverlierer RHI hat von Baader Helvea eine 40 Prozent-Chance verpasst bekommen: 

"RHI - Buy

After the release of the 2Q14 results, we like to confirm our Buy rating and our target price of EUR 28. In our view, the results show the underlying strength of the business. Business with the steel industry was strong, except for South America, and the outlook is at least stable. Business with various industrial clients was mixed, but order intake indicates an improvement in 2H14. Valuation is below the long-term average. 

RHI reduced its topline growth guidance from ~3% to almost flat. The guidance for the operating margin remains unchanged (8%-9%), including the loss in Norway (EUR 15-20mn). We made only minor (<5%) adjustments to our estimates.

The company will remain in a transition phase this year and also in 2015. To mention some conversions: New plant concept, fixing Norway (2014-15), rethink the business with the glass industry. However, the company has a solid base business which is able to generate positive free cash flow and a management which is heading into the right direction. 

Valuation: RHI trades below the long-term average and we do not think that the current consensus estimates carry a huge revision risk. We also see no risk for a stable dividend, which led to a dividend yield above 3%.

Risk to our recommendation: We would not exclude that Norway or a possible additional plant closing (e.g. in the glass business) will trigger further one-time costs/impairments. However, the closing of the Duisburg plant shows that such measures can have a positive effect in some quarters."

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