Ich stimme der Verwendung von Cookies zu. Auch wenn ich diese Website weiter nutze, gilt dies als Zustimmung.

Bitte lesen und akzeptieren Sie die Datenschutzinformation und Cookie-Informationen, damit Sie unser Angebot weiter nutzen können. Natürlich können Sie diese Einwilligung jederzeit widerrufen.





Inbox: RHI bekommt höheres Kursziel


RHI Letzter SK:  0.00 ( 0.00%)

22.09.2017

Zugemailt von / gefunden bei: RHI (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

RHI confirmed at HOLD, TP EUR 36 - Takeover progresses as planned - TP raised to EUR 36

- After having fulfilled the conditions for the EU merger clearance recently the closing of the takeover and the listing of the RHI Magnesita share in London should take place at the end of October
- A so-called integrated tender offer for the remaining shares in Magnesita will be launched shortly
- We continue to appreciate the strategic rationale behind the deal but point out that for the time being we refrain from pencilling a too upbeat 2020 scenario owing to prevailing integration/execution and cyclical risks
- Trading update: 2Q figures came in below our estimates but RHI talked upbeat about the order intake, heralding a strong 2H 17. The sharp appreciation of the EUR vs. the USD represents a headwind
- We set a new target price of EUR 36 for the combined entity and maintain the HOLD rating

Against the backdrop of hurdles for the takeover of Magnesita basically cleared and the listing of the RHI Magnesita share in London expected for late October, we set a new target price of EUR 36 for the combined entity and maintain the HOLD rating. The increase compared to the previous target price of EUR 23.50 for RHI on a stand-alone basis basically reflects the growth step and the improved margin profile including the flagged synergies of the new world market leader. RHI is vocal to target a full takeover (which is our underlying scenario for the time being) in order to exploit the full outlined synergy potential. We continue to appreciate the strategic rationale behind the deal but point out that for the time being we refrain from pencilling a too upbeat 2020 scenario owing to prevailing integration/execution and cyclical risks. Hence, in our base case valuation we currently see rather moderate upside potential.
 
Update on schedule: After having fulfilled the conditions for the EU merger clearance recently (disposal of RHIs European dolomite business by selling two plants and divestment of Magnesitas Oberhausen/DE site to Intocast) the closing of the takeover should take place at the end of October. Accordingly RHI Magnesita will hold a controlling stake of 50% +1 share in Magnesita. A so-called integrated tender offer (combination of a mandatory tender offer and application for de-listing) for the remaining shares in Magnesita will be launched shortly thereafter and should be concluded by mid-2018. A squeeze-out of minority shareholders is the ultimate goal.
 
Trading update: 2Q figures came in below our estimates. Revenues of EUR 437 mn (RCBe EUR 450 mn) implied a growth slowdown to -1% yoy from 7.5% in 1Q. The operating profit of EUR 21.1 mn missed RCBe by ca. 30% due to higher M&A costs (EUR 9 mn in 2Q vs. EUR 3.8 mn in 1Q), negative FX effects (EUR -6 mn, valuation of inter-company financing), lower revenues in the Industrials and Raw materials segments and the time lag to pass on rising raw material prices. However, regarding the latter the management displayed confidence that this will be caught up in 3Q. Importantly, RHI talked upbeat about the order intake, heralding a strong 2H 17. This was especially true for the Industrial division (backlog indicated at ca. EUR 190 mn, strong cement and glass units, solid non-ferrous and EEC). We remind that the sharp appreciation of the EUR vs. the USD represents a headwind due to the transaction risk. As a rule of thumb, 1 cent movement impacts EBIT by EUR 1 mn (but positive effect on NWC).
 
Valuation: The total-return target price of EUR 36 is derived from assigning an EV/EBITDA target multiple of 7.0x to RHI Magnesitas assumed 2020e EBITDA, discounted back to YE 18e. While this implies a premium compared to RHIs stand-alone historical forward multiple of ca. 6x, we think it is warranted given the improved market position and scope for rising profitability. We point out that the financial tables still contain RHI-stand-alone figures.

Company im Artikel

RHI

 
Mitglied in der BSN Peer-Group Zykliker Österreich
Show latest Report (16.09.2017)
 
Für Zusatzliquidität im Orderbuch der RHI-Aktien sorgen die Raiffeisen Centrobank AG als Specialist sowie die Market Maker Baader Bank AG, Erste Group Bank AG, Oddo Seydler Bank AG, Société Générale S.A., Spire Europe Limited, Virtu Financial Ireland Limited und Wood & Company Financial Services, Klick auf Institut/Bank öffnet Übersicht.



RHI © Martina Draper



Aktien auf dem Radar:Kapsch TrafficCom, Strabag, Agrana, Bajaj Mobility AG, Addiko Bank, Austriacard Holdings AG, Amag, Rosgix, DO&CO, Porr, FACC, BKS Bank Stamm, Oberbank AG Stamm, Reploid Group AG, Josef Manner & Comp. AG, UBM, CA Immo, EuroTeleSites AG, EVN, Flughafen Wien, CPI Europe AG, OMV, Österreichische Post, Telekom Austria, Verbund, Fresenius Medical Care, Allianz, HeidelbergCement, Deutsche Post, Scout24, Bayer.

(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Random Partner #goboersewien

IR-WORLD.com
Die IR-WORLD.com Finanzkommunikation GmbH ist einer der führenden Anbieter für Online-Unternehmenskommunikation von ausländischen börsennotierten Unternehmen im deutschen Sprachraum. Mit ihren Kunden, vor allem in Nordamerika und Australien, zählt das Unternehmen zu den TOP-Anbietern im Bereich der Kapitalmarktkommunikation.

>> Besuchen Sie 59 weitere Partner auf boerse-social.com/goboersewien

Meistgelesen
>> mehr





PIR-Zeichnungsprodukte
Newsflow
>> mehr

Börse Social Club Board
>> mehr
    BSN MA-Event Fresenius Medical Care
    #gabb #2045

    Featured Partner Video

    Börsepeople im Podcast S23/16: Tobias Hermeling

    Tobias Hermeling ist ein Künstler, der den Begriff der Serie "Börsepeople" in eine neue, zusätzliche Richtung, bringen könnte, dies als Interaktion mit Räumen und Figuren. Vor wenigen Tagen hatte m...

    Books josefchladek.com

    Thonet
    Stahlrohrmöbel (Catalogue 1934)
    1934
    Selbstverlag

    Otto Neurath & Gerd Arntz
    Gesellschaft und Wirtschaft : bildstatistisches Elementarwerk
    1930
    Bibliographisches Institut AG

    Pia Paulina Guilmoth & Jesse Bull Saffire
    Fishworm
    2025
    Void

    Raymond Thompson Jr
    It’s hard to stop rebels that time travel
    2025
    Void

    Alessandra Calò
    Ctonio
    2024
    Studiofaganel

    Inbox: RHI bekommt höheres Kursziel


    22.09.2017, 5140 Zeichen

    22.09.2017

    Zugemailt von / gefunden bei: RHI (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

    RHI confirmed at HOLD, TP EUR 36 - Takeover progresses as planned - TP raised to EUR 36

    - After having fulfilled the conditions for the EU merger clearance recently the closing of the takeover and the listing of the RHI Magnesita share in London should take place at the end of October
    - A so-called integrated tender offer for the remaining shares in Magnesita will be launched shortly
    - We continue to appreciate the strategic rationale behind the deal but point out that for the time being we refrain from pencilling a too upbeat 2020 scenario owing to prevailing integration/execution and cyclical risks
    - Trading update: 2Q figures came in below our estimates but RHI talked upbeat about the order intake, heralding a strong 2H 17. The sharp appreciation of the EUR vs. the USD represents a headwind
    - We set a new target price of EUR 36 for the combined entity and maintain the HOLD rating

    Against the backdrop of hurdles for the takeover of Magnesita basically cleared and the listing of the RHI Magnesita share in London expected for late October, we set a new target price of EUR 36 for the combined entity and maintain the HOLD rating. The increase compared to the previous target price of EUR 23.50 for RHI on a stand-alone basis basically reflects the growth step and the improved margin profile including the flagged synergies of the new world market leader. RHI is vocal to target a full takeover (which is our underlying scenario for the time being) in order to exploit the full outlined synergy potential. We continue to appreciate the strategic rationale behind the deal but point out that for the time being we refrain from pencilling a too upbeat 2020 scenario owing to prevailing integration/execution and cyclical risks. Hence, in our base case valuation we currently see rather moderate upside potential.
     
    Update on schedule: After having fulfilled the conditions for the EU merger clearance recently (disposal of RHIs European dolomite business by selling two plants and divestment of Magnesitas Oberhausen/DE site to Intocast) the closing of the takeover should take place at the end of October. Accordingly RHI Magnesita will hold a controlling stake of 50% +1 share in Magnesita. A so-called integrated tender offer (combination of a mandatory tender offer and application for de-listing) for the remaining shares in Magnesita will be launched shortly thereafter and should be concluded by mid-2018. A squeeze-out of minority shareholders is the ultimate goal.
     
    Trading update: 2Q figures came in below our estimates. Revenues of EUR 437 mn (RCBe EUR 450 mn) implied a growth slowdown to -1% yoy from 7.5% in 1Q. The operating profit of EUR 21.1 mn missed RCBe by ca. 30% due to higher M&A costs (EUR 9 mn in 2Q vs. EUR 3.8 mn in 1Q), negative FX effects (EUR -6 mn, valuation of inter-company financing), lower revenues in the Industrials and Raw materials segments and the time lag to pass on rising raw material prices. However, regarding the latter the management displayed confidence that this will be caught up in 3Q. Importantly, RHI talked upbeat about the order intake, heralding a strong 2H 17. This was especially true for the Industrial division (backlog indicated at ca. EUR 190 mn, strong cement and glass units, solid non-ferrous and EEC). We remind that the sharp appreciation of the EUR vs. the USD represents a headwind due to the transaction risk. As a rule of thumb, 1 cent movement impacts EBIT by EUR 1 mn (but positive effect on NWC).
     
    Valuation: The total-return target price of EUR 36 is derived from assigning an EV/EBITDA target multiple of 7.0x to RHI Magnesitas assumed 2020e EBITDA, discounted back to YE 18e. While this implies a premium compared to RHIs stand-alone historical forward multiple of ca. 6x, we think it is warranted given the improved market position and scope for rising profitability. We point out that the financial tables still contain RHI-stand-alone figures.

    Company im Artikel

    RHI

     
    Mitglied in der BSN Peer-Group Zykliker Österreich
    Show latest Report (16.09.2017)
     
    Für Zusatzliquidität im Orderbuch der RHI-Aktien sorgen die Raiffeisen Centrobank AG als Specialist sowie die Market Maker Baader Bank AG, Erste Group Bank AG, Oddo Seydler Bank AG, Société Générale S.A., Spire Europe Limited, Virtu Financial Ireland Limited und Wood & Company Financial Services, Klick auf Institut/Bank öffnet Übersicht.



    RHI © Martina Draper





    BSN Podcasts
    Christian Drastil: Wiener Börse Plausch

    Wiener Börse Party #1099: Wiener Börse zum Februar-Verfall fester, aber mit kleiner Enttäuschung, positive Spannungsmomente bei der Porr




    RHI Letzter SK:  0.00 ( 0.00%)


     

    Bildnachweis

    1. RHI , (© Martina Draper)   >> Öffnen auf photaq.com

    Aktien auf dem Radar:Kapsch TrafficCom, Strabag, Agrana, Bajaj Mobility AG, Addiko Bank, Austriacard Holdings AG, Amag, Rosgix, DO&CO, Porr, FACC, BKS Bank Stamm, Oberbank AG Stamm, Reploid Group AG, Josef Manner & Comp. AG, UBM, CA Immo, EuroTeleSites AG, EVN, Flughafen Wien, CPI Europe AG, OMV, Österreichische Post, Telekom Austria, Verbund, Fresenius Medical Care, Allianz, HeidelbergCement, Deutsche Post, Scout24, Bayer.


    Random Partner

    IR-WORLD.com
    Die IR-WORLD.com Finanzkommunikation GmbH ist einer der führenden Anbieter für Online-Unternehmenskommunikation von ausländischen börsennotierten Unternehmen im deutschen Sprachraum. Mit ihren Kunden, vor allem in Nordamerika und Australien, zählt das Unternehmen zu den TOP-Anbietern im Bereich der Kapitalmarktkommunikation.

    >> Besuchen Sie 59 weitere Partner auf boerse-social.com/partner


    RHI, (© Martina Draper)


    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


    Meistgelesen
    >> mehr





    PIR-Zeichnungsprodukte
    Newsflow
    >> mehr

    Börse Social Club Board
    >> mehr
      BSN MA-Event Fresenius Medical Care
      #gabb #2045

      Featured Partner Video

      Börsepeople im Podcast S23/16: Tobias Hermeling

      Tobias Hermeling ist ein Künstler, der den Begriff der Serie "Börsepeople" in eine neue, zusätzliche Richtung, bringen könnte, dies als Interaktion mit Räumen und Figuren. Vor wenigen Tagen hatte m...

      Books josefchladek.com

      Michael Rathmayr
      Remedy
      2025
      Nearest Truth

      Anna Fabricius
      Home is where work is
      2024
      Self published

      Ludwig Kozma
      Das Neue Haus
      1941
      Verlag Dr. H. Girsberger & Cie

      Stephen Shore
      Uncommon Places
      1982
      Aperture

      Mikio Tobara
      Document Miseinen (遠原 美喜男
      1980
      Seven Sha