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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:UBM, SBO, Palfinger, Amag, Rosenbauer, Addiko Bank, Oberbank AG Stamm, Lenzing, ATX, ATX Prime, ATX TR, CA Immo, VIG, Uniqa, RBI, Polytec Group, AT&S, Erste Group, Zumtobel, Bawag, AMS, Andritz, EVN, Flughafen Wien, Mayr-Melnhof, OMV, Porr, voestalpine, Marinomed Biotech, Telekom Austria, Frauenthal.

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

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    Inbox: RHI bekommt höheres Kursziel


    22.09.2017

    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




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    RHI Letzter SK:  0.00 ( 0.00%)


     

    Bildnachweis

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

    Aktien auf dem Radar:UBM, SBO, Palfinger, Amag, Rosenbauer, Addiko Bank, Oberbank AG Stamm, Lenzing, ATX, ATX Prime, ATX TR, CA Immo, VIG, Uniqa, RBI, Polytec Group, AT&S, Erste Group, Zumtobel, Bawag, AMS, Andritz, EVN, Flughafen Wien, Mayr-Melnhof, OMV, Porr, voestalpine, Marinomed Biotech, Telekom Austria, Frauenthal.


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    RHI, (© Martina Draper)


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