30.10.2017
Zugemailt von / gefunden bei: Berenberg Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
● Palfinger outperforms competition: In Q3, Palfinger grew its Land segment by 3.8% while its main competitor, Cargotec ’s HIAB, grew sales by 0.8%, suggesting further market share gains for the Austrian market leader. Palfinger improved its segment profitability by 220bp yoy to 13.2%, while HIAB’s EBIT margin was only slightly up by 20bp (13.4%) due to supply chain problems. We also note HIAB’s already strong profitability in the US market, where Palfinger is in a transitional year with restructuring efforts ongoing. We believe that when successfully concluded this year, Palfinger will have gained a substantial leg up versus its competitors in terms of profitability from next year, as the US makes up c20% of revenues, with operating margins still only estimated in the mid-single digits.
● Conference call feedback: CEO Herbert Ortner confirmed that order intake remained at a very high level in Q3 and October, with good visibility too for the next 1-2 quarters. The majority of the company’s restructuring work is on track, Mr Ortner confirmed. The company estimates restructuring costs of EUR15m-18m for 2017 (Berenberg estimate: EUR17m), but while management does not believe that these will drop to zero in 2018 (Berenberg estimate: EUR5m), it is anticipating that most restructuring measures in North America should be concluded this year. Management still thinks that an adjusted EBIT margin of around 10% for the group is possible this year, despite weak profitability in the Sea segment, which is unlikely to break even in Q4 (Berenberg FY17 EBIT margin estimate: 9.5%). Capex for this year is expected to be between EUR60m and EUR65m, above the previous guidance of cEUR55m. No M&A is expected in the short term.
● Changes to estimates: We raise our Land EBIT margin by 70bp for 2017, but weaker profitability in Sea compensates for the increase. Also, higher minorities contribute to the c4-5% EPS cut in 2017-2019E. We change our price target to EUR45.00 from EUR46.00.
● Valuation: Palfinger trades 10% below the peer group average on 2018E EV/EBIT (12.9x versus 14.3x average) despite a much better margin profile.
Buy
8335
palfinger_-_berenberg_passt_kursziel_an_weiter_buy
Aktien auf dem Radar:Frequentis, Porr, Österreichische Post, Addiko Bank, Pierer Mobility, RHI Magnesita, Verbund, EVN, CPI Europe AG, Bawag, VIG, OMV, Telekom Austria, Uniqa, Amag, Wolford, Oberbank AG Stamm, Marinomed Biotech, CA Immo, Erste Group, FACC, Kapsch TrafficCom, Polytec Group, RBI, Rosenbauer, SBO, Semperit, Strabag, Wienerberger, Flughafen Wien, Fresenius Medical Care.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)188710
inbox_palfinger_-_berenberg_passt_kursziel_an_weiter_buy
Baader Bank
Die Baader Bank ist eine der führenden familiengeführten Investmentbanken im deutschsprachigen Raum. Die beiden Säulen des Baader Bank Geschäftsmodells sind Market Making und Investment Banking. Als Spezialist an den Börsenplätzen Deutschland, Österreich und der Schweiz handelt die Baader Bank über 800.000 Finanzinstrumente.
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30.10.2017, 4032 Zeichen
30.10.2017
Zugemailt von / gefunden bei: Berenberg Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
● Palfinger outperforms competition: In Q3, Palfinger grew its Land segment by 3.8% while its main competitor, Cargotec ’s HIAB, grew sales by 0.8%, suggesting further market share gains for the Austrian market leader. Palfinger improved its segment profitability by 220bp yoy to 13.2%, while HIAB’s EBIT margin was only slightly up by 20bp (13.4%) due to supply chain problems. We also note HIAB’s already strong profitability in the US market, where Palfinger is in a transitional year with restructuring efforts ongoing. We believe that when successfully concluded this year, Palfinger will have gained a substantial leg up versus its competitors in terms of profitability from next year, as the US makes up c20% of revenues, with operating margins still only estimated in the mid-single digits.
● Conference call feedback: CEO Herbert Ortner confirmed that order intake remained at a very high level in Q3 and October, with good visibility too for the next 1-2 quarters. The majority of the company’s restructuring work is on track, Mr Ortner confirmed. The company estimates restructuring costs of EUR15m-18m for 2017 (Berenberg estimate: EUR17m), but while management does not believe that these will drop to zero in 2018 (Berenberg estimate: EUR5m), it is anticipating that most restructuring measures in North America should be concluded this year. Management still thinks that an adjusted EBIT margin of around 10% for the group is possible this year, despite weak profitability in the Sea segment, which is unlikely to break even in Q4 (Berenberg FY17 EBIT margin estimate: 9.5%). Capex for this year is expected to be between EUR60m and EUR65m, above the previous guidance of cEUR55m. No M&A is expected in the short term.
● Changes to estimates: We raise our Land EBIT margin by 70bp for 2017, but weaker profitability in Sea compensates for the increase. Also, higher minorities contribute to the c4-5% EPS cut in 2017-2019E. We change our price target to EUR45.00 from EUR46.00.
● Valuation: Palfinger trades 10% below the peer group average on 2018E EV/EBIT (12.9x versus 14.3x average) despite a much better margin profile.
Buy
8335
palfinger_-_berenberg_passt_kursziel_an_weiter_buy
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Baader Bank
Die Baader Bank ist eine der führenden familiengeführten Investmentbanken im deutschsprachigen Raum. Die beiden Säulen des Baader Bank Geschäftsmodells sind Market Making und Investment Banking. Als Spezialist an den Börsenplätzen Deutschland, Österreich und der Schweiz handelt die Baader Bank über 800.000 Finanzinstrumente.
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