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:Immofinanz, Addiko Bank, Wienerberger, Flughafen Wien, S Immo, DO&CO, EVN, Erste Group, Semperit, Pierer Mobility, UBM, Cleen Energy, Frequentis, Gurktaler AG Stamm, Mayr-Melnhof, RBI, Warimpex, Zumtobel, SW Umwelttechnik, Oberbank AG Stamm, Agrana, Amag, CA Immo, Kapsch TrafficCom, OMV, Österreichische Post, Strabag, Telekom Austria, Uniqa, VIG.
(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
Marinomed
Erforscht und entwickelt völlig neuartige Technologieplattformen, die innovative Therapien gegen Atemwegs- und Augenerkrankungen ermöglichen. Aus wissenschaftlichen Ideen werden so neue Patente, Marken und Produkte geschaffen.
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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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Aktien auf dem Radar:Immofinanz, Addiko Bank, Wienerberger, Flughafen Wien, S Immo, DO&CO, EVN, Erste Group, Semperit, Pierer Mobility, UBM, Cleen Energy, Frequentis, Gurktaler AG Stamm, Mayr-Melnhof, RBI, Warimpex, Zumtobel, SW Umwelttechnik, Oberbank AG Stamm, Agrana, Amag, CA Immo, Kapsch TrafficCom, OMV, Österreichische Post, Strabag, Telekom Austria, Uniqa, VIG.
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Erforscht und entwickelt völlig neuartige Technologieplattformen, die innovative Therapien gegen Atemwegs- und Augenerkrankungen ermöglichen. Aus wissenschaftlichen Ideen werden so neue Patente, Marken und Produkte geschaffen.
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