|
Inbox: RCB bestätigt Hold für Palfinger
Palfinger
Uhrzeit: 23:00:50
Veränderung zu letztem SK: 0.99%
Letzter SK: 22.65 ( -0.22%)
31.10.2017
Zugemailt von / gefunden bei: RCB (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
We confirm the HOLD rating and the target price of EUR 42. Although Palfinger is well on track for new record sales and earnings in 2017e, 3Q results were not as good as expected and we think that our previous FY forecasts were too ambitious. The management reiterated its guidance of further top line growth but did not explicitly confirm the previous indication of ca. 10%. Regarding the target of a double-digit EBIT margin (before restructuring costs, but including positive one-offs) it was acknowledged that it could be rather a rounded double-digit figure (so >9.5%) than in the 10.X% magnitude. So while not far off, consensus expectations might come down a bit. Additionally more restructuring efforts are required, which goes along with higher charges this year and some costs to be digested also in 2018e. The message regarding trading conditions, particularly for the Land segment, remained a bullish one. Order intake growth across European markets (with the exception of the UK) was compelling and also demand in China is growing again. The marine crane business seems to get closer to the bottom (single-digit organic decline largely stable ytd), although the inflection point might is not yet visible given Palfingers back-end position in the vessels production value chain. To sum up, our view on the investment case is unchanged. Palfinger is a compelling growth story, but that is well reflected in market estimates which discount the companys bullish outlook. 2017-18 adjusted P/Es of 17.0x and 14.1x are slightly above the long-term median (last 7 years) of ca. 16.0x and 13.1x, respectively. The long-term EV/EBITDA medians of 10.0x (1y fwd) and 8.4x (2y fwd) are in line with current trading multiples of 9.9x and 8.1x, respectively. Our target price implies a 2018e P/E of 15.5x, EV/EBITDA of 9.5x and EV/EBIT of 13.0x.
Valuation: The total-return target price of EUR 42 (incl. DPS of EUR 0.64) is based on a combination of a DCF model (TG 2%, perpetual EBIT margin 12.5%, weighting 2/3) and an economic profit model (post-tax ROCE of 11% in 2018e).
Company im Artikel
Show latest Report (28.10.2017)
8353
rcb_bestatigt_hold_fur_palfinger
Aktien auf dem Radar:Zumtobel, FACC, Bawag, Austriacard Holdings AG, Lenzing, AT&S, Telekom Austria, EVN, Strabag, CA Immo, Immofinanz, Agrana, Hutter & Schrantz Stahlbau, Marinomed Biotech, Warimpex, RHI Magnesita, Oberbank AG Stamm, Athos Immobilien, Amag, Erste Group, Flughafen Wien, Österreichische Post, S Immo, Uniqa, VIG, Wienerberger.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)188811
inbox_rcb_bestatigt_hold_fur_palfinger
Random Partner #goboersewien
Montana Aerospace
Montana Aerospace zählt dank ihrer globalen Präsenz in Entwicklung und Fertigung sowie ihrer Multimaterial-Kompetenz zu den weltweit führenden Herstellern von komplexen Leichtbaukomponenten und Strukturen für die Luftfahrtindustrie. Als hochgradig integrierter Komplettanbieter mit State-of-the-Art-Fertigungsstätten in Europa, Amerika und Asien unterstützen wir die Local-to-Local-Strategie unserer Kunden.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
Mikael Siirilä
Kurama
Emil Schulthess & Hans Ulrich Meier
Kazumi Kurigami
Adolf ČejchanInbox: RCB bestätigt Hold für Palfinger
31.10.2017, 4124 Zeichen
31.10.2017
Zugemailt von / gefunden bei: RCB (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
We confirm the HOLD rating and the target price of EUR 42. Although Palfinger is well on track for new record sales and earnings in 2017e, 3Q results were not as good as expected and we think that our previous FY forecasts were too ambitious. The management reiterated its guidance of further top line growth but did not explicitly confirm the previous indication of ca. 10%. Regarding the target of a double-digit EBIT margin (before restructuring costs, but including positive one-offs) it was acknowledged that it could be rather a rounded double-digit figure (so >9.5%) than in the 10.X% magnitude. So while not far off, consensus expectations might come down a bit. Additionally more restructuring efforts are required, which goes along with higher charges this year and some costs to be digested also in 2018e. The message regarding trading conditions, particularly for the Land segment, remained a bullish one. Order intake growth across European markets (with the exception of the UK) was compelling and also demand in China is growing again. The marine crane business seems to get closer to the bottom (single-digit organic decline largely stable ytd), although the inflection point might is not yet visible given Palfingers back-end position in the vessels production value chain. To sum up, our view on the investment case is unchanged. Palfinger is a compelling growth story, but that is well reflected in market estimates which discount the companys bullish outlook. 2017-18 adjusted P/Es of 17.0x and 14.1x are slightly above the long-term median (last 7 years) of ca. 16.0x and 13.1x, respectively. The long-term EV/EBITDA medians of 10.0x (1y fwd) and 8.4x (2y fwd) are in line with current trading multiples of 9.9x and 8.1x, respectively. Our target price implies a 2018e P/E of 15.5x, EV/EBITDA of 9.5x and EV/EBIT of 13.0x.
Valuation: The total-return target price of EUR 42 (incl. DPS of EUR 0.64) is based on a combination of a DCF model (TG 2%, perpetual EBIT margin 12.5%, weighting 2/3) and an economic profit model (post-tax ROCE of 11% in 2018e).
Company im Artikel
Show latest Report (28.10.2017)
8353
rcb_bestatigt_hold_fur_palfinger
Was noch interessant sein dürfte:
Wiener Börse Party #696: Auszeichungen für dad.at, Liane Hirner und die Bawag, Senat der Wirtschaft rügt die Grüne Planwirtschaft
Palfinger
Uhrzeit: 23:00:50
Veränderung zu letztem SK: 0.99%
Letzter SK: 22.65 ( -0.22%)
Bildnachweis
1.
Palfinger
, (© Martina Draper/photaq) >> Öffnen auf photaq.com
Aktien auf dem Radar:Zumtobel, FACC, Bawag, Austriacard Holdings AG, Lenzing, AT&S, Telekom Austria, EVN, Strabag, CA Immo, Immofinanz, Agrana, Hutter & Schrantz Stahlbau, Marinomed Biotech, Warimpex, RHI Magnesita, Oberbank AG Stamm, Athos Immobilien, Amag, Erste Group, Flughafen Wien, Österreichische Post, S Immo, Uniqa, VIG, Wienerberger.
Random Partner
Montana Aerospace
Montana Aerospace zählt dank ihrer globalen Präsenz in Entwicklung und Fertigung sowie ihrer Multimaterial-Kompetenz zu den weltweit führenden Herstellern von komplexen Leichtbaukomponenten und Strukturen für die Luftfahrtindustrie. Als hochgradig integrierter Komplettanbieter mit State-of-the-Art-Fertigungsstätten in Europa, Amerika und Asien unterstützen wir die Local-to-Local-Strategie unserer Kunden.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
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
| AT0000A382G1 | |
| AT0000A3BPU8 | |
| AT0000A37NX2 |
- BSN Spitout Wiener Börse: RBI nach exakt 100 Tage...
- Wiener Börse Nebenwerte-Blick: Warimpex stark
- Wiener Börse: ATX am Donnerstag etwas fester, Baw...
- Wie Warimpex, Marinomed Biotech, UBM, RHI Magnesi...
- Wie Bawag, RBI, SBO, Andritz, DO&CO und CA Immo f...
- Österreich Depots: Unchangend (Depot Kommentar)
Featured Partner Video
Karrieren & Kurse: Silvia Weber, Moderatorin "#da findet wissen.stadt", will Hörbücher sprechen (und das Wifi Wien hat zwei Kurse dazu)
Silvia Weber ist 16 und Schülerin der 6A in der Hegelgasse 12, 1010 Wien. Sie ist Sprecherin des neuen Radiopodcasts "#da findet wissen.stadt" . Dieses Projekt von Christine Schwab und Sabine ...
Books josefchladek.com
Duelos y Quebrantos
2018
ediciones anómalas
The Eternal Garden
2023
Self published
Misplacements
2023
Self published
Eron Rauch
Jerker Andersson