02.11.2017
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)
Wienerberger cut to HOLD, TP EUR 23 - Limited share price upside ahead of 3Q results
We maintain the target price of EUR 23 but against the backdrop of the currently insufficient upside potential downgrade our recommendation to HOLD from BUY
- We have made rather insignificant adaptations to our forecasts due to the incorporation of the recent bolt-on acquisitions of Preflex, Retz, Brenner and Brikston
- We do not envisage the 3Q results to provide any particular impetus for the investment case but expect a largely unchanged message regarding the underlying trading conditions
- For 3Q we project ~2% top line growth to EUR 830 mn with CBM +5% and P&P -1% and estimates EBITDA +3% to EUR 128 mn
- With regard to the FY 17 EBITDA target of EUR 415 mn we remind that at the Capital Markets Day in September the management noted that the implied pick-up in 2H requires good weather conditions towards year-end
Ahead of Wienerbergers 3Q 17 results due November 8 we have made rather insignificant adaptations to our forecasts due to the incorporation of the recent bolt-on acquisitions of Preflex, Retz, Brenner and Brikston, which have combined annual sales of approx. EUR 75 mn. We maintain the target price of EUR 23 but against the backdrop of the currently insufficient upside potential downgrade our recommendation to HOLD from BUY. The shares have recovered nicely from the sell-off post the 2Q figures (which in our view was exaggerated) and we now see a rather balanced risk-reward profile. We do not envisage the 3Q results to provide any particular impetus for the investment case but expect a largely unchanged message regarding the underlying trading conditions. Hence, sound growth momentum should continue in Eastern Europe (particularly for bricks but also solid demand for pipes), whereas the situation in Western Europe is a bit more mixed (e.g. in BE brick demand is still impacted by supply bottlenecks for PUR/PIR insulating materials; the mediocre pipes business in Western Europe is helped by higher selling prices to compensate for rising raw material costs). With regard to the FY 17 EBITDA target of EUR 415 mn we remind that at the Capital Markets Day in September the management noted that the implied pick-up in 2H requires good weather conditions towards year-end.
8366
wienerberger_fur_rcb_kein_buy_mehr
Aktien auf dem Radar:Addiko Bank, Strabag, CA Immo, Flughafen Wien, Austriacard Holdings AG, Kapsch TrafficCom, ATX TR, S Immo, AT&S, Rosgix, RBI, ATX, ATX Prime, FACC, Marinomed Biotech, Erste Group, Polytec Group, Agrana, EuroTeleSites AG, Gurktaler AG Stamm, Gurktaler AG VZ, Immofinanz, Semperit, Oberbank AG Stamm, Lenzing, Amag, EVN, Österreichische Post, 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)188940
inbox_wienerberger_fur_rcb_kein_buy_mehr
Addiko Group
Die Addiko Gruppe besteht aus der Addiko Bank AG, der österreichischen Mutterbank mit Sitz in Wien (Österreich), die an der Wiener Börse notiert und sechs Tochterbanken, die in fünf CSEE-Ländern registriert, konzessioniert und tätig sind: Kroatien, Slowenien, Bosnien & Herzegowina (wo die Addiko Gruppe zwei Banken betreibt), Serbien und Montenegro.
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02.11.2017, 5005 Zeichen
02.11.2017
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)
Wienerberger cut to HOLD, TP EUR 23 - Limited share price upside ahead of 3Q results
We maintain the target price of EUR 23 but against the backdrop of the currently insufficient upside potential downgrade our recommendation to HOLD from BUY
- We have made rather insignificant adaptations to our forecasts due to the incorporation of the recent bolt-on acquisitions of Preflex, Retz, Brenner and Brikston
- We do not envisage the 3Q results to provide any particular impetus for the investment case but expect a largely unchanged message regarding the underlying trading conditions
- For 3Q we project ~2% top line growth to EUR 830 mn with CBM +5% and P&P -1% and estimates EBITDA +3% to EUR 128 mn
- With regard to the FY 17 EBITDA target of EUR 415 mn we remind that at the Capital Markets Day in September the management noted that the implied pick-up in 2H requires good weather conditions towards year-end
Ahead of Wienerbergers 3Q 17 results due November 8 we have made rather insignificant adaptations to our forecasts due to the incorporation of the recent bolt-on acquisitions of Preflex, Retz, Brenner and Brikston, which have combined annual sales of approx. EUR 75 mn. We maintain the target price of EUR 23 but against the backdrop of the currently insufficient upside potential downgrade our recommendation to HOLD from BUY. The shares have recovered nicely from the sell-off post the 2Q figures (which in our view was exaggerated) and we now see a rather balanced risk-reward profile. We do not envisage the 3Q results to provide any particular impetus for the investment case but expect a largely unchanged message regarding the underlying trading conditions. Hence, sound growth momentum should continue in Eastern Europe (particularly for bricks but also solid demand for pipes), whereas the situation in Western Europe is a bit more mixed (e.g. in BE brick demand is still impacted by supply bottlenecks for PUR/PIR insulating materials; the mediocre pipes business in Western Europe is helped by higher selling prices to compensate for rising raw material costs). With regard to the FY 17 EBITDA target of EUR 415 mn we remind that at the Capital Markets Day in September the management noted that the implied pick-up in 2H requires good weather conditions towards year-end.
8366
wienerberger_fur_rcb_kein_buy_mehr
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Aktien auf dem Radar:Addiko Bank, Strabag, CA Immo, Flughafen Wien, Austriacard Holdings AG, Kapsch TrafficCom, ATX TR, S Immo, AT&S, Rosgix, RBI, ATX, ATX Prime, FACC, Marinomed Biotech, Erste Group, Polytec Group, Agrana, EuroTeleSites AG, Gurktaler AG Stamm, Gurktaler AG VZ, Immofinanz, Semperit, Oberbank AG Stamm, Lenzing, Amag, EVN, Österreichische Post, Telekom Austria, Uniqa, VIG.
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Die Addiko Gruppe besteht aus der Addiko Bank AG, der österreichischen Mutterbank mit Sitz in Wien (Österreich), die an der Wiener Börse notiert und sechs Tochterbanken, die in fünf CSEE-Ländern registriert, konzessioniert und tätig sind: Kroatien, Slowenien, Bosnien & Herzegowina (wo die Addiko Gruppe zwei Banken betreibt), Serbien und Montenegro.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
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