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Inbox: Wienerberger für RCB kein "Buy" mehr
Wienerberger
Akt. Indikation: 31.90 / 32.10
Uhrzeit: 22:21:05
Veränderung zu letztem SK: 16.79%
Letzter SK: 27.40 ( -2.63%)
Uhrzeit: 22:21:05
Veränderung zu letztem SK: 16.79%
Letzter SK: 27.40 ( -2.63%)
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.
Insignificant fine-tuning of forecasts: We have raised our 2018-19e revenues by 2% to EUR 3.23 bn and EUR 3.35 bn, respectively. EBITDA estimates are also up by 2% to EUR 450 mn and EUR 490 mn, respectively. We assume the M&A targets profitability to be largely in line with Wienerbergers and that in the first year of consolidation some minor integration costs will have to be digested. Our new EPS estimates rise by 1% to EUR 1.32 and EUR 1.59, respectively.
3Q preview: We project ~2% top line growth to EUR 830 mn with CBM +5% (higher dynamics in CMB EE than in CBM WE) and P&P -1% (initial consolidation of Preflex, WE slightly down, growth in EE). For North America we assume a smaller drawback from the hurricane season. We project EBITDA of EUR 128 mn and EPS of EUR 0.43.
Blended valuation yields target price of EUR 23: Our total-return TP of EUR 23 (incl. DPS of EUR 0.35) is based on a combination of a DCF model (perpetual EBITDA margin of 13.4%, TG 1.5%) and by assigning an EV/EBITDA multiple of 8x to our 2018e forecasts. On our estimates the stock trades at 2017-18e EV/EBITDA multiples of 8.2x and 7.3x, which implies that the discounts to the peer group median have narrowed to 12-14% vs. roughly 20% after the 2Q release. Moreover, the stock is currently trading pretty much in line with its historical median levels of 7.9x (1y fwd) and 6.9x (2y fwd), respectively.
Blended valuation yields target price of EUR 23: Our total-return TP of EUR 23 (incl. DPS of EUR 0.35) is based on a combination of a DCF model (perpetual EBITDA margin of 13.4%, TG 1.5%) and by assigning an EV/EBITDA multiple of 8x to our 2018e forecasts. On our estimates the stock trades at 2017-18e EV/EBITDA multiples of 8.2x and 7.3x, which implies that the discounts to the peer group median have narrowed to 12-14% vs. roughly 20% after the 2Q release. Moreover, the stock is currently trading pretty much in line with its historical median levels of 7.9x (1y fwd) and 6.9x (2y fwd), respectively.
Company im Artikel
Mitglied in der BSN Peer-Group Bau & Baustoffe
Show latest Report (28.10.2017)
Show latest Report (28.10.2017)
Für Zusatzliquidität im Orderbuch der Wienerberger-Aktien sorgen die Wood & Company Financial Services als Specialist sowie die Market Maker
Baader Bank AG,
Erste Group Bank AG,
Hudson River Trading Europe,
Kepler Cheuvreux,
Société Générale S.A.,
Tower Research Capital,
Virtu Financial Ireland Limited und
Raiffeisen Centrobank AG,
Klick auf Institut/Bank öffnet Übersicht.
8366
wienerberger_fur_rcb_kein_buy_mehr
Aktien auf dem Radar:Flughafen Wien, Addiko Bank, DO&CO, Austriacard Holdings AG, RHI Magnesita, Zumtobel, Bawag, AT&S, CA Immo, Kapsch TrafficCom, Marinomed Biotech, Mayr-Melnhof, OMV, Polytec Group, RBI, Rosenbauer, SBO, Semperit, Oberbank AG Stamm, Agrana, Erste Group, FACC, Wienerberger, Amag, Österreichische Post, Telekom Austria, Uniqa, VIG, ATX.
(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
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Pia-Paulina GuilmothInbox: Wienerberger für RCB kein "Buy" mehr
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.
Insignificant fine-tuning of forecasts: We have raised our 2018-19e revenues by 2% to EUR 3.23 bn and EUR 3.35 bn, respectively. EBITDA estimates are also up by 2% to EUR 450 mn and EUR 490 mn, respectively. We assume the M&A targets profitability to be largely in line with Wienerbergers and that in the first year of consolidation some minor integration costs will have to be digested. Our new EPS estimates rise by 1% to EUR 1.32 and EUR 1.59, respectively.
3Q preview: We project ~2% top line growth to EUR 830 mn with CBM +5% (higher dynamics in CMB EE than in CBM WE) and P&P -1% (initial consolidation of Preflex, WE slightly down, growth in EE). For North America we assume a smaller drawback from the hurricane season. We project EBITDA of EUR 128 mn and EPS of EUR 0.43.
Blended valuation yields target price of EUR 23: Our total-return TP of EUR 23 (incl. DPS of EUR 0.35) is based on a combination of a DCF model (perpetual EBITDA margin of 13.4%, TG 1.5%) and by assigning an EV/EBITDA multiple of 8x to our 2018e forecasts. On our estimates the stock trades at 2017-18e EV/EBITDA multiples of 8.2x and 7.3x, which implies that the discounts to the peer group median have narrowed to 12-14% vs. roughly 20% after the 2Q release. Moreover, the stock is currently trading pretty much in line with its historical median levels of 7.9x (1y fwd) and 6.9x (2y fwd), respectively.
Blended valuation yields target price of EUR 23: Our total-return TP of EUR 23 (incl. DPS of EUR 0.35) is based on a combination of a DCF model (perpetual EBITDA margin of 13.4%, TG 1.5%) and by assigning an EV/EBITDA multiple of 8x to our 2018e forecasts. On our estimates the stock trades at 2017-18e EV/EBITDA multiples of 8.2x and 7.3x, which implies that the discounts to the peer group median have narrowed to 12-14% vs. roughly 20% after the 2Q release. Moreover, the stock is currently trading pretty much in line with its historical median levels of 7.9x (1y fwd) and 6.9x (2y fwd), respectively.
Company im Artikel
Mitglied in der BSN Peer-Group Bau & Baustoffe
Show latest Report (28.10.2017)
Show latest Report (28.10.2017)
Für Zusatzliquidität im Orderbuch der Wienerberger-Aktien sorgen die Wood & Company Financial Services als Specialist sowie die Market Maker
Baader Bank AG,
Erste Group Bank AG,
Hudson River Trading Europe,
Kepler Cheuvreux,
Société Générale S.A.,
Tower Research Capital,
Virtu Financial Ireland Limited und
Raiffeisen Centrobank AG,
Klick auf Institut/Bank öffnet Übersicht.
8366
wienerberger_fur_rcb_kein_buy_mehr
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Wienerberger
Akt. Indikation: 31.90 / 32.10
Uhrzeit: 22:21:05
Veränderung zu letztem SK: 16.79%
Letzter SK: 27.40 ( -2.63%)
Uhrzeit: 22:21:05
Veränderung zu letztem SK: 16.79%
Letzter SK: 27.40 ( -2.63%)
Bildnachweis
Aktien auf dem Radar:Flughafen Wien, Addiko Bank, DO&CO, Austriacard Holdings AG, RHI Magnesita, Zumtobel, Bawag, AT&S, CA Immo, Kapsch TrafficCom, Marinomed Biotech, Mayr-Melnhof, OMV, Polytec Group, RBI, Rosenbauer, SBO, Semperit, Oberbank AG Stamm, Agrana, Erste Group, FACC, Wienerberger, Amag, Österreichische Post, Telekom Austria, Uniqa, VIG, ATX.
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