06.11.2017

Zugemailt von / gefunden bei: Baader Helvea (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Nach der Bekanntgabe von Zahlen bestätigen die Baader Helvea-Analysten die Kaufempfehlung und das Kursziel in Höhe von 57 Euro für Andritz .

- ANDRITZ ’s 3Q17 figures met expectations for order intake, were slightly weaker than expected in terms of sales but slightly surpassed EBITA margin expectations. ANDRITZ confirmed its FY17 guidance of a slight decline in sales, and at least the same EBITA margin as in 2016. The only major deviation vs. our expectations resulted from the financial result, which was worse than we had expected, due to lower interest income in Brazil and charges related to the call option for Yadon shares.

- We are confirming our Buy rating (TP EUR 57) and consider ANDRITZ a value play in the sector. In our view the recent negative share price reaction was overdone, not least as the company has no margin problem. ANDRITZ’s valuation looks attractive with an adj. P/E 18E of 15.3x and an EV/EBITA multiple of 9.3x, offering more than 20% discount vs. the peer group. Particularly attractive is the dividend yield of more than 3%.

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Andritz

Andritz AG © Andritz Homepage

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