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Inbox: Lenzing: 2018 gibt es Investment-Ankündigungen


Lenzing
Akt. Indikation:  30.20 / 30.60
Uhrzeit:  08:09:47
Veränderung zu letztem SK:  -0.33%
Letzter SK:  30.50 ( 0.00%)

08.12.2017

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)

Die Lenzing AG hat sich auf der European Conference der Berenberg Bank präsentiert. Die Berenberg-Analysten haben den Vortrag zusammengefasst:

Lenzing AG

Chemicals
Hold; PT: EUR120.00

Lenzing was represented at our conference by Stephanie Kniep, head of IR, and Dr Harald Fuchs, vice president of global accounting and tax. A positive tone on the business development for speciality fibres was to an extent offset by uncertainty on above-demand additions to global viscose capacity likely in 2018. The company also devoted some time to explaining the timeframe of investment decisions next year.

Growth in speciality fibres continues: The company remains convinced of its ability to lift the proportion of sales from higher-margin speciality fibres from 41% currently to 50% by 2025. Part of this will come from growth provided by a 25kt Tencel de-bottleneck due to come online in Q2 2018, with much of the remainder provided by the new 90kt pa Tencel plant in the US from H1 2019.

 

Premia for speciality fibres: Lenzing also indicated that enhanced viscose fibres such as EcoVero may be achieving substantial (we believe double-digit percentage) premia relative to commodity viscose pricing. The company also stated that sporadic decreases in viscose prices over the past few months had not been accompanied by decreases in the prices for its speciality fibres, although the future development of speciality premia is difficult to comment on at this stage.

 

Capacity growth in viscose will be above demand in 2018: Lenzing believes that the global viscose market, which currently has capacity of just under 6m tonnes, will experience capacity increases of 600- 900kt next year (c10-15%), while demand grows by 5-6% pa. The first major capacity addition will be a 160,000-tonne plant built by Chinese competitor Sateri at the start of the year, with others such as Aoyang and Tangshan also currently constructing plants. The exact amount of additional capacity for 2018 is uncertain as some Chinese companies appear to be delaying environmental permitting until late in the construction process, and the potential supply response to lower viscose prices is unknown.

 

Higher input costs and sales from speciality fibres could mean that the pricing impact of new capacity is lower than in 2013/14: More positively for pricing, initial indications are that the recent rise in the costs of the inputs caustic soda and pulp have forced some smaller Chinese competitors to stop production, despite relatively high viscose prices of CNY15,000/tonne. The company also noted that the proportion of speciality fibres in group sales (41%) is higher than the 37% achieved when the last wave of viscose capacity additions came to market in 2013/14.

 

Investment decisions likely in 2018: Lenzing indicated that it will likely make several investment announcements in 2018. These will focus on i) the potential to construct a pulp mill or otherwise take backwards integration in pulp supply from 56% to 75% of total group need; ii) the final decision on whether to build a 100kt Tencel plant in Thailand (likely to come online in 2021); and iii) a decision on the production capacity required to fully commercialise the newly developed, high-end silk alternative Tencel Luxe.

Company im Artikel

Lenzing

 
Mitglied in der BSN Peer-Group ATX
Show latest Report (02.12.2017)
 
Für Zusatzliquidität im Orderbuch der Lenzing-Aktien sorgen die Raiffeisen Centrobank AG als Specialist sowie die Market Maker Baader Bank AG, Erste Group Bank AG, Hudson River Trading Europe, Société Générale S.A., Tower Research Capital, Virtu Financial Ireland Limited und Wood & Company Financial Services, Klick auf Institut/Bank öffnet Übersicht.



Faser Lenzing (Bild: Markus Renner / Electric Arts)



Aktien auf dem Radar:Flughafen Wien, Porr, UBM, Austriacard Holdings AG, Warimpex, Amag, Uniqa, Mayr-Melnhof, Rosenbauer, Wienerberger, Österreichische Post, Polytec Group, RBI, Oberbank AG Stamm, BKS Bank Stamm, Addiko Bank, Agrana, CA Immo, Erste Group, EVN, Immofinanz, Strabag, Telekom Austria, VIG, adidas, Münchener Rück, Beiersdorf, Airbus Group, BMW, Continental, Merck KGaA.

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

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    Inbox: Lenzing: 2018 gibt es Investment-Ankündigungen


    08.12.2017, 4492 Zeichen

    08.12.2017

    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)

    Die Lenzing AG hat sich auf der European Conference der Berenberg Bank präsentiert. Die Berenberg-Analysten haben den Vortrag zusammengefasst:

    Lenzing AG

    Chemicals
    Hold; PT: EUR120.00

    Lenzing was represented at our conference by Stephanie Kniep, head of IR, and Dr Harald Fuchs, vice president of global accounting and tax. A positive tone on the business development for speciality fibres was to an extent offset by uncertainty on above-demand additions to global viscose capacity likely in 2018. The company also devoted some time to explaining the timeframe of investment decisions next year.

    Growth in speciality fibres continues: The company remains convinced of its ability to lift the proportion of sales from higher-margin speciality fibres from 41% currently to 50% by 2025. Part of this will come from growth provided by a 25kt Tencel de-bottleneck due to come online in Q2 2018, with much of the remainder provided by the new 90kt pa Tencel plant in the US from H1 2019.

     

    Premia for speciality fibres: Lenzing also indicated that enhanced viscose fibres such as EcoVero may be achieving substantial (we believe double-digit percentage) premia relative to commodity viscose pricing. The company also stated that sporadic decreases in viscose prices over the past few months had not been accompanied by decreases in the prices for its speciality fibres, although the future development of speciality premia is difficult to comment on at this stage.

     

    Capacity growth in viscose will be above demand in 2018: Lenzing believes that the global viscose market, which currently has capacity of just under 6m tonnes, will experience capacity increases of 600- 900kt next year (c10-15%), while demand grows by 5-6% pa. The first major capacity addition will be a 160,000-tonne plant built by Chinese competitor Sateri at the start of the year, with others such as Aoyang and Tangshan also currently constructing plants. The exact amount of additional capacity for 2018 is uncertain as some Chinese companies appear to be delaying environmental permitting until late in the construction process, and the potential supply response to lower viscose prices is unknown.

     

    Higher input costs and sales from speciality fibres could mean that the pricing impact of new capacity is lower than in 2013/14: More positively for pricing, initial indications are that the recent rise in the costs of the inputs caustic soda and pulp have forced some smaller Chinese competitors to stop production, despite relatively high viscose prices of CNY15,000/tonne. The company also noted that the proportion of speciality fibres in group sales (41%) is higher than the 37% achieved when the last wave of viscose capacity additions came to market in 2013/14.

     

    Investment decisions likely in 2018: Lenzing indicated that it will likely make several investment announcements in 2018. These will focus on i) the potential to construct a pulp mill or otherwise take backwards integration in pulp supply from 56% to 75% of total group need; ii) the final decision on whether to build a 100kt Tencel plant in Thailand (likely to come online in 2021); and iii) a decision on the production capacity required to fully commercialise the newly developed, high-end silk alternative Tencel Luxe.

    Company im Artikel

    Lenzing

     
    Mitglied in der BSN Peer-Group ATX
    Show latest Report (02.12.2017)
     
    Für Zusatzliquidität im Orderbuch der Lenzing-Aktien sorgen die Raiffeisen Centrobank AG als Specialist sowie die Market Maker Baader Bank AG, Erste Group Bank AG, Hudson River Trading Europe, Société Générale S.A., Tower Research Capital, Virtu Financial Ireland Limited und Wood & Company Financial Services, Klick auf Institut/Bank öffnet Übersicht.



    Faser Lenzing (Bild: Markus Renner / Electric Arts)





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    Lenzing
    Akt. Indikation:  30.20 / 30.60
    Uhrzeit:  08:09:47
    Veränderung zu letztem SK:  -0.33%
    Letzter SK:  30.50 ( 0.00%)



     

    Bildnachweis

    1. Faser Lenzing (Bild: Markus Renner / Electric Arts)   >> Öffnen auf photaq.com

    Aktien auf dem Radar:Flughafen Wien, Porr, UBM, Austriacard Holdings AG, Warimpex, Amag, Uniqa, Mayr-Melnhof, Rosenbauer, Wienerberger, Österreichische Post, Polytec Group, RBI, Oberbank AG Stamm, BKS Bank Stamm, Addiko Bank, Agrana, CA Immo, Erste Group, EVN, Immofinanz, Strabag, Telekom Austria, VIG, adidas, Münchener Rück, Beiersdorf, Airbus Group, BMW, Continental, Merck KGaA.


    Random Partner

    A1 Telekom Austria
    Die an der Wiener Börse notierte A1 Telekom Austria Group ist führender Provider für digitale Services und Kommunikationslösungen im CEE Raum mit mehr als 24 Millionen Kunden in sieben Ländern und bietet Kommunikationslösungen, Payment und Unterhaltungsservices sowie integrierte Business Lösungen an.

    >> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner


    Faser Lenzing (Bild: Markus Renner / Electric Arts)


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