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21st Austria weekly - ams, RHI Magnesita (12/08/2019)

18.08.2019

ams:  ams, Austrian based supplier of high performance sensor solutions, has submitted a fully financed proposal to Osram Licht AG for an all-cash takeover offer (the "Offer") for 100% of the share capital of Osram at a price of Euro 38.50 per share. The offer price of Euro 38.50 reflects premium of 33% to undisturbed Osram share price (Euro 28.92) and 10% to the offer from Bain Capital and The Carlyle Group ( Euro 35.00). The Proposal includes a comprehensive commitment package addressing all stakeholders of Osram. ams is confident that the Proposal enables OSRAM to waive the standstill agreement, dated 4 June 2019, and subsequently plans to launch the Offer. According to ams, combination of ams and Osram creates a global leader in sensor solutions and photonics with tangible benefits for customers. Step change for both companies, leveraging European sensor and photonics technology to drive growth, margin improvement and continued investment. ams sess cost and revenue synergies with an expected annual pre-tax run-rate in excess of Euro 300 mn, representing significant value creation. Based on the recent discussions with the Management Board of Osram, ams currently expects to be able to start the tender period of its offer during the offer period of the existing offer from Bain Capital and The Carlyle Group, thus before the end of 5 September 2019.
AMS: weekly performance: -17.23%

RHI Magnesita: RHI Magnesita, global leader in refractories, increased revenue in th first half year by 2.2% to Euro 1,541 mn against the comparative period (H1 2018 Euro 1,508 mn), reflecting the strength of the US dollar and a strong performance from the Industrial Division, alongside a weaker performance in the Steel Division. Adjusted EBITA increased by 12.3% to Euro 234 mn (H1 2018 Euro 209 mn), driven by the further realization of synergies (Euro 10 mn in H1 2019) and strength of the Industrial Division. Operating free cash flow of Euro 129 mn (H1 2018 Euro 136 mn) resulting from EBITA growth, offset by working capital outflow of Euro 118 mn, particularly accounts receivable and accounts payable. According to the company, the uncertainty in the steel markets is increasing. The results show lower volumes and a selective market share loss in Steel in Europe and North America, partly driven by customer destocking after a strong 2018. “Against this backdrop, we have seen the benefits of both our geographic and market diversification, as well as the strength of our operating platform. As a result, these challenges have so far been offset by our strategic initiatives. These include the benefits generated by our growth strategies, particularly in the Industrial Division and across Asia, as well as our ability to secure price increases,” explains CEO Stefan Borgas. In China, RHI Magnesita won its first major solutions contract alongside revenue growth of 17%. The Indian revenue grew by 16%. The company shows good margin performance, despite less supportive raw material backdrop. The expected additional Euro 20 mn synergy benefit for 2019 is firmly on track. Improvement plans to recover Euro 20 mn in 2019 of the Euro 40 mn operating underperformance during 2018, relating to four plants, are progressing in line with expectations. Some working capital expansion in H1 2019 is expected to be partly recovered by year end.
RHI Magnesita: weekly performance: 2.88%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (12/08/2019)


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21st Austria weekly - ams, RHI Magnesita (12/08/2019)


18.08.2019


ams:  ams, Austrian based supplier of high performance sensor solutions, has submitted a fully financed proposal to Osram Licht AG for an all-cash takeover offer (the "Offer") for 100% of the share capital of Osram at a price of Euro 38.50 per share. The offer price of Euro 38.50 reflects premium of 33% to undisturbed Osram share price (Euro 28.92) and 10% to the offer from Bain Capital and The Carlyle Group ( Euro 35.00). The Proposal includes a comprehensive commitment package addressing all stakeholders of Osram. ams is confident that the Proposal enables OSRAM to waive the standstill agreement, dated 4 June 2019, and subsequently plans to launch the Offer. According to ams, combination of ams and Osram creates a global leader in sensor solutions and photonics with tangible benefits for customers. Step change for both companies, leveraging European sensor and photonics technology to drive growth, margin improvement and continued investment. ams sess cost and revenue synergies with an expected annual pre-tax run-rate in excess of Euro 300 mn, representing significant value creation. Based on the recent discussions with the Management Board of Osram, ams currently expects to be able to start the tender period of its offer during the offer period of the existing offer from Bain Capital and The Carlyle Group, thus before the end of 5 September 2019.
AMS: weekly performance: -17.23%

RHI Magnesita: RHI Magnesita, global leader in refractories, increased revenue in th first half year by 2.2% to Euro 1,541 mn against the comparative period (H1 2018 Euro 1,508 mn), reflecting the strength of the US dollar and a strong performance from the Industrial Division, alongside a weaker performance in the Steel Division. Adjusted EBITA increased by 12.3% to Euro 234 mn (H1 2018 Euro 209 mn), driven by the further realization of synergies (Euro 10 mn in H1 2019) and strength of the Industrial Division. Operating free cash flow of Euro 129 mn (H1 2018 Euro 136 mn) resulting from EBITA growth, offset by working capital outflow of Euro 118 mn, particularly accounts receivable and accounts payable. According to the company, the uncertainty in the steel markets is increasing. The results show lower volumes and a selective market share loss in Steel in Europe and North America, partly driven by customer destocking after a strong 2018. “Against this backdrop, we have seen the benefits of both our geographic and market diversification, as well as the strength of our operating platform. As a result, these challenges have so far been offset by our strategic initiatives. These include the benefits generated by our growth strategies, particularly in the Industrial Division and across Asia, as well as our ability to secure price increases,” explains CEO Stefan Borgas. In China, RHI Magnesita won its first major solutions contract alongside revenue growth of 17%. The Indian revenue grew by 16%. The company shows good margin performance, despite less supportive raw material backdrop. The expected additional Euro 20 mn synergy benefit for 2019 is firmly on track. Improvement plans to recover Euro 20 mn in 2019 of the Euro 40 mn operating underperformance during 2018, relating to four plants, are progressing in line with expectations. Some working capital expansion in H1 2019 is expected to be partly recovered by year end.
RHI Magnesita: weekly performance: 2.88%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (12/08/2019)




 

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