03.05.2020, 5895 Zeichen

Palfinger: Palfinger, a leading international manufacturer of innovative lifting solutions for use on commercial vehicles, ships and stationary equipment, generated revenue of Euro 393.2 mn in the first quarter of 2020. Compared with the record-breaking quarter in the same reporting period in the previous year, this represents a drop 10.8 percent (revenue Q1/2019: EUR 440.9 million). This downturn is related to a decline in revenue in forestry business in Russia and Europe. EBIT amounted to Euro 31.4 mn, 26.5 percent below the prior-year level. Consolidated net profit for the reporting period amounted to Euro 15.5 mn (down 26.7 percent). The Annual General Meeting has been rescheduled for August 5, 2020 due to COVID-19 concerns. The objective – subject to further developments in conjunction with the COVID-19 pandemic – is to distribute a dividend that will, however, be lower than the original resolution proposal submitted for a dividend payment. Considering the current developments that are having a significant impact on the market, the supply chain, and in the company’s plants, we expect greater cutbacks in demand and production in the first half of 2020 and for the year as a whole.
Palfinger: weekly performance: 9.50%

Amag: Amag, a supplier of primary aluminum and premium cast and rolled aluminum products, reported a decrease in revenues of around 10 % to Euro 246.4 mn. In addition to the lower aluminium price, the main reason for the decrease in revenues was an 11 % reduction in shipment volumes (99,600 tonnes compared with
111,600 tonnes in Q1 2019), mainly due to a weather-related delay of primary aluminium in Canada. Deliveries of aluminium rolled products to the automotive and aerospace sectors grew compared with Q1 2019. Shipments of rolled products for the distribution area decreased due to the market conditions. Thanks to the positive operative performance, the Amag Group recorded a 21 % increase in earnings before interest and taxes (EBIT) from Euro 12.8 mn to Euro 15.5 mn. Net income after taxes increased by 51 % from Euro 7.6 mn to Euro 11.5 mn compared to the first quarter of 2019. Due to the market environment affected by COVID-19, the Management Board expects a noticeable decrease in earnings compared to 2019. The extent of this reduction cannot be forecast at present owing to the high level of market uncertainty.
Amag: weekly performance: 3.37%

Andritz: International technology group Andritz saw mixed business development overall in the first quarter of 2020. While order intake at over 1.8 bn euros was higher than in the previous year’s reference period, the operating result (EBITA) fell despite a slight increase in sales. At Euro 1,852.9 mn, order intake reached a favorable level and was 11.7% higher than the figure for the previous year’s reference period (Q1 2019: 1,658.1 mn). Order backlog as of March 31, 2020, amounted to 7,924.6 mn and has thus increased compared to the end of 2019 (December 31, 2019: 7,777.6 mn). Sales at 1,510.2 mn increased by 1.4% and were slightly higher than the previous year’s reference period (Q1 2019: 1,489.2 MEUR). This is attributable to the Pulp & Paper business area, which was able to increase sales substantially compared to the previous year and thus overcompensated the decline in sales in the other business areas. EBIT increased slightly to Euro 53.8 mn (Q1 2019: 52.9 mn). Net income (without non-controlling interests) declined to 31.5 mn (Q1 2019: 33.6 mn). In view of the continuing difficult general economic conditions globally due to the Covid-19 pandemic and the lack of visibility concerning its further development, it is still not possible from today’s perspective to provide reliable information on the expected development of the group’s sales and earnings in 2020.
Andritz: weekly performance: -5.06%

Erste Group: CEE banking group Erste Group Bank reported a decline in the operating result by 15.9 % to 551.7 mn. The cost/income ratio rose to 66.8% (63.0%). Net interest income increased – mainly in the Czech Republic and Austria, but also in Romania – to Euro 1,229.0 mn (+5.9%; Euro 1,160.9 mn). Net fee and commission income rose to Euro 504.2 mn (+3.4%; Euro 487.7 mn), primarily on the back of increased fees from securities business but also from asset management and insurance brokerage. Due to Covid-19 operating income is likely to decline in 2020. Operating expenses, at the start of the year expected to increase in 2020, will likely decline as lower travel expenses, effi- ciency savings and positive FX effects will support such a development. Nonetheless, operating result is expected to retreat in 2020 compared to 2019 levels; the cost/income ratio will deteriorate. The wildcard for 2020 and beyond is risk costs, the bank stated.
Erste Group: weekly performance: 11.28%

Valneva: Valneva SE, an Austrian/French specialty vaccine company, and Pfizer announced a collaboration to develop and commercialize Valneva’s Lyme disease vaccine candidate VLA15, which is currently in Phase 2 clinical studies. VLA15 is the only active Lyme disease vaccine program in clinical development today, and covers six serotypes that are prevalent in North America and Europe. Valneva and Pfizer will work closely together throughout the development of VLA15. Valneva is eligible to receive a total of $308 million cash payments consisting of a $130 million upfront payment, $35 million in development milestones and $143 million in early commercialization milestones. Under the terms of the agreement, Valneva will fund 30% of all development costs through completion of the development program, and in return Pfizer will pay Valneva tiered royalties starting at 19%. Pfizer will lead late-stage development and have sole control over commercialization.
Valneva: weekly performance: 32.02%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (30/04/2020)

Christian Drastil: Wiener Börse Plausch

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Aktien auf dem Radar:CA Immo, Immofinanz, Polytec Group, Warimpex, Austriacard Holdings AG, Addiko Bank, EuroTeleSites AG, Zumtobel, Wiener Privatbank, Strabag, Semperit, AT&S, Cleen Energy, Josef Manner & Comp. AG, Marinomed Biotech, Porr, Wolford, Oberbank AG Stamm, Agrana, Amag, Erste Group, EVN, Flughafen Wien, OMV, Pierer Mobility, Österreichische Post, S Immo, Telekom Austria, Uniqa, VIG, Wienerberger.

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