Baader Bank, Christine Reitsamer: "ANDRITZ - Hold, TP 44,50

2Q14 results much in line, noticeable profitability improvement qoq

Our conclusion
Results overall much in line with consensus expectations, EBITA margin better than expected by us: Order intake, sales and EBITA were much in line with consensus. We are somewhat negatively surprised by the order intake (5% below our expectation) but positively surprised by the EBITA margin (Baader (E) 5.5% vs. 5.9% reached in 2Q14 and 4.0% reached in 1Q14). The main reason for the positive margin surprise was the Pulp and Paper margin improvement to 5.8% vs. 5.0% expected. In terms of EPS, actual figures came in 4% ahead of our estimate and 5% ahead of consensus. The positive deviation to consensus was mainly driven by lower than expected amortization. 

Outlook remains the same: As with the 1Q14 figures, the company guides for slightly increasing sales in 2014 and a significant improvement of the net income. Project activity is expected to remain at current levels in 2H14. 

The CC will be at 10:45 a.m. CET.

Facts & Analysis
The book-to-bill ratio for 2Q14 is 0.86 and for 1H14 it is 1.12 thanks to the strong order intake reached in 1Q14. 

Hydro Power: Order intake increased by 4% yoy in 2Q14 to EUR 291mn. The EBITA margin was quite stable at 7.3% (2Q13: 7.4%). 

P&P: Order intake increased by 3% yoy to EUR 402mn in 2Q14. As Montes del Plata was finished end of 1Q14, the EBITA margin improved noticeably to 5.8% and is again at a rather normal level (6-7% expected to be reached over the cycle).

Metals: Order intake declined by 3% yoy to EUR 378mn. Schuler’s order intake was stable yoy at EUR 235mn but clearly below the level reached in 1Q14 of EUR 320mn. The EBITA margin declined to 6.5% from 6.9% reached in 2Q13 but improved considerably qoq from 4.0% reached in 1Q14. 

Separation: Order intake declined by 6% yoy to EUR 166mn and the EBITA margin turned negative again to -0.3% from 1.3% reached in 2Q13 and 0.4% in 1Q14."

Andritz

Andritz: Letzter Schlusskurs (Euro): 40.000, das ist der 60. beste von 148 Handelstagen (%-Perf.) , das ist der 143. beste von 148 Handelstagen (Preis) , Periodenhoch am 07.03.14 (Kurs: 47.580 Δ% -15.93), Periodentief am 04.08.14 (Kurs: 39.775 Δ% 0.57), 148 Handelstage, davon ↑ 67 → 2 ↓ 79 , Performance Periode: -12.26 %, Umsatz '14/'13: 87 %

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