31.07.2017
Zugemailt von / gefunden bei: RCB (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
Despite raising the target price to EUR 42 from EUR 37.5 we downgrade Palfinger to HOLD from BUY. The company released 2Q results that met expectations but did not provide a new catalyst, in our view. The management confirmed the positive 2017 outlook of new record sales and an adjusted EBIT margin of 10%. We think that Palfinger is well on track to deliver on these targets, but we do not envisage a material over-delivery. Management comments regarding trading conditions and order development in the Land segment surely warrant confidence in a sound operational and financial performance in the coming quarters. Nevertheless, we think this is meanwhile well reflected in the forecasts. While the organic decline of the Sea division is assumed to level out (5% decline in 1H was deemed a good proxy for 2H), the awaited demand recovery is not yet kicking in. Moreover restructuring/integration efforts will be only completed until year-end. Following the stocks ytd performance of more than 40% (amid almost unchanged consensus earnings forecasts) and the scope for limited surprise potential in the short run, we think that the re-rating should be largely completed. We acknowledge that most trading multiples still show a discount to the peer group (the gap has narrowed but not closed in recent months). Palfinger shares are valued in line to at a small premium to the long-term median P/E and EV/EBITDA multiples. 2017-18 P/Es of 16.1x (adjusted) and 14.1x are slightly above the median of 16.0x and 13.1x, respectively, over the last 7 years. The long-term EV/EBITDA medians of 10.0x (1y fwd) and 8.4x (2y fwd) are in line with current trading multiples of 9.6x and 7.9x, respectively. Our target price implies a 2018e P/E of 15x, EV/EBITDA of 9.3x and EV/EBIT of 12.4x.
2Q 17 results wrap-up: Revenues of EUR 392 mn imply sequentially stable growth of 13% (organic ca. +3%). The Land segment grew 7%, whereas Sea rose 62% (organic -6%). EBIT adjusted for restructuring charges improved by 3% to EUR 40.5 mn (incl. EUR 1.2 mn one-off gain, margin 10.3% vs. 11.3% in 2Q 16). The company digested one-off costs of EUR 5.2 mn (resulting in a burden of restructuring costs of EUR 10.3 mn in 1H) and thus stated EBIT essentially stagnated yoy at EUR 35.3 mn. EPS of EUR 0.51 (-10% yoy) imply a slightly double-digit miss vs. RCBe and consensus of EUR 0.58) due to a weaker financial result and higher minorities.
7088
downgrade_fur_palfinger
Aktien auf dem Radar:Addiko Bank, Immofinanz, Marinomed Biotech, Flughafen Wien, Warimpex, EuroTeleSites AG, ATX Prime, ams-Osram, AT&S, Palfinger, RBI, Strabag, Pierer Mobility, UBM, CA Immo, Frequentis, Lenzing, SW Umwelttechnik, Oberbank AG Stamm, Wolford, Agrana, Amag, Erste Group, EVN, Kapsch TrafficCom, OMV, Österreichische Post, Telekom Austria, Uniqa, VIG, Wienerberger.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)181555
inbox_downgrade_fur_palfinger
Captrace
Captrace ist ein führender Anbieter von Informationssystemen im Bereich Investor Relations. Mit seinem System C◆Tace ermöglicht das Unternehmen dem Emittent größtmögliche Transparenz über seine Investorenstruktur zu erhalten. Durch den Service der Aktionärsidentifikation können Emittenten die Daten ihrer Investoren einfach und zuverlässig über das System C◆Trace von den Banken/Intermediären abfragen.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
31.07.2017, 4048 Zeichen
31.07.2017
Zugemailt von / gefunden bei: RCB (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
Despite raising the target price to EUR 42 from EUR 37.5 we downgrade Palfinger to HOLD from BUY. The company released 2Q results that met expectations but did not provide a new catalyst, in our view. The management confirmed the positive 2017 outlook of new record sales and an adjusted EBIT margin of 10%. We think that Palfinger is well on track to deliver on these targets, but we do not envisage a material over-delivery. Management comments regarding trading conditions and order development in the Land segment surely warrant confidence in a sound operational and financial performance in the coming quarters. Nevertheless, we think this is meanwhile well reflected in the forecasts. While the organic decline of the Sea division is assumed to level out (5% decline in 1H was deemed a good proxy for 2H), the awaited demand recovery is not yet kicking in. Moreover restructuring/integration efforts will be only completed until year-end. Following the stocks ytd performance of more than 40% (amid almost unchanged consensus earnings forecasts) and the scope for limited surprise potential in the short run, we think that the re-rating should be largely completed. We acknowledge that most trading multiples still show a discount to the peer group (the gap has narrowed but not closed in recent months). Palfinger shares are valued in line to at a small premium to the long-term median P/E and EV/EBITDA multiples. 2017-18 P/Es of 16.1x (adjusted) and 14.1x are slightly above the median of 16.0x and 13.1x, respectively, over the last 7 years. The long-term EV/EBITDA medians of 10.0x (1y fwd) and 8.4x (2y fwd) are in line with current trading multiples of 9.6x and 7.9x, respectively. Our target price implies a 2018e P/E of 15x, EV/EBITDA of 9.3x and EV/EBIT of 12.4x.
2Q 17 results wrap-up: Revenues of EUR 392 mn imply sequentially stable growth of 13% (organic ca. +3%). The Land segment grew 7%, whereas Sea rose 62% (organic -6%). EBIT adjusted for restructuring charges improved by 3% to EUR 40.5 mn (incl. EUR 1.2 mn one-off gain, margin 10.3% vs. 11.3% in 2Q 16). The company digested one-off costs of EUR 5.2 mn (resulting in a burden of restructuring costs of EUR 10.3 mn in 1H) and thus stated EBIT essentially stagnated yoy at EUR 35.3 mn. EPS of EUR 0.51 (-10% yoy) imply a slightly double-digit miss vs. RCBe and consensus of EUR 0.58) due to a weaker financial result and higher minorities.
7088
downgrade_fur_palfinger
Was noch interessant sein dürfte:
Inbox: Warum EAM auf Schwellenländer setzt
Inbox: Porr freut sich über Polen-Auftrag
Inbox: bet-at-home verdoppelt Ergebnis
Inbox: RBI zahlt vorzeitig zurück
Inbox: Wiener Börse mit digitalem Generationswechsel auf T7
Zertifikat des Tages #9: Infineon Bonus von BNP Paribas mit der Infineon-Aktie vergleichbar, weil gleicher Kurs
1.
Palfinger
, (© Martina Draper/photaq) >> Öffnen auf photaq.com
Aktien auf dem Radar:Addiko Bank, Immofinanz, Marinomed Biotech, Flughafen Wien, Warimpex, EuroTeleSites AG, ATX Prime, ams-Osram, AT&S, Palfinger, RBI, Strabag, Pierer Mobility, UBM, CA Immo, Frequentis, Lenzing, SW Umwelttechnik, Oberbank AG Stamm, Wolford, Agrana, Amag, Erste Group, EVN, Kapsch TrafficCom, OMV, Österreichische Post, Telekom Austria, Uniqa, VIG, Wienerberger.
Captrace
Captrace ist ein führender Anbieter von Informationssystemen im Bereich Investor Relations. Mit seinem System C◆Tace ermöglicht das Unternehmen dem Emittent größtmögliche Transparenz über seine Investorenstruktur zu erhalten. Durch den Service der Aktionärsidentifikation können Emittenten die Daten ihrer Investoren einfach und zuverlässig über das System C◆Trace von den Banken/Intermediären abfragen.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
Die Useletter "Morning Xpresso" und "Evening Xtrakt" heben sich deutlich von den gängigen Newslettern ab.
Beispiele ansehen bzw. kostenfrei anmelden. Wichtige Börse-Infos garantiert.
Newsletter abonnieren
Infos über neue Financial Literacy Audio Files für die Runplugged App
(kostenfrei downloaden über http://runplugged.com/spreadit)
per Newsletter erhalten
AT0000A2C5J0 | |
AT0000A2QS86 | |
AT0000A38NH3 |
Zertifikate Party Österreich 04/24: Wie sich Societe Generale im Zertifikate-Geschäft aufgestellt hat
Structures are my best Friends. In Kooperation mit dem Zertifikate Forum Austria (ZFA) und presented by Raiffeisen Zertifikate, Erste Group, BNP Paribas, Societe Generale, UBS, Vontobel und dad.at...
Ed van der Elsken
Liebe in Saint Germain des Pres
1956
Rowohlt
Dominic Turner
False friends
2023
Self published
Martin Frey & Philipp Graf
Spurensuche 2023
2023
Self published
Andreas Gehrke
Flughafen Berlin-Tegel
2023
Drittel Books
Christian Reister
Driftwood 15 | New York
2023
Self published