Inbox: Zumtobel: Berenberg-Analysten halten Ausblick für zu ambitioniert

Zumtobel

Akt. Indikation: 3.83 / 3.91
Uhrzeit: 13:02:03
Veränderung zu letztem SK: -0.77%
Letzter SK: 3.90 ( 0.52%)

07.09.2017

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)

Disappointing Q1 top-line momentum: Top-line momentum continues to be weak as expected, with revenues declining by c2.6% yoy to EUR317.2m in Q1. This was broadly in line with a bearish consensus, but profitability for the group was disappointing with adjusted EBIT of EUR18.2m (-9.5% yoy, c2% below consensus). Net profits for the quarter of EUR9.7m (-23% yoy, c19% below consensus) were hit by deteriorating FX results, mostly GBP and USD volatility.

Mixed segment results: The lighting segment disappointed as adjusted EBIT dropped c16% yoy and the margin decreased from 6.3% in Q1 2016 to 5.4% in Q1 2017. On the other hand, profitability in the components segment was a positive and management’s focus on the adjusted EBIT margin resulted in an expansion from 9.0% adjusted EBIT margin in Q1 2016 to 11.4% in Q1 2017, despite an 8.7% yoy drop in revenues. Zumtobel has been focused on protecting its margin in the components business, but may look to stabilise its market share going forward.

Difficult market environment: The professional luminaire business is lagging behind internal expectations and management pointed out the weak market environment for luminaires despite stronger construction activity in Europe. Revenues in its core DACH region (c30% of sales) declined by c3.5% and management cited a very competitive pricing environment in Germany. FX effects weighed on revenues from northern European countries (c24% of revenues) as the region saw sales decline 7.3% nominally (-0.5% FX adjusted).

Conference call highlights: While management is cautious about Q2 and expects pricing pressure to remain high, it is expecting an easier environment in Q3 and Q4. Visibility on orders remains low, but management expects smaller peers to become less aggressive on pricing due to their weakening financial position.

Cheap for a reason: Zumtobel trades on 11x 2018 P/E for 9% EPS CAGR 2016-19E. This set of results confirms our cautious view of Zumtobel. Positive top-line momentum is needed for margin expansion and we think management’s target of c3-5% sales growth pa is too ambitious given the current market environment. We adjust our EBIT margin expectations and lower our price target to EUR18.00. Hold.

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Zumtobel

Mitglied in der BSN Peer-Group Global Innovation 1000
Show latest Report (02.09.2017)

Im ATX auf Pos. 19 (bezogen auf YTD %).

Platz 16 im Umsatzranking YTD im ATX.

Ulrich Schumacher (CEO) Karin Sonnenmoser (CFO) Harald Albrecht (IR)

Für Zusatzliquidität im Orderbuch der Zumtobel-Aktien sorgen die Erste Group Bank AG als Specialist sowie die Market Maker Baader Bank AG, equinet Bank AG, Hudson River Trading Europe, Raiffeisen Centrobank AG, Société Générale S.A., Spire Europe Limited, Virtu Financial Ireland Limited und Wood & Company Financial Services, Klick auf Institut/Bank öffnet Übersicht.

Aktien auf dem Radar:Polytec Group, Semperit, AT&S, Austriacard Holdings AG, Amag, Kapsch TrafficCom, Zumtobel, Rosenbauer, Rosgix, CA Immo, FACC, Reploid Group AG, Andritz, Mayr-Melnhof, Palfinger, EuroTeleSites AG, Fabasoft, Frequentis, Gurktaler AG Stamm, Porr, voestalpine, BKS Bank Stamm, CPI Europe AG, Österreichische Post, Telekom Austria, Infineon, IBM, Cisco, Nvidia, Fresenius Medical Care, Bayer.

(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: Zumtobel: Berenberg-Analysten halten Ausblick für zu ambitioniert

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