31.10.2017
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)
We confirm the HOLD rating and the target price of EUR 42. Although Palfinger is well on track for new record sales and earnings in 2017e, 3Q results were not as good as expected and we think that our previous FY forecasts were too ambitious. The management reiterated its guidance of further top line growth but did not explicitly confirm the previous indication of ca. 10%. Regarding the target of a double-digit EBIT margin (before restructuring costs, but including positive one-offs) it was acknowledged that it could be rather a rounded double-digit figure (so >9.5%) than in the 10.X% magnitude. So while not far off, consensus expectations might come down a bit. Additionally more restructuring efforts are required, which goes along with higher charges this year and some costs to be digested also in 2018e. The message regarding trading conditions, particularly for the Land segment, remained a bullish one. Order intake growth across European markets (with the exception of the UK) was compelling and also demand in China is growing again. The marine crane business seems to get closer to the bottom (single-digit organic decline largely stable ytd), although the inflection point might is not yet visible given Palfingers back-end position in the vessels production value chain. To sum up, our view on the investment case is unchanged. Palfinger is a compelling growth story, but that is well reflected in market estimates which discount the companys bullish outlook. 2017-18 adjusted P/Es of 17.0x and 14.1x are slightly above the long-term median (last 7 years) of ca. 16.0x and 13.1x, respectively. The long-term EV/EBITDA medians of 10.0x (1y fwd) and 8.4x (2y fwd) are in line with current trading multiples of 9.9x and 8.1x, respectively. Our target price implies a 2018e P/E of 15.5x, EV/EBITDA of 9.5x and EV/EBIT of 13.0x.
8353
rcb_bestatigt_hold_fur_palfinger
Aktien auf dem Radar:CA Immo, Immofinanz, Mayr-Melnhof, Austriacard Holdings AG, Lenzing, Frequentis, Erste Group, ATX, ATX TR, Andritz, AT&S, EVN, RBI, Semperit, Addiko Bank, Cleen Energy, Marinomed Biotech, RWT AG, Stadlauer Malzfabrik AG, EuroTeleSites AG, Oberbank AG Stamm, Flughafen Wien, Agrana, Amag, OMV, Palfinger, Österreichische Post, S Immo, Telekom Austria, Uniqa, VIG.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)188811
inbox_rcb_bestatigt_hold_fur_palfinger
Frequentis
Frequentis mit Firmensitz in Wien ist ein internationaler Anbieter von Kommunikations- und Informationssystemen für Kontrollzentralen mit sicherheitskritischen Aufgaben. Solche „Control Center Solutions" entwickelt und vertreibt Frequentis in den Segmenten Air Traffic Management (zivile und militärische Flugsicherung, Luftverteidigung) und Public Safety & Transport (Polizei, Feuerwehr, Rettungsdienste, Schifffahrt, Bahn).
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31.10.2017, 4124 Zeichen
31.10.2017
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)
We confirm the HOLD rating and the target price of EUR 42. Although Palfinger is well on track for new record sales and earnings in 2017e, 3Q results were not as good as expected and we think that our previous FY forecasts were too ambitious. The management reiterated its guidance of further top line growth but did not explicitly confirm the previous indication of ca. 10%. Regarding the target of a double-digit EBIT margin (before restructuring costs, but including positive one-offs) it was acknowledged that it could be rather a rounded double-digit figure (so >9.5%) than in the 10.X% magnitude. So while not far off, consensus expectations might come down a bit. Additionally more restructuring efforts are required, which goes along with higher charges this year and some costs to be digested also in 2018e. The message regarding trading conditions, particularly for the Land segment, remained a bullish one. Order intake growth across European markets (with the exception of the UK) was compelling and also demand in China is growing again. The marine crane business seems to get closer to the bottom (single-digit organic decline largely stable ytd), although the inflection point might is not yet visible given Palfingers back-end position in the vessels production value chain. To sum up, our view on the investment case is unchanged. Palfinger is a compelling growth story, but that is well reflected in market estimates which discount the companys bullish outlook. 2017-18 adjusted P/Es of 17.0x and 14.1x are slightly above the long-term median (last 7 years) of ca. 16.0x and 13.1x, respectively. The long-term EV/EBITDA medians of 10.0x (1y fwd) and 8.4x (2y fwd) are in line with current trading multiples of 9.9x and 8.1x, respectively. Our target price implies a 2018e P/E of 15.5x, EV/EBITDA of 9.5x and EV/EBIT of 13.0x.
8353
rcb_bestatigt_hold_fur_palfinger
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Palfinger
, (© Martina Draper/photaq) >> Öffnen auf photaq.com
Aktien auf dem Radar:CA Immo, Immofinanz, Mayr-Melnhof, Austriacard Holdings AG, Lenzing, Frequentis, Erste Group, ATX, ATX TR, Andritz, AT&S, EVN, RBI, Semperit, Addiko Bank, Cleen Energy, Marinomed Biotech, RWT AG, Stadlauer Malzfabrik AG, EuroTeleSites AG, Oberbank AG Stamm, Flughafen Wien, Agrana, Amag, OMV, Palfinger, Österreichische Post, S Immo, Telekom Austria, Uniqa, VIG.
Frequentis
Frequentis mit Firmensitz in Wien ist ein internationaler Anbieter von Kommunikations- und Informationssystemen für Kontrollzentralen mit sicherheitskritischen Aufgaben. Solche „Control Center Solutions" entwickelt und vertreibt Frequentis in den Segmenten Air Traffic Management (zivile und militärische Flugsicherung, Luftverteidigung) und Public Safety & Transport (Polizei, Feuerwehr, Rettungsdienste, Schifffahrt, Bahn).
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