Ich stimme der Verwendung von Cookies zu. Auch wenn ich diese Website weiter nutze, gilt dies als Zustimmung.

Bitte lesen und akzeptieren Sie die Datenschutzinformation und Cookie-Informationen, damit Sie unser Angebot weiter nutzen können. Natürlich können Sie diese Einwilligung jederzeit widerrufen.





Inbox: RCB bestätigt Hold für Palfinger


Palfinger
Akt. Indikation:  19.60 / 19.76
Uhrzeit:  18:55:21
Veränderung zu letztem SK:  -0.10%
Letzter SK:  19.70 ( -3.90%)

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.Strong 4Q results required: Palfingers FY 17 outlook suggests adj. EBIT of approx. EUR 145 mn. In order to reach this figure, 4Q adj. EBIT needs to be about at the 2Q level (the seasonally strongest quarter) of ca. EUR 40 mn. This in turn implies a ca. 50% yoy increase and margin a notch above 10%. Apart from the flagged price increase and the good order book, we think requires a combination of profitable product mix and sequentially lower corporate costs.Lower estimates: We have reduced 2017e adj. EBIT by 3% to EUR 146 mn, implying a 30 bps margin cut to 9.8%. Coupled with higher restructuring costs and a weaker financial result this triggered a 9% EPS cut to EUR 1.95. For 2018e we have kept adj. EBIT of EUR 168 mn unchanged, but incorporating restructuring costs of EUR 5 mn translates into 3% lower stated EBIT of EUR 163 mn and 4% lower EPS of EUR 2.68. Virtually no changes were made to 2019e.Valuation: The total-return target price of EUR 42 (incl. DPS of EUR 0.64) is based on a combination of a DCF model (TG 2%, perpetual EBIT margin 12.5%, weighting 2/3) and an economic profit model (post-tax ROCE of 11% in 2018e). Company im Artikel Palfinger Mitglied in der BSN Peer-Group Crane Show latest Report (28.10.2017) In ATX Prime auf Pos. 16 (bezogen auf YTD %). Platz 1 im Umsatzranking YTD in ATX Prime. Herbert Ortner (CEO) Christoph Kaml (CFO) Hannes Roither (IR) Wolfgang Pilz (Board Member) Martin Zehnder (Board Member) Für Zusatzliquidität im Orderbuch der Palfinger-Aktien sorgen die Raiffeisen Centrobank AG als Specialist sowie die Market Maker ICF BANK AG, Deutsche Bank AG, Erste Group Bank AG und Virtu Financial Ireland Limited, Klick auf Institut/Bank öffnet Übersicht. Palfinger © Martina Draper/photaq 8353 rcb_bestatigt_hold_fur_palfinger

Börse Social Network Subscription

Um diesen Artikel zu lesen, müssen Sie eine Mitgliedschaft erwerben.

Tagespass 8.00 Euro /einmalig

15.00 Euro /monatlich


Aktien auf dem Radar:Mayr-Melnhof, Lenzing, Marinomed Biotech, Warimpex, Kapsch TrafficCom, S Immo, Wolford, SBO, Pierer Mobility, ATX, ATX Prime, ATX TR, voestalpine, Wienerberger, Bawag, EVN, RBI, Semperit, Telekom Austria, AMS, AT&S, FACC, Immofinanz, Josef Manner & Comp. AG, Palfinger, Wolftank-Adisa, Flughafen Wien, Oberbank AG Stamm, Rosenbauer.

(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Random Partner #goboersewien

RCB
Die Raiffeisen Centrobank AG hat sich als führende Investmentbank positioniert. Sie deckt das gesamte Spektrum an Dienstleistungen und Produkte rund um Aktien, Derivate und Eigenkapitaltransaktionen ab und gilt als Pionier und Marktführer im Bereich Strukturierte Produkte.

>> Besuchen Sie 64 weitere Partner auf boerse-social.com/goboersewien


Meistgelesen
>> mehr





PIR-Zeichnungsprodukte
AT0000A2WV18
AT0000A2SUY6
AT0000A2TRJ1


Newsflow
>> mehr

Börse Social Club Board
>> mehr
    Star der Stunde: Marinomed Biotech 3.9%, Rutsch der Stunde: Verbund -1.39%
    Star der Stunde: Marinomed Biotech 1.68%, Rutsch der Stunde: SBO -1.16%
    wikifolio-Trades Austro-Aktien 16-17: OMV(1), Verbund(1), AT&S(1)
    Star der Stunde: SBO 0.88%, Rutsch der Stunde: Lenzing -3.17%
    Star der Stunde: Warimpex 5.63%, Rutsch der Stunde: Marinomed Biotech -1.37%
    Star der Stunde: Verbund 0.28%, Rutsch der Stunde: Marinomed Biotech -4.49%
    wikifolio-Trades Austro-Aktien 13-14: S Immo(2), CA Immo(1), Porr(1), Strabag(1), Bawag(1)
    Star der Stunde: Palfinger 1.02%, Rutsch der Stunde: Rosenbauer -1.36%
    wikifolio-Trades Austro-Aktien 12-13: S Immo(1)

    Featured Partner Video

    Austrian Stocks in English: Week 37 with Strange Stories and Slipping Stocks

    Welcome to "Austrian Stocks in English - presented by Palfinger", the new and weekly english spoken Summary for the Austrian Stock Market, positioned every Sunday in the mostly german langu...

    Books josefchladek.com

    Inbox: RCB bestätigt Hold für Palfinger


    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.Strong 4Q results required: Palfingers FY 17 outlook suggests adj. EBIT of approx. EUR 145 mn. In order to reach this figure, 4Q adj. EBIT needs to be about at the 2Q level (the seasonally strongest quarter) of ca. EUR 40 mn. This in turn implies a ca. 50% yoy increase and margin a notch above 10%. Apart from the flagged price increase and the good order book, we think requires a combination of profitable product mix and sequentially lower corporate costs.Lower estimates: We have reduced 2017e adj. EBIT by 3% to EUR 146 mn, implying a 30 bps margin cut to 9.8%. Coupled with higher restructuring costs and a weaker financial result this triggered a 9% EPS cut to EUR 1.95. For 2018e we have kept adj. EBIT of EUR 168 mn unchanged, but incorporating restructuring costs of EUR 5 mn translates into 3% lower stated EBIT of EUR 163 mn and 4% lower EPS of EUR 2.68. Virtually no changes were made to 2019e.Valuation: The total-return target price of EUR 42 (incl. DPS of EUR 0.64) is based on a combination of a DCF model (TG 2%, perpetual EBIT margin 12.5%, weighting 2/3) and an economic profit model (post-tax ROCE of 11% in 2018e). Company im Artikel Palfinger Mitglied in der BSN Peer-Group Crane Show latest Report (28.10.2017) In ATX Prime auf Pos. 16 (bezogen auf YTD %). Platz 1 im Umsatzranking YTD in ATX Prime. Herbert Ortner (CEO) Christoph Kaml (CFO) Hannes Roither (IR) Wolfgang Pilz (Board Member) Martin Zehnder (Board Member) Für Zusatzliquidität im Orderbuch der Palfinger-Aktien sorgen die Raiffeisen Centrobank AG als Specialist sowie die Market Maker ICF BANK AG, Deutsche Bank AG, Erste Group Bank AG und Virtu Financial Ireland Limited, Klick auf Institut/Bank öffnet Übersicht. Palfinger © Martina Draper/photaq 8353 rcb_bestatigt_hold_fur_palfinger

    Börse Social Network Subscription

    Um diesen Artikel zu lesen, müssen Sie eine Mitgliedschaft erwerben.

    Tagespass 8.00 Euro /einmalig

    15.00 Euro /monatlich




    BSN Podcasts
    Christian Drastil: Wiener Börse Plausch

    Wiener Börse Plausch S3/20: Wer wollte die Telekom nach unten manipulieren? Dazu ein VAS Spoiler und ein XXX Lutz Schmäh




    Palfinger
    Akt. Indikation:  19.60 / 19.76
    Uhrzeit:  18:55:21
    Veränderung zu letztem SK:  -0.10%
    Letzter SK:  19.70 ( -3.90%)



     

    Bildnachweis

    1. Palfinger , (© Martina Draper/photaq)   >> Öffnen auf photaq.com

    Aktien auf dem Radar:Mayr-Melnhof, Lenzing, Marinomed Biotech, Warimpex, Kapsch TrafficCom, S Immo, Wolford, SBO, Pierer Mobility, ATX, ATX Prime, ATX TR, voestalpine, Wienerberger, Bawag, EVN, RBI, Semperit, Telekom Austria, AMS, AT&S, FACC, Immofinanz, Josef Manner & Comp. AG, Palfinger, Wolftank-Adisa, Flughafen Wien, Oberbank AG Stamm, Rosenbauer.


    Random Partner

    RCB
    Die Raiffeisen Centrobank AG hat sich als führende Investmentbank positioniert. Sie deckt das gesamte Spektrum an Dienstleistungen und Produkte rund um Aktien, Derivate und Eigenkapitaltransaktionen ab und gilt als Pionier und Marktführer im Bereich Strukturierte Produkte.

    >> Besuchen Sie 64 weitere Partner auf boerse-social.com/partner


    Palfinger, (© Martina Draper/photaq)


    Useletter

    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

    Runplugged

    Infos über neue Financial Literacy Audio Files für die Runplugged App
    (kostenfrei downloaden über http://runplugged.com/spreadit)

    per Newsletter erhalten


    Meistgelesen
    >> mehr





    PIR-Zeichnungsprodukte
    AT0000A2WV18
    AT0000A2SUY6
    AT0000A2TRJ1


    Newsflow
    >> mehr

    Börse Social Club Board
    >> mehr
      Star der Stunde: Marinomed Biotech 3.9%, Rutsch der Stunde: Verbund -1.39%
      Star der Stunde: Marinomed Biotech 1.68%, Rutsch der Stunde: SBO -1.16%
      wikifolio-Trades Austro-Aktien 16-17: OMV(1), Verbund(1), AT&S(1)
      Star der Stunde: SBO 0.88%, Rutsch der Stunde: Lenzing -3.17%
      Star der Stunde: Warimpex 5.63%, Rutsch der Stunde: Marinomed Biotech -1.37%
      Star der Stunde: Verbund 0.28%, Rutsch der Stunde: Marinomed Biotech -4.49%
      wikifolio-Trades Austro-Aktien 13-14: S Immo(2), CA Immo(1), Porr(1), Strabag(1), Bawag(1)
      Star der Stunde: Palfinger 1.02%, Rutsch der Stunde: Rosenbauer -1.36%
      wikifolio-Trades Austro-Aktien 12-13: S Immo(1)

      Featured Partner Video

      Austrian Stocks in English: Week 37 with Strange Stories and Slipping Stocks

      Welcome to "Austrian Stocks in English - presented by Palfinger", the new and weekly english spoken Summary for the Austrian Stock Market, positioned every Sunday in the mostly german langu...

      Books josefchladek.com