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: RHI Magnesita - Baader Helvea von den jüngsten Zahlen angetan


RHI Letzter SK:  0.00 ( 0.00%)

13.11.2017

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

-We confirm our Buy rating. New company reported very solid operating figures. They confirmed their integration targets. Almost every guidance from net debt to operatingperformance and figures below the EBITA line are more positive than in our calculation, so far.

-RHI Magnesita released a 9-month trading update together with a first presentation of the combined group. RHI Magnesita reported strong top- and bottom-line growth supported by healthy demand from customer industries.

-The next step will be a mandatory offer for the remaining Magnesita shareholders. The management expects to reach the required support of 2/3 of the outstanding shareholders for a delisting which might take place mid 2018.

-The management confirmed its synergy target of at least EUR 70mn until 2020. This guidance refers to the operating profit line. We have EUR 60mn in our model.

-RHI Magnesita expects significant additional synergies below the operating profit line. We have calculated with a net debt figure of approximately EUR 1bn for our 2020 scenario. Current net debt is only EUR 936mn now and the company should be able to reduce it by a meaningful amount in the coming years, driven by a strong cash flow. One example: Working capital amounted for approximately 26% of annualized sales. With the elimination of overlaps, a reallocation of production and supply chains and the replacement of third party raw material by internal products they should be able to reduce that figure towards 20%. We have calculated in our current scenario with net interest costs of EUR ~55mn. They guided for EUR 50mn post-closing and should be able to reduce it significantly in the coming years.

Facts & Analysis

-The new company wrote about pro-forma revenues of EUR 2.5bn in 2016 generated by 14,000 employees in 35 main production sites and 13 raw material sites.

-The regional split in percentage of sales in 28% Europe, 22% North America, 22% South America, 17% APAC and 13% MEA-CIS. Based on this structure the figures are heavily depending on the USD/EUR which accounted for 35% of 2016 sales and 65% of 2016 EBITDA.

-9-months sales of the combined group reached EUR 2,052.3mn, an increase of 9.3%. The operating development was supported by a strong demand for the two main customer industries steel and cement.

-Operating EBITA came in with EUR 224.6mn, an increase of 23.7% yoy. The operating EBITA margin reached 10.9%.

-Net debt stood at EUR 936mn with gross debt of EUR 1.27mn and a net cash position of EUR 338mn. The net debt/EBITDA ratio was below 2.5x. This was significantly below the level anticipated in the combination announcement one year ago. They expect to reach an investment grade in approximately two years time.

Company im Artikel

RHI

 
Mitglied in der BSN Peer-Group Zykliker Österreich
Show latest Report (11.11.2017)
 
Für Zusatzliquidität im Orderbuch der RHI-Aktien sorgen die Erste Group Bank AG als Specialist sowie die Market Maker Baader Bank AG, Hudson River Trading Europe, Raiffeisen Centrobank AG, Société Générale S.A., Tower Research Capital, Virtu Financial Ireland Limited und Wood & Company Financial Services, Klick auf Institut/Bank öffnet Übersicht.



RHI Magnesita, Fotocredit: RHI Magnesita © Aussender




Aktien auf dem Radar:Palfinger, Amag, SBO, Flughafen Wien, AT&S, Frequentis, EVN, EuroTeleSites AG, CA Immo, Erste Group, Mayr-Melnhof, S Immo, Uniqa, Bawag, Pierer Mobility, ams-Osram, Addiko Bank, Wiener Privatbank, SW Umwelttechnik, Oberbank AG Stamm, Kapsch TrafficCom, Agrana, Immofinanz, OMV, Österreichische Post, Strabag, Telekom Austria, VIG, Wienerberger, Warimpex, American Express.

(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

OeKB
Seit 1946 stärkt die OeKB Gruppe den Standort Österreich mit zahlreichen Services für kleine, mittlere und große Unternehmen sowie die Republik Österreich und hält dabei eine besondere Stellung als zentrale Finanzdienstleisterin.

>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien


Meistgelesen
>> mehr





PIR-Zeichnungsprodukte
AT0000A39UT1
AT0000A2QS86
AT0000A34CV6
Newsflow
>> mehr

Börse Social Club Board
>> mehr
    #gabb #1584

    Featured Partner Video

    Börsenradio Live-Blick, Mo. 25.3.24: DAX bleibt stark, arge Journeys von Rheinmetall und Gold&Co, weiter Buy the Dip RWE

    Christian Drastil mit dem Live-Blick aus dem Studio des Börsenradio-Partners audio-cd.at in Wien wieder intraday mit Kurslisten, Statistiken und News aus Frankfurt und Wien. Es ist der Podcast, der...

    Books josefchladek.com

    Kazumi Kurigami
    操上 和美
    2002
    Switch Publishing Co Ltd

    Christian Reister
    Nacht und Nebel
    2023
    Safelight

    Ros Boisier
    Inside
    2024
    Muga / Ediciones Posibles

    Martin Frey & Philipp Graf
    Spurensuche 2023
    2023
    Self published

    Naotaka Hirota
    La Scène de la Locomotive à Vapeur
    1975
    Yomiuri Shimbun

    Inbox: RHI Magnesita - Baader Helvea von den jüngsten Zahlen angetan


    13.11.2017, 3710 Zeichen

    13.11.2017

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

    -We confirm our Buy rating. New company reported very solid operating figures. They confirmed their integration targets. Almost every guidance from net debt to operatingperformance and figures below the EBITA line are more positive than in our calculation, so far.

    -RHI Magnesita released a 9-month trading update together with a first presentation of the combined group. RHI Magnesita reported strong top- and bottom-line growth supported by healthy demand from customer industries.

    -The next step will be a mandatory offer for the remaining Magnesita shareholders. The management expects to reach the required support of 2/3 of the outstanding shareholders for a delisting which might take place mid 2018.

    -The management confirmed its synergy target of at least EUR 70mn until 2020. This guidance refers to the operating profit line. We have EUR 60mn in our model.

    -RHI Magnesita expects significant additional synergies below the operating profit line. We have calculated with a net debt figure of approximately EUR 1bn for our 2020 scenario. Current net debt is only EUR 936mn now and the company should be able to reduce it by a meaningful amount in the coming years, driven by a strong cash flow. One example: Working capital amounted for approximately 26% of annualized sales. With the elimination of overlaps, a reallocation of production and supply chains and the replacement of third party raw material by internal products they should be able to reduce that figure towards 20%. We have calculated in our current scenario with net interest costs of EUR ~55mn. They guided for EUR 50mn post-closing and should be able to reduce it significantly in the coming years.

    Facts & Analysis

    -The new company wrote about pro-forma revenues of EUR 2.5bn in 2016 generated by 14,000 employees in 35 main production sites and 13 raw material sites.

    -The regional split in percentage of sales in 28% Europe, 22% North America, 22% South America, 17% APAC and 13% MEA-CIS. Based on this structure the figures are heavily depending on the USD/EUR which accounted for 35% of 2016 sales and 65% of 2016 EBITDA.

    -9-months sales of the combined group reached EUR 2,052.3mn, an increase of 9.3%. The operating development was supported by a strong demand for the two main customer industries steel and cement.

    -Operating EBITA came in with EUR 224.6mn, an increase of 23.7% yoy. The operating EBITA margin reached 10.9%.

    -Net debt stood at EUR 936mn with gross debt of EUR 1.27mn and a net cash position of EUR 338mn. The net debt/EBITDA ratio was below 2.5x. This was significantly below the level anticipated in the combination announcement one year ago. They expect to reach an investment grade in approximately two years time.

    Company im Artikel

    RHI

     
    Mitglied in der BSN Peer-Group Zykliker Österreich
    Show latest Report (11.11.2017)
     
    Für Zusatzliquidität im Orderbuch der RHI-Aktien sorgen die Erste Group Bank AG als Specialist sowie die Market Maker Baader Bank AG, Hudson River Trading Europe, Raiffeisen Centrobank AG, Société Générale S.A., Tower Research Capital, Virtu Financial Ireland Limited und Wood & Company Financial Services, Klick auf Institut/Bank öffnet Übersicht.



    RHI Magnesita, Fotocredit: RHI Magnesita © Aussender






    BSN Podcasts
    Christian Drastil: Wiener Börse Plausch

    Wiener Börse Party #633: Heute April Verfall, Ex-Marinomed-Investor in Troubles und die Radio-Studios A, B, C und vielleicht D




    RHI Letzter SK:  0.00 ( 0.00%)


     

    Bildnachweis

    1. RHI Magnesita, Fotocredit: RHI Magnesita , (© Aussender)   >> Öffnen auf photaq.com

    Aktien auf dem Radar:Palfinger, Amag, SBO, Flughafen Wien, AT&S, Frequentis, EVN, EuroTeleSites AG, CA Immo, Erste Group, Mayr-Melnhof, S Immo, Uniqa, Bawag, Pierer Mobility, ams-Osram, Addiko Bank, Wiener Privatbank, SW Umwelttechnik, Oberbank AG Stamm, Kapsch TrafficCom, Agrana, Immofinanz, OMV, Österreichische Post, Strabag, Telekom Austria, VIG, Wienerberger, Warimpex, American Express.


    Random Partner

    OeKB
    Seit 1946 stärkt die OeKB Gruppe den Standort Österreich mit zahlreichen Services für kleine, mittlere und große Unternehmen sowie die Republik Österreich und hält dabei eine besondere Stellung als zentrale Finanzdienstleisterin.

    >> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner


    RHI Magnesita, Fotocredit: RHI Magnesita, (© Aussender)


    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
    AT0000A39UT1
    AT0000A2QS86
    AT0000A34CV6
    Newsflow
    >> mehr

    Börse Social Club Board
    >> mehr
      #gabb #1584

      Featured Partner Video

      Börsenradio Live-Blick, Mo. 25.3.24: DAX bleibt stark, arge Journeys von Rheinmetall und Gold&Co, weiter Buy the Dip RWE

      Christian Drastil mit dem Live-Blick aus dem Studio des Börsenradio-Partners audio-cd.at in Wien wieder intraday mit Kurslisten, Statistiken und News aus Frankfurt und Wien. Es ist der Podcast, der...

      Books josefchladek.com

      Kurama
      erotiCANA
      2023
      in)(between gallery

      Igor Chekachkov
      NA4JOPM8
      2021
      ist publishing

      Martin Frey & Philipp Graf
      Spurensuche 2023
      2023
      Self published

      Valie Export
      Körpersplitter
      1980
      Veralg Droschl

      Christian Reister
      Driftwood 15 | New York
      2023
      Self published