16.11.2017
Zugemailt von / gefunden bei: Lenzing (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
Berenberg Bank zu Lenzing : Hold; PT EUR120.00 (from EUR140.00))
● Q3 2017 results mark turning point in upgrade cycle: Lenzing’s quarterly results since the start of 2016 have been a heady mixture of pricing momentum across its fibres business, margin expansion and earnings upgrades (40% for 2017 EBITDA). Q3 brought this run to an abrupt halt. Headline EBITDA of EUR126m was a modest 2% miss versus consensus, but the 5.3% fall in the share price on the day appears to have been triggered by the prospect of two years of above-demand capacity growth in viscose. The only conclusion we can draw is that earnings estimates for Lenzing now need to fall – substantially. We cut our DCF-derived price target to EUR120/share and remain holders.
● Lack of visibility to weigh on shares, even if cheap on headline multiples: On the conference call, the company’s management indicated that it has limited visibility on capacity deployments to viscose in 2018 (600,000- 900,000 tonnes) and caustic soda prices. Circumstantial evidence leads us to assume the worst. Management’s reluctance to endorse the pre-existing target of 75% backward integration in dissolving wood pulp by 2020 suggests to us a focus on avoiding a potential cash squeeze by triggered by an investment of over EUR500m. As Lenzing has a net cash position, this would suggest an eye for “worst case scenarios” in 2018/19.
● Best- and worst case-scenarios: The best-case scenario for Lenzing in 2018 would be for consensus EBITDA of EUR495m to turn out to be correct. This would involve the unlikely assumption that viscose prices decline by less than 5% yoy, and that specialty fibre prices continue to rise. The worst case, in our view, would bring a 25% decline in viscose pricing levels (equivalent to one standard deviation from 2017 average levels of c16,000 RMB/tonne). This would reduce EBITDA to cEUR330m.
● Estimate changes, Berenberg versus consensus: We cut our adjusted EBITDA estimates for 2017-19 by an average of 3.5%, reflecting reduced viscose pricing assumptions and higher caustic soda (input) costs. Consensus does not appear to have incorporated the pricing and raw material headwinds for 2018 and 2019, and we are an average of 10.6% below Bloomberg consensus for these years. On our estimates, Lenzing trades on 2018E P/E of 12.5x. This is 1) a cheap relative to the European chemical average of 17x, and 2) a c11% discount to its five-year average level of 13.9x. But the potential for two gruelling years of downward movement in viscose prices is likely to prevent a rerating in the near term.
8590
lenzing_bekommt_tieferes_kursziel
Aktien auf dem Radar:FACC, Österreichische Post, Austriacard Holdings AG, Flughafen Wien, S Immo, Semperit, OMV, ATX Prime, ATX TR, Addiko Bank, Verbund, DO&CO, ATX, Cleen Energy, Gurktaler AG VZ, Kapsch TrafficCom, Lenzing, SW Umwelttechnik, RHI Magnesita, Oberbank AG Stamm, Agrana, Amag, CA Immo, Erste Group, EVN, Immofinanz, Telekom Austria, Uniqa, VIG, Wienerberger, Brenntag.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)190110
inbox_lenzing_bekommt_tieferes_kursziel
Rosenbauer
Rosenbauer ist weltweit der führende Hersteller für Feuerwehrtechnik im abwehrenden Brand- und Katastrophenschutz. Als Vollsortimenter bietet Rosenbauer der Feuerwehr kommunale Löschfahrzeuge, Drehleitern, Hubrettungsbühnen, Flughafenfahrzeuge, Industriefahrzeuge, Sonderfahrzeuge, Löschsysteme, Feuerwehrausrüstung, stationäre Löschanlagen und im Bereich Telematik Lösungen für Fahrzeugmanagement und Einsatzmanagement.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
16.11.2017, 3805 Zeichen
16.11.2017
Zugemailt von / gefunden bei: Lenzing (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
Berenberg Bank zu Lenzing : Hold; PT EUR120.00 (from EUR140.00))
● Q3 2017 results mark turning point in upgrade cycle: Lenzing’s quarterly results since the start of 2016 have been a heady mixture of pricing momentum across its fibres business, margin expansion and earnings upgrades (40% for 2017 EBITDA). Q3 brought this run to an abrupt halt. Headline EBITDA of EUR126m was a modest 2% miss versus consensus, but the 5.3% fall in the share price on the day appears to have been triggered by the prospect of two years of above-demand capacity growth in viscose. The only conclusion we can draw is that earnings estimates for Lenzing now need to fall – substantially. We cut our DCF-derived price target to EUR120/share and remain holders.
● Lack of visibility to weigh on shares, even if cheap on headline multiples: On the conference call, the company’s management indicated that it has limited visibility on capacity deployments to viscose in 2018 (600,000- 900,000 tonnes) and caustic soda prices. Circumstantial evidence leads us to assume the worst. Management’s reluctance to endorse the pre-existing target of 75% backward integration in dissolving wood pulp by 2020 suggests to us a focus on avoiding a potential cash squeeze by triggered by an investment of over EUR500m. As Lenzing has a net cash position, this would suggest an eye for “worst case scenarios” in 2018/19.
● Best- and worst case-scenarios: The best-case scenario for Lenzing in 2018 would be for consensus EBITDA of EUR495m to turn out to be correct. This would involve the unlikely assumption that viscose prices decline by less than 5% yoy, and that specialty fibre prices continue to rise. The worst case, in our view, would bring a 25% decline in viscose pricing levels (equivalent to one standard deviation from 2017 average levels of c16,000 RMB/tonne). This would reduce EBITDA to cEUR330m.
● Estimate changes, Berenberg versus consensus: We cut our adjusted EBITDA estimates for 2017-19 by an average of 3.5%, reflecting reduced viscose pricing assumptions and higher caustic soda (input) costs. Consensus does not appear to have incorporated the pricing and raw material headwinds for 2018 and 2019, and we are an average of 10.6% below Bloomberg consensus for these years. On our estimates, Lenzing trades on 2018E P/E of 12.5x. This is 1) a cheap relative to the European chemical average of 17x, and 2) a c11% discount to its five-year average level of 13.9x. But the potential for two gruelling years of downward movement in viscose prices is likely to prevent a rerating in the near term.
8590
lenzing_bekommt_tieferes_kursziel
Was noch interessant sein dürfte:
Inbox: UBM-Projekte erhalten Auszeichnung
Inbox: Schwächerer Preisauftrieb bei Treibstoff und Flugtickets - Inflation fällt
Inbox: Österreichische Staatsdruckerei profitiert vom "Super-Pass-Jahr"
Inbox: Bawag: Es wurde weiter stabilisiert
ABC Audio Business Chart #104: Die größten Goldproduzenten der Welt (Josef Obergantschnig)
1.
Fasern Lenzing (Bild: Markus Renner / Electric Arts)
>> Öffnen auf photaq.com
Aktien auf dem Radar:FACC, Österreichische Post, Austriacard Holdings AG, Flughafen Wien, S Immo, Semperit, OMV, ATX Prime, ATX TR, Addiko Bank, Verbund, DO&CO, ATX, Cleen Energy, Gurktaler AG VZ, Kapsch TrafficCom, Lenzing, SW Umwelttechnik, RHI Magnesita, Oberbank AG Stamm, Agrana, Amag, CA Immo, Erste Group, EVN, Immofinanz, Telekom Austria, Uniqa, VIG, Wienerberger, Brenntag.
Rosenbauer
Rosenbauer ist weltweit der führende Hersteller für Feuerwehrtechnik im abwehrenden Brand- und Katastrophenschutz. Als Vollsortimenter bietet Rosenbauer der Feuerwehr kommunale Löschfahrzeuge, Drehleitern, Hubrettungsbühnen, Flughafenfahrzeuge, Industriefahrzeuge, Sonderfahrzeuge, Löschsysteme, Feuerwehrausrüstung, stationäre Löschanlagen und im Bereich Telematik Lösungen für Fahrzeugmanagement und Einsatzmanagement.
>> 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
AT0000A2H9F5 | |
AT0000A39G83 | |
AT0000A2UVV6 |
Sensation im Abseits
Das Sporttagebuch mit Michael Knöppel - 3. Mai 2024 E-Mail: sporttagebuch.michael@gmail.com Instagram: @das_sporttagebuch Twitter: @Sporttagebuch_
Das Sporttagebuch mit Michael Knöppel - 3. Mai...
Emil Schulthess & Hans Ulrich Meier
27000 Kilometer im Auto durch die USA
1953
Conzett & Huber
Ros Boisier
Inside
2024
Muga / Ediciones Posibles
Tommaso Protti
Terra Vermelha
2023
Void
Naotaka Hirota
La Scène de la Locomotive à Vapeur
1975
Yomiuri Shimbun