16.11.2017

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

Semperit - (Buy/TP EUR 30.00) - Many special items. Slight operational improvement.

Our conclusion

- We confirm our view from 8 August when we upgraded Semperit from Hold to Buy. The share price was around the current level. The restructuring of Semperit might take until the end of 2018. Our recommendation was and is based on two main assumptions: 1) Sempermed is a valuable asset. 2) The new management is able to stabilize the operations and establish a more decent strategy for the group in 2018.

- For 4Q the company guided for a flat operational development. And they, again, stated that further significant restructuring charges can not be ruled out.

-The management has room for maneuver. The equity ratio of ~35%. The net debt/EBITDA ratio (net debt in ratio to EBITDA) as of 30 September 2017 is 1.45.

-The delta between the operating EBIT of EUR 1.7mn and the reported of EUR -8.2mn are EUR 5.2mn expenses resulted for a tax audit in Austria and an, guided, increase of the restructuring expenses for Sempertrans in France. Sempermed seem to be able to stabilize or even slightly improve the operating performance. 90% of the new plant is now completed. The same seems to be true for Sempertrans with a closure of a site in France and first signs of rising orders. Semperflex (hydraulic hoses) increased its production capacity which will be available from 2018 onwards. Semperform shows a positive volume development and a further increase in sales in North America.    

Company im Artikel

Semperit

Semperit Hauptversammlung © Martina Draper für Semperit

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