17.11.2017
Zugemailt von / gefunden bei: Berenberg Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
● Profit warning: Yesterday after market close Zumtobel released a profit warning, together with preliminary figures for H1 2017/18. After a disappointing Q1, both segments took a turn for the worse in Q2. Management reduced its guidance for FY 2017/18 to EUR50m-60m adjusted EBIT (previously: “slight improvement” from EUR72m) and a 5% decline in revenues (previously: “slight improvement”). We expected Zumtobel to generate EUR74.1m in adjusted EBIT and 0.6% revenues growth.
● Downgrade to Sell: While the outlook for 2017/18 is clearly negative, we are more concerned about what the recent developments imply for Zumtobel’s long-term potential. We believe that the company’s long-term strategy is unclear and the company should continue to underperform as it is battling internal issues against a difficult market backdrop. We believe that disagreements about the strategic positioning of Zumtobel between the board of management and the supervisory board will continue to impede on future growth.
● Difficult market environment persists: Pricing pressure both in luminaires and components continues to be aggressive and Zumtobel is seeing delays of projects in its single largest market, the UK. Company- specific issues exacerbated these negative developments as Zumtobel had to take provisions on a road lighting project and continues to face internal operating challenges.
● Q2 a disappointment, another warning in H2 likely: Group revenues of EUR307.2m in Q2 were down by 10% yoy and Zumtobel merely broke even on adjusted EBIT in Q2 (EUR2.1m, 0.7% margin versus EUR32.0m and 9.4% margin in Q2 2016/17). We cut our numbers and do not believe that Zumtobel can recover lost profits in H2 and meet its revised guidance. Our EUR39m EBIT estimate for 2017E is 22% below the low end of the revised guidance, which we believe is still too optimistic.
● We expect further valuation downside: Our revised DCF-based price target of EUR9.5 implies 0.46x EV/sales 2018E for a 4.6% EBIT margin in the same year. Our price target offers 13% downside to the closing price.
8602
zumtobel_fur_berenberg_bank_jetzt_ein_sell
Aktien auf dem Radar:Telekom Austria, Semperit, Strabag, Austriacard Holdings AG, Warimpex, Flughafen Wien, AT&S, UBM, Frequentis, OMV, ATX, ATX Prime, ATX TR, Wienerberger, Bawag, Rosgix, Lenzing, Zumtobel, Kapsch TrafficCom, Rosenbauer, Josef Manner & Comp. AG, BKS Bank Stamm, Amag, CA Immo, EuroTeleSites AG, EVN, Immofinanz, Marinomed Biotech, Mayr-Melnhof, Österreichische Post, Uniqa.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)190185
inbox_zumtobel_fur_berenberg_bank_jetzt_ein_sell
Strabag
Strabag SE ist ein europäischer Technologiekonzern für Baudienstleistungen. Das Angebot umfasst sämtliche Bereiche der Bauindustrie und deckt die gesamte Bauwertschöpfungskette ab. Durch das Engagement der knapp 72.000 MitarbeiterInnen erwirtschaftet das Unternehmen jährlich eine Leistung von rund 14 Mrd. Euro (Stand 06/17).
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17.11.2017, 3463 Zeichen
17.11.2017
Zugemailt von / gefunden bei: Berenberg Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
● Profit warning: Yesterday after market close Zumtobel released a profit warning, together with preliminary figures for H1 2017/18. After a disappointing Q1, both segments took a turn for the worse in Q2. Management reduced its guidance for FY 2017/18 to EUR50m-60m adjusted EBIT (previously: “slight improvement” from EUR72m) and a 5% decline in revenues (previously: “slight improvement”). We expected Zumtobel to generate EUR74.1m in adjusted EBIT and 0.6% revenues growth.
● Downgrade to Sell: While the outlook for 2017/18 is clearly negative, we are more concerned about what the recent developments imply for Zumtobel’s long-term potential. We believe that the company’s long-term strategy is unclear and the company should continue to underperform as it is battling internal issues against a difficult market backdrop. We believe that disagreements about the strategic positioning of Zumtobel between the board of management and the supervisory board will continue to impede on future growth.
● Difficult market environment persists: Pricing pressure both in luminaires and components continues to be aggressive and Zumtobel is seeing delays of projects in its single largest market, the UK. Company- specific issues exacerbated these negative developments as Zumtobel had to take provisions on a road lighting project and continues to face internal operating challenges.
● Q2 a disappointment, another warning in H2 likely: Group revenues of EUR307.2m in Q2 were down by 10% yoy and Zumtobel merely broke even on adjusted EBIT in Q2 (EUR2.1m, 0.7% margin versus EUR32.0m and 9.4% margin in Q2 2016/17). We cut our numbers and do not believe that Zumtobel can recover lost profits in H2 and meet its revised guidance. Our EUR39m EBIT estimate for 2017E is 22% below the low end of the revised guidance, which we believe is still too optimistic.
● We expect further valuation downside: Our revised DCF-based price target of EUR9.5 implies 0.46x EV/sales 2018E for a 4.6% EBIT margin in the same year. Our price target offers 13% downside to the closing price.
8602
zumtobel_fur_berenberg_bank_jetzt_ein_sell
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Strabag
Strabag SE ist ein europäischer Technologiekonzern für Baudienstleistungen. Das Angebot umfasst sämtliche Bereiche der Bauindustrie und deckt die gesamte Bauwertschöpfungskette ab. Durch das Engagement der knapp 72.000 MitarbeiterInnen erwirtschaftet das Unternehmen jährlich eine Leistung von rund 14 Mrd. Euro (Stand 06/17).
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