22.11.2017 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) ...

... Rosenbauer confirmed at HOLD, TP EUR 53 - Minor model update post 3Q results - We confirm the HOLD rating and the target price of EUR 53 for Rosenbauer- 3Q figures were mostly in line with our forecasts with the exception of slightly higher headline EBIT. However, as earnings were inflated by the release of provisions, we deem the results quality as mediocre- We think there is a mismatch between the 3Q performance and the FY guidance and raise 2017e EBIT by 6% to EUR 30 mn (margin 3.4% vs. guidance 3%)- Bottom line, no game changing information emerged from the results release. Our analysis suggests that the share price still discounts a decent earnings recovery, with a roughly 6% margin to be achieved in the medium termWe confirm the HOLD rating and the target price of EUR 53 for Rosenbauer. 3Q figures were mostly in line with our forecasts with the exception of slightly higher headline EBIT. However, from our point of view, the results quality was mediocre as earnings were inflated by the release of (management bonus) provisions. Stripping out this effect, underlying EBIT was fully in line with RCBe. Moreover cash conversion was unconvincing with the 1-3Q operating cash burn doubling to EUR -51 mn. Bottom line, no game changing information emerged from the results release and the companys perception of the trading conditions apparently did not change compared to recent occasions. In line with our assumptions Rosenbauers operating performance should improve sequentially. The management pointed out that supply chain improvements achieved at Plant II in Leonding will serve as a blueprint for Plant I. Moreover, as already envisaged in the 2Q conference call, the capacity utilisation rates in Panther production should have bottomed out, heralding more scale effects in the next year. We see the extent of the price pressure in the industry as the main burden to the companys cost savings retention. Overall, although the company should have left the worst behind and earnings should grow markedly in 2018e (partly mechanically due to the non-recurrence of one-offs), we have no indication so far that Rosenbauers earnings recovery will outperform current forecasts. Moreover, our analysis suggests that the share price still discounts a decent earnings recovery, with a roughly 6% margin to be achieved in the medium term. Mismatch between 3Q performance and FY guidance, we raise 2017e earnings slightly: The management reiterated the 2017 outlook of stable revenues and an EBIT margin of 3%, translating into EBIT of about EUR 26 mn. However, for the final quarter this implies, amid stable revenues, sharply lower EBIT of ca. EUR 11 mn vs. nearly EUR 20 mn generated in 4Q 16. Although we acknowledge certain year-end accounting effects, we struggle to understand the dynamics behind this implied sequential deterioration (also bearing in mind 3Q dynamics and that 4Q 16 was not an outstanding quarter). Having said that, we raise 2017e EBIT by 6% to EUR 30 mn and thus our margin expectation increases by 20 bps to 3.4%. EPS climbs by 13% to EUR 1.72. We have also fine-tuned 2018e EBIT by 2% to EUR 43.4 mn (margin 4.7%) and maintain our EPS forecast of EUR 3.11. 2019e projections remain unchanged.Valuation: The total-return target price of EUR 53 (incl. DPS of EUR 1.20) is based on an equally weighted combination of an economic profit approach (based on a 2019e post-tax ROCE of 8% this method renders ca. EUR 45, we deduce that the current share price discounts a ca. 9% ROCE) and a DCF model (TG 1.5%, perpetual EBIT margin 5.8%, suggests approx. EUR 59). Company im Artikel Rosenbauer Mitglied in der BSN Peer-Group Zykliker Österreich Show latest Report (18.11.2017) In ATX Prime auf Pos. 31 (bezogen auf YTD %). Platz 1 im Umsatzranking YTD in ATX Prime. Günter Kitzmüller (CFO) Dieter Siegel (CEO) Gerda Königstorfer (IR) Gottfried Brunbauer (Board Member) Für Zusatzliquidität im Orderbuch der Rosenbauer-Aktien sorgen die Raiffeisen Centrobank AG als Specialist sowie die Market Maker Baader Bank AG, Erste Group Bank AG, Hudson River Trading Europe und Kepler Cheuvreux, Klick auf Institut/Bank öffnet Übersicht. Flughafen Wien investiert über € 5 Mio. in neue Feuerwehr-Einsatzfahrzeuge – Die Sicherheit für täglich über 60.000 Passagiere und 20.000 Beschäftigte am Standort steht im Vordergrund: Der Flughafen Wien setzt dabei auf österreichisches Know-how. Der oberösterreichische Hersteller Rosenbauer Group liefert bis Jahresende 2017 zwei neue Panther 6x6 S sowie im Jahr 2018 weitere vier Einsatzfahrzeuge vom Typ Panther 8x8 an den Wiener Airport. Damit verfügt der Flughafen Wien künftig über eine der we © Aussender 8695 rosenbauer_keine_game-changing-infos_im_zuge_der_q3-zahlen_weiter_hold

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