|
Inbox: SBO: Aktie für Baader teuer, Sell
SBO
Uhrzeit: 23:00:01
Veränderung zu letztem SK: -0.27%
Letzter SK: 28.05 ( -1.41%)
23.11.2017
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)
Schoeller-Bleckmann Oilfield Equipment (SBO ) - (Sell/TP EUR 60.00) - Out of the trough. Further improvement to be expected. Expensiv…
Out of the trough. Further improvement to be expected. Expensive.
Our conclusion
SBO has successfully marked its way through the most severe demand decline in recent history. Despite the fact that North America and especially Oilfield Equipment in the U.S. is by far the most important driver for the current positive EBIT, SBO is back in the positive territory. And they guide for a further improvement going forward. Demand in North America should remain strong and there are first signs of a slight uptick in the international markets. The 2016 acquired Downhill Technology moved to a modern and expanded facility to cope with the expected further rise in demand.
High valuation. SBO share rose almost in-line with the oil price since mid of this year driving FY2 P/E above 35 and price/book again above 3. We are skeptical about any further meaningful upside in the oil price.
Facts & Analysis
Operating performance continued its positive path. 3Q17 sales came in with EUR 104mn vs. EUR 45.1mn driven by both segments. EBIT reached EUR 13.8mn, the second positive quarter this year with Oilfield Equipment as a more pronounced contributor.
With the release of the preliminary figures on 17 October SBO announced that the valuation of the put/call option for minority shareholders, related to the acquisition of Downhole Technology requires a non-cash-effective expense of EUR 91.3mn shown in the financial result. The Put/Call option can be exercised on 1 April 2019, at the earliest. The quarterly valuation is driven by profit expectations. A strong result (28% margin in OE) and a more positive outlook for the business triggered that number. At the current state SBO would have to pay EUR 133mn for the remaining 32% stake.
Company im Artikel
Show latest Report (18.11.2017)
8721
sbo_aktie_fur_baader_teuer_sell
Aktien auf dem Radar:VIG, UBM, RBI, Pierer Mobility, OMV, RHI Magnesita, DO&CO, Kapsch TrafficCom, FACC, AT&S, CA Immo, Lenzing, Austriacard Holdings AG, Frequentis, Gurktaler AG Stamm, Oberbank AG Stamm, Amag, Flughafen Wien, Österreichische Post, Strabag, Telekom Austria.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)190704
inbox_sbo_aktie_fur_baader_teuer_sell
Random Partner #goboersewien
Marinomed
Marinomed hat die Vision, das Leben von Patienten, die an Krankheiten mit unzureichenden Behandlungsmöglichkeiten leiden, in zwei wichtigen therapeutischen Bereichen nachhaltig zu verbessern: Virologie und Immunologie.
>> Besuchen Sie 62 weitere Partner auf boerse-social.com/goboersewien
Paul Graham
Pieter Hugo
Regina Anzenberger
Bernhard Fuchs
Oliver GerhartzInbox: SBO: Aktie für Baader teuer, Sell
23.11.2017, 3115 Zeichen
23.11.2017
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)
Schoeller-Bleckmann Oilfield Equipment (SBO ) - (Sell/TP EUR 60.00) - Out of the trough. Further improvement to be expected. Expensiv…
Out of the trough. Further improvement to be expected. Expensive.
Our conclusion
SBO has successfully marked its way through the most severe demand decline in recent history. Despite the fact that North America and especially Oilfield Equipment in the U.S. is by far the most important driver for the current positive EBIT, SBO is back in the positive territory. And they guide for a further improvement going forward. Demand in North America should remain strong and there are first signs of a slight uptick in the international markets. The 2016 acquired Downhill Technology moved to a modern and expanded facility to cope with the expected further rise in demand.
High valuation. SBO share rose almost in-line with the oil price since mid of this year driving FY2 P/E above 35 and price/book again above 3. We are skeptical about any further meaningful upside in the oil price.
Facts & Analysis
Operating performance continued its positive path. 3Q17 sales came in with EUR 104mn vs. EUR 45.1mn driven by both segments. EBIT reached EUR 13.8mn, the second positive quarter this year with Oilfield Equipment as a more pronounced contributor.
With the release of the preliminary figures on 17 October SBO announced that the valuation of the put/call option for minority shareholders, related to the acquisition of Downhole Technology requires a non-cash-effective expense of EUR 91.3mn shown in the financial result. The Put/Call option can be exercised on 1 April 2019, at the earliest. The quarterly valuation is driven by profit expectations. A strong result (28% margin in OE) and a more positive outlook for the business triggered that number. At the current state SBO would have to pay EUR 133mn for the remaining 32% stake.
Company im Artikel
Show latest Report (18.11.2017)
8721
sbo_aktie_fur_baader_teuer_sell
Was noch interessant sein dürfte:
Börsepeople im Podcast S22/11: Martina Draper
SBO
Uhrzeit: 23:00:01
Veränderung zu letztem SK: -0.27%
Letzter SK: 28.05 ( -1.41%)
Bildnachweis
Aktien auf dem Radar:VIG, UBM, RBI, Pierer Mobility, OMV, RHI Magnesita, DO&CO, Kapsch TrafficCom, FACC, AT&S, CA Immo, Lenzing, Austriacard Holdings AG, Frequentis, Gurktaler AG Stamm, Oberbank AG Stamm, Amag, Flughafen Wien, Österreichische Post, Strabag, Telekom Austria.
Random Partner
Marinomed
Marinomed hat die Vision, das Leben von Patienten, die an Krankheiten mit unzureichenden Behandlungsmöglichkeiten leiden, in zwei wichtigen therapeutischen Bereichen nachhaltig zu verbessern: Virologie und Immunologie.
>> Besuchen Sie 62 weitere Partner auf boerse-social.com/partner
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
- Wie 3D Systems, Vectron, Ibiden Co.Ltd, Wacker Ne...
- Wie Manz, Wirecard, VIG, Evotec, ThyssenKrupp und...
- Wie JP Morgan Chase, Boeing, Verizon, Wal-Mart, G...
- Wie Bayer, Beiersdorf, Rheinmetall, DAIMLER TRUCK...
- Wiener Börse: ATX legt am Dienstag 0,59 Prozent zu
- Wiener Börse Nebenwerte-Blick: Frequentis steigt ...
Featured Partner Video
kapitalmarkt-stimme.at daily voice: Gibt es just am Tag der Vertragsverlängerung von Börse-CEO Boschan nach 18y ein neues ATX-High?
kapitalmarkt-stimme.at daily voice auf audio-cd.at: Gibt es just heute, am Tag der Vertragsverlängerung von Wiener Börse-CEO Christoph Boschan, nach 18 Jahren ein neues ATX-High? Das wäre schon His...
Books josefchladek.com
Posedy / Hunting Stands
2025
PositiF
So lebt man heute in Rußland
1957
Blüchert
Remember Who You Once Were
2024
Self published
Adriano Zanni