04.12.2017
Zugemailt von / gefunden bei: Palfinger (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
Die Berenberg Bank hält von 4. bis 7. Dezember ihre European Conference ab. Mehr als 350 Unternehmen werden sich präsentieren. Darunter auch einige österreichische Companies. Im Conference Book gibt es für die Investoren Zusammenfassungen der Berenberg-Analysten zu den präsentierenden Firmen.
Das sagen die Analysten zu Palfinger (Buy, TP 45 Euro)
Replacement cycle supports growth
● Our view in a nutshell: Palfinger is the leading premium player in an oligopolistic industry with high entry barriers. It manufactures mounted, mobile lifting and load handling solutions (cranes, hydraulic lifting solutions), holding a dominant market share of c30% in its core products (truck-mounted cranes) in Europe (over 50% of revenues). Its dense sales and services network in this region creates a significant barrier to entry, sustaining the oligopolistic industry structure. Palfinger is a strong beneficiary of the ongoing replacement cycle in Europe and continued growth in US residential construction. We believe that a healthy economic backdrop coupled with a premium market position and the conclusion of restructuring measures in the US this year will drive further top-line growth, market share gains and margin expansion.
● Recent trends and outlook: Palfinger grew the top line by 2.5% in the third quarter versus difficult comps, continuing the growth trend from earlier this year. Growth was driven by positive developments in the Land segment (+3.8%), where Palfinger continues to gain market share, which offset some weakness in the Sea division (-3.7%). Further, exceptionally high capacity utilisation, especially in Europe, resulted in strong adjusted EBIT growth of 10.7% to EUR28m (+60bp margin improvement to 8.3%) in the same quarter. Order intake remains high, with good visibility over the next 1-2 quarters. Restructuring in North America should conclude this year, paving the way for future margin expansion as this region generates c20% of Land sales but only a low single-digit EBIT margin so far.
● Key questions for management: What are Palfinger’s views on the state of the replacement cycle in Europe? Has the marine cycle bottomed out? Which end-customer industries is Palfinger exposed to in this segment? What kind of margins can we expect from this division? What will drive growth and profitability in the US next year? Is the company looking at further M&A opportunities?
● Valuation, and where we differ from consensus: Palfinger trades at a 9% discount to its peer group of equipment handling manufacturers on 2018E EV/EBIT (12.5x versus 13.8x average) despite a much better margin profile. Our current target price of EUR45.00 is derived using a DCF approach. We are broadly in line with consensus on 2017/18/19E sales and EBIT.
8864
berenberg-analysten_zu_palfinger_wiederbeschaffungszyklus_im_fokus
Aktien auf dem Radar:Warimpex, Kapsch TrafficCom, DO&CO, Austriacard Holdings AG, Pierer Mobility, Polytec Group, ATX TR, Bawag, Frequentis, Immofinanz, ATX, ATX Prime, Verbund, Rosgix, FACC, Lenzing, Josef Manner & Comp. AG, EVN, Flughafen Wien, Mayr-Melnhof, Strabag, Telekom Austria, Uniqa, VIG, Münchener Rück, RWE, Amazon, Agrana.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)191526
inbox_berenberg-analysten_zu_palfinger_wiederbeschaffungszyklus_im_fokus
Evotec
Evotec ist ein Wirkstoffforschungs- und -entwicklungsunternehmen, das in Forschungsallianzen und Entwicklungspartnerschaften mit Pharma- und Biotechnologieunternehmen, akademischen Einrichtungen, Patientenorganisationen und Risikokapitalgesellschaften Ansätze zur Entwicklung neuer pharmazeutischer Produkte vorantreibt.
>> Besuchen Sie 66 weitere Partner auf boerse-social.com/goboersewien
04.12.2017, 3940 Zeichen
04.12.2017
Zugemailt von / gefunden bei: Palfinger (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
Die Berenberg Bank hält von 4. bis 7. Dezember ihre European Conference ab. Mehr als 350 Unternehmen werden sich präsentieren. Darunter auch einige österreichische Companies. Im Conference Book gibt es für die Investoren Zusammenfassungen der Berenberg-Analysten zu den präsentierenden Firmen.
Das sagen die Analysten zu Palfinger (Buy, TP 45 Euro)
Replacement cycle supports growth
● Our view in a nutshell: Palfinger is the leading premium player in an oligopolistic industry with high entry barriers. It manufactures mounted, mobile lifting and load handling solutions (cranes, hydraulic lifting solutions), holding a dominant market share of c30% in its core products (truck-mounted cranes) in Europe (over 50% of revenues). Its dense sales and services network in this region creates a significant barrier to entry, sustaining the oligopolistic industry structure. Palfinger is a strong beneficiary of the ongoing replacement cycle in Europe and continued growth in US residential construction. We believe that a healthy economic backdrop coupled with a premium market position and the conclusion of restructuring measures in the US this year will drive further top-line growth, market share gains and margin expansion.
● Recent trends and outlook: Palfinger grew the top line by 2.5% in the third quarter versus difficult comps, continuing the growth trend from earlier this year. Growth was driven by positive developments in the Land segment (+3.8%), where Palfinger continues to gain market share, which offset some weakness in the Sea division (-3.7%). Further, exceptionally high capacity utilisation, especially in Europe, resulted in strong adjusted EBIT growth of 10.7% to EUR28m (+60bp margin improvement to 8.3%) in the same quarter. Order intake remains high, with good visibility over the next 1-2 quarters. Restructuring in North America should conclude this year, paving the way for future margin expansion as this region generates c20% of Land sales but only a low single-digit EBIT margin so far.
● Key questions for management: What are Palfinger’s views on the state of the replacement cycle in Europe? Has the marine cycle bottomed out? Which end-customer industries is Palfinger exposed to in this segment? What kind of margins can we expect from this division? What will drive growth and profitability in the US next year? Is the company looking at further M&A opportunities?
● Valuation, and where we differ from consensus: Palfinger trades at a 9% discount to its peer group of equipment handling manufacturers on 2018E EV/EBIT (12.5x versus 13.8x average) despite a much better margin profile. Our current target price of EUR45.00 is derived using a DCF approach. We are broadly in line with consensus on 2017/18/19E sales and EBIT.
8864
berenberg-analysten_zu_palfinger_wiederbeschaffungszyklus_im_fokus
Was noch interessant sein dürfte:
Inbox: Österreichische Sparer sind „kapitalmarktresistent“
Inbox: Berenberg-Analysten zu Buwog: Neue Developments gewinnen an Relevanz
Inbox: Das sagen die Berenberg-Analysten zu Lenzing
Inbox: Investoren wollen wieder mehr auf Alternative Anlagen setzen
Inbox: Aktienmärkte bleiben auf "Kauf"
Inbox: Was kommende Woche in der Eurozone ansteht
Inbox: KTM-Chef Pierer und voestalpine-CEO Eder mit höchster Medienpräsenz unter den Börsenotierten
Inbox: Ein Viertel der Österreicher will in Wertpapiere investieren
ABC Audio Business Chart #55: Die größten Flughäfen der Welt (Josef Obergantschnig)
1.
Palfinger
, (© Martina Draper/photaq) >> Öffnen auf photaq.com
Aktien auf dem Radar:Warimpex, Kapsch TrafficCom, DO&CO, Austriacard Holdings AG, Pierer Mobility, Polytec Group, ATX TR, Bawag, Frequentis, Immofinanz, ATX, ATX Prime, Verbund, Rosgix, FACC, Lenzing, Josef Manner & Comp. AG, EVN, Flughafen Wien, Mayr-Melnhof, Strabag, Telekom Austria, Uniqa, VIG, Münchener Rück, RWE, Amazon, Agrana.
Evotec
Evotec ist ein Wirkstoffforschungs- und -entwicklungsunternehmen, das in Forschungsallianzen und Entwicklungspartnerschaften mit Pharma- und Biotechnologieunternehmen, akademischen Einrichtungen, Patientenorganisationen und Risikokapitalgesellschaften Ansätze zur Entwicklung neuer pharmazeutischer Produkte vorantreibt.
>> Besuchen Sie 66 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
AT0000A2YAW0 | |
AT0000A2VCZ5 | |
AT0000A2UVV6 |
Austrian Stocks in English: ATX TR lost in week 19, Vienna Stock Exchange launched a video with nice audio
Welcome to "Austrian Stocks in English - presented by Palfinger", the english spoken weekly Summary for the Austrian Stock Market, positioned every Sunday in the mostly german languaged P...
Michael Schmidt
89/90
2010
Snoeck
Florian Müller
Sessions
2015
Edition Lammerhuber