12.12.2017

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)

Baader Helvea zu Semperit :

    In the 9-months report the management highlighted that further significant one-off charges in addition to the measures already taken and still being analyzed can not be excluded. With the EUR 150mn hybrid line (current equity is EUR 306mn) Semperit secures the financing of the necessary investments for further organic growth and the transformation process.

    In the 9M report the equity ratio was sound with 35%. But net debt to equity moved over 55%. And the management stated that they are in a review process (until mid 2018) which might lead to further significant value adjustments. This is despite the fact that intangibles came down from EUR 116mn in June 2016 to 19mn in September 2017. The management has the task 1) to improve operations in Sempermed and find a lasting solution for the Malaysian glove production; 2) Invest into further growth where demand and margins are high (e.g. Semperflex) and reorganized the entire group structure including IT which they describe as more 1.0 than 4.0.

    Our Buy rating is based on the assumption that Sempermed, which accounts for more than 40% of total sales, is a valuable asset and it can reach a 4-5% EBIT margin, at least. So, the current step gives the management room to maneuver but it dilutes shareholders. But the risk is rises that additional value adjustments and transformation costs might come in higher as expected. The next reporting date is the balance sheet press conference on 16 March 2018.

Facts & Analysis

    Semperit signed an agreement regarding a hybrid capital line amounting to up to EUR 150mn with B & C Holding. The interest rate agreed amounts to 5.25%, the commitment fee is set at 1.75%. Semperit can draw the line in several tranches up to and including 31-Dec-2018, if required. A redemption right or conversion right of the creditor has not been provided.

    The hybrid capital line is classified as equity according to IFRS and thus serves to strengthen the balance sheet structure of the company.

    In the 9-months report net debt was EUR 149.6mn (year-end 2016: EUR 230.6mn). The net debt/EBITDA ratio was 1.45 vs. 2.96 at the end of 2016). Total debt stood at EUR 564.3mn compared with the end of 2016 at EUR 703.5mn.

    After 9-months, the 2017 outlook was very cautious. The adjusted EBIT (without positive and negative one-off effects) for the 2017 financial year will be significantly below the adjusted EBIT of 2016 (EUR 41mn after deduction of the earnings contribution from the Thai SSC/Siam Sempermed JV). Further significant one-off charges in addition to the measures already taken and still being analyzed can therefore not be excluded.

    Semperit continues to focus on organic growth. Investments in the expansion of capacities will be continued. Total capex of around EUR 80mn (2016: EUR 65mn) have been planned for 2017.

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Semperit

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