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Europäische Fonds verschenken 1 Mrd. Euro; Banken suchen Kooperationen mit FinTechs (BSNstocksy Bigger Picture)
Konrad Werner Schulze
Le Corbusier
Eliška Klimešová
John Gossage
Oliver GerhartzErste schraubt Palfinger-Kursziel mächtig nach oben
04.12.2015, 1258 Zeichen
"Our latest Company Report is now available for you. The main highlights are:
Becoming more positive on the market development of residential and infrastructure constructionespecially in Europe, we feel confident to hike our estimates for 2016ff. Consequently, we confirm our Buy recommendation and increase our target price to EUR 31.6 (EUR 28.7)
In Europe, Palfinger’s largest market, we have been seeing a pick-up in residential construction activity lately. Together with increased budgets for infrastructure investments in Germany and CEE the market prospects improve.
With a revenue exposure of 85% from Europe, the US and the Marine business Palfinger should easily digest the sluggish Emerging Market development in the short term. In the medium term, the rebound of especially Russia and China would fuel further growth.
Our revised estimates still by far do not reflect Palfinger’s FY17 revenue target of EUR 1.8bn (a full consolidation of all at equity investments), which should at least translate into an EPS of around EUR 4.0 and a P/E of 6.6.
We would definitely welcome an increase of Palfinger’s free float in case the Palfinger family decides to reduce its stake to 50%+1 (from 59%) going forward, enabling a better tradability of the share.
Analyst:
Daniel Lion, CIIA"
Becoming more positive on the market development of residential and infrastructure constructionespecially in Europe, we feel confident to hike our estimates for 2016ff. Consequently, we confirm our Buy recommendation and increase our target price to EUR 31.6 (EUR 28.7)
In Europe, Palfinger’s largest market, we have been seeing a pick-up in residential construction activity lately. Together with increased budgets for infrastructure investments in Germany and CEE the market prospects improve.
With a revenue exposure of 85% from Europe, the US and the Marine business Palfinger should easily digest the sluggish Emerging Market development in the short term. In the medium term, the rebound of especially Russia and China would fuel further growth.
Our revised estimates still by far do not reflect Palfinger’s FY17 revenue target of EUR 1.8bn (a full consolidation of all at equity investments), which should at least translate into an EPS of around EUR 4.0 and a P/E of 6.6.
We would definitely welcome an increase of Palfinger’s free float in case the Palfinger family decides to reduce its stake to 50%+1 (from 59%) going forward, enabling a better tradability of the share.
Analyst:
Daniel Lion, CIIA"
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Palfinger
Akt. Indikation: 35.70 / 35.80
Uhrzeit: 23:00:16
Veränderung zu letztem SK: 0.42%
Letzter SK: 35.60 ( 1.28%)
Uhrzeit: 23:00:16
Veränderung zu letztem SK: 0.42%
Letzter SK: 35.60 ( 1.28%)
Bildnachweis
1.
Palfinger
, (© Martina Draper/photaq) >> Öffnen auf photaq.com
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