25.08.2017
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)
PORR confirmed at HOLD, TP EUR 27 - Cutting estimates and target price after profit warning
- In the aftermath of the profit warning we cut the target price to EUR 27 from EUR 37.5 and maintain the HOLD rating
- Having previously guided for higher earnings, PORR now expects the 2017 pre-tax profit to be slightly below the previous year
- The downward revision was justified by cost overruns in Qatar and M&A related costs. Moreover it also seems that PORR was able to pass on rising subcontractor prices in Germany only insufficiently or with a delay
- We cut EPS by 22% on average to EUR 1.80, EUR 2.10 and EUR 2.33, respectively. We have also lowered our net cash/debt forecasts owing to higher (M&A)-capex and NWC assumptions
- Although the stock has substantially de-rated over the last months amid arguably unconvincing news-flow we do not yet see the foundations in place for an inflection and require tangible evidence regarding an improved scope to tackle the margin and return dilution from M&A and the considerable organic expansion
In the aftermath of the pre-released 2Q results that were accompanied by a profit warning we cut the target price to EUR 27 from EUR 37.5 and maintain the HOLD rating. Having previously guided for rising output being accompanied by higher earnings, PORR now expects the 2017 pre-tax profit to be slightly below the previous year. The downward revision was triggered by cost overruns in Qatar, where the sanctions have caused higher logistics and supply costs (to our understanding it is not yet clear if and to what extent PORR will be reimbursed by its clients) as well as by high transaction and integration costs for the recently acquired companies (though these should have been largely foreseeable, in our view). Moreover it also seems that PORR was able to pass on rising subcontractor prices in Germany only insufficiently or with a delay. The guidance heralds that 2017 EBT could be in the range of EUR 80-85 mn (~20% below consensus) but also implies that 2H pre-tax profit would be up yoy, thus indicating that the aforementioned burdens should have been basically digested in 1H. While the outlook for top line growth remains good (actually 2017e output should be higher than previously assumed) the margin will substantially weaken. Although the stock has substantially de-rated over the last months amid arguably unconvincing news-flow (e.g. quarterly results rather below estimates, weaker cash conversion, share placement) we do not yet see the foundations in place for an inflection and require tangible evidence regarding an improved scope to tackle the margin and return dilution from M&A and the considerable organic expansion.
7410
porr-kursziel_deutlich_gestutzt
Aktien auf dem Radar:Polytec Group, Palfinger, Immofinanz, Warimpex, Flughafen Wien, Austriacard Holdings AG, Rosgix, Verbund, RBI, Porr, Frequentis, Addiko Bank, AT&S, Cleen Energy, Gurktaler AG Stamm, SBO, SW Umwelttechnik, Oberbank AG Stamm, Marinomed Biotech, Agrana, Amag, CA Immo, Erste Group, EVN, FACC, Kapsch TrafficCom, OMV, Österreichische Post, Telekom Austria, Uniqa, VIG.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)183509
inbox_porr-kursziel_deutlich_gestutzt
Marinomed
Erforscht und entwickelt völlig neuartige Technologieplattformen, die innovative Therapien gegen Atemwegs- und Augenerkrankungen ermöglichen. Aus wissenschaftlichen Ideen werden so neue Patente, Marken und Produkte geschaffen.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
25.08.2017, 5111 Zeichen
25.08.2017
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)
PORR confirmed at HOLD, TP EUR 27 - Cutting estimates and target price after profit warning
- In the aftermath of the profit warning we cut the target price to EUR 27 from EUR 37.5 and maintain the HOLD rating
- Having previously guided for higher earnings, PORR now expects the 2017 pre-tax profit to be slightly below the previous year
- The downward revision was justified by cost overruns in Qatar and M&A related costs. Moreover it also seems that PORR was able to pass on rising subcontractor prices in Germany only insufficiently or with a delay
- We cut EPS by 22% on average to EUR 1.80, EUR 2.10 and EUR 2.33, respectively. We have also lowered our net cash/debt forecasts owing to higher (M&A)-capex and NWC assumptions
- Although the stock has substantially de-rated over the last months amid arguably unconvincing news-flow we do not yet see the foundations in place for an inflection and require tangible evidence regarding an improved scope to tackle the margin and return dilution from M&A and the considerable organic expansion
In the aftermath of the pre-released 2Q results that were accompanied by a profit warning we cut the target price to EUR 27 from EUR 37.5 and maintain the HOLD rating. Having previously guided for rising output being accompanied by higher earnings, PORR now expects the 2017 pre-tax profit to be slightly below the previous year. The downward revision was triggered by cost overruns in Qatar, where the sanctions have caused higher logistics and supply costs (to our understanding it is not yet clear if and to what extent PORR will be reimbursed by its clients) as well as by high transaction and integration costs for the recently acquired companies (though these should have been largely foreseeable, in our view). Moreover it also seems that PORR was able to pass on rising subcontractor prices in Germany only insufficiently or with a delay. The guidance heralds that 2017 EBT could be in the range of EUR 80-85 mn (~20% below consensus) but also implies that 2H pre-tax profit would be up yoy, thus indicating that the aforementioned burdens should have been basically digested in 1H. While the outlook for top line growth remains good (actually 2017e output should be higher than previously assumed) the margin will substantially weaken. Although the stock has substantially de-rated over the last months amid arguably unconvincing news-flow (e.g. quarterly results rather below estimates, weaker cash conversion, share placement) we do not yet see the foundations in place for an inflection and require tangible evidence regarding an improved scope to tackle the margin and return dilution from M&A and the considerable organic expansion.
7410
porr-kursziel_deutlich_gestutzt
Was noch interessant sein dürfte:
Inbox: Das sind die reichsten Deutschen
BSN Watchlist detailliert: Cree und Delivery Hero machen Freude
Hello bank! 100 detailliert: Die österreichische SBO mal vorne
Inbox: US-Dividenden-Info Wiener Börse: Qualcomm
ATX wieder über 3200: SBO heute mit 8,08 Prozent vorne
Inbox: ifo Geschäftsklimaindex im August geringfügig gefallen
Inbox: Pierer hält bereits mehr als 30 Prozent an SHW
Inbox: BKS: „Wir sehen die Digitalisierung als Chance“
Inbox: Georg Kapsch: "Wesentliches Ziel muss sein, den Standort attraktiv zu gestalten"
Inbox: Wienerberger kauft zu und baut Präsenz in Deutschland und Polen aus
Zertifikat des Tages #10: Entspanntes BNP Paribas Produkt für Martmeinung "Tesla fällt", gefunden bei Hot Bets / finanzen.net
1.
Porr
, (© Martina Draper/photaq) >> Öffnen auf photaq.com
Aktien auf dem Radar:Polytec Group, Palfinger, Immofinanz, Warimpex, Flughafen Wien, Austriacard Holdings AG, Rosgix, Verbund, RBI, Porr, Frequentis, Addiko Bank, AT&S, Cleen Energy, Gurktaler AG Stamm, SBO, SW Umwelttechnik, Oberbank AG Stamm, Marinomed Biotech, Agrana, Amag, CA Immo, Erste Group, EVN, FACC, Kapsch TrafficCom, OMV, Österreichische Post, Telekom Austria, Uniqa, VIG.
Marinomed
Erforscht und entwickelt völlig neuartige Technologieplattformen, die innovative Therapien gegen Atemwegs- und Augenerkrankungen ermöglichen. Aus wissenschaftlichen Ideen werden so neue Patente, Marken und Produkte geschaffen.
>> Besuchen Sie 68 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
AT0000A38NH3 | |
AT0000A36XA1 | |
AT0000A2STY8 |
Börsepeople im Podcast S12/11: Patrick Kesselhut
Patrick Kesselhut ist Director Public Distribution Germany und auch Österreich bei Société Générale, bereits zu Schulzeiten wurde sein Börseinteresse geweckt, die ersten Steps machte Patrick dann b...
Sebastián Bruno
Ta-ra
2023
ediciones anómalas
Stefania Rössl & Massimo Sordi (eds.)
Index Naturae
2023
Skinnerboox
Tommaso Protti
Terra Vermelha
2023
Void
Carlos Alba
I’ll Bet the Devil My Head
2023
Void
Vladyslav Krasnoshchok
Bolnichka (Владислава Краснощока
2023
Moksop