13.09.2017
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)
ANDRITZ - (Buy/TP EUR 57.00)
Our conclusion
The key focus of ANDRITZ’s Capital Market Day was on the company’s IIOT activities all over the group (and particularly good achievements at P&P). ANDRITZ is definitely already in an advanced position, offering its customers all kind of plant optimization and operation solutions, predictive maintenance applications as well as a user friendly e-shop for spare parts under its METRIS brand for digital solutions. During the business update CEO Dr. Leitner emphasized the excellent prospects for the P&P business. Demand at Hydro and Schuler remains muted, while Separation is now on a good track. ANDRITZ did not comment on business trends in 3Q17 and on FY17 expectations. Nevertheless, we had the impression that order intake improved following the disappointing 2Q and no negative surprise in terms of profitability is ahead.
Following the recent share price slump, we are reiterating our Buy rating for ANDRITZ. The overall business model is intact, even considering that a pick-up in Hydro investments might take some time. The profitability risk for ANDRITZ is limited given the ongoing strong service and upgrade business and the company’s pricing discipline. ANDRITZ’s valuation looks attractive with an adj. P/E 18E of below 15x, an EV/EBITA multiple of 9x and a dividend yield of 3-3.5%.
Hydro Power: Apart from the generally somewhat lower market volume compared to the industry peak in 2007-2011 and the usual fluctuations with regard to large projects, ANDRITZ has lost market share in recent years (17% in 2015, 21% in 2016 vs. 23% long-term average). This is in particular due to the weakness of Hydro Power markets in Europe, where ANDRITZ is traditionally strong, while the company’s position is quite weak in more active markets like China, North America and Africa. ANDRITZ is trying to improve its market position by shifting capacities to China and India to cover the growing Asian markets locally. ANDRITZ is seeing good potential in the area of pumped storage projects, not least in China, where the company recently got a EUR 70mn order and is expecting an increasing market share for larger projects. Based on an average EUR 6.0bn global hydro power equipment market, a return to 23% market share (with potential for improvement) and additional approx. EUR 250mn volume with pumps and generators ANDRITZ’s annual Hydro business potential amounts to more than EUR 1.63bn. Given the increasing service share and overall pricing discipline ANDRITZ confirmed its long-term margin target of 8.5-9.0%
Pulp & Paper is still experiencing good project and investment activity. While presumably no big pulp mill project will be placed in 2017, ANDRITZ expects at least one big order for 2018 and further major projects for 2019 and 2020 given a huge number of planned production starts in 2020-2022 and following years. In view of the good market environment ANDRITZ is expecting the current strong profitability level to be sustainable and increased its long-term margin target from 7-8% to >8%.
Metals is suffering from very low investment activity in the Schuler business. Schuler is highly dependent from premium press lines for German OEMs, while the company is not present in the bigger B-segment. Schuler is now focusing on addressing this segment (potentially together with Yadon) to improve its growth potential. In view of the potential margin dilution as well as a difficult market environment for steel-related business, ANDRITZ has lowered its long-term margin target for Metals from 7-8% to 6-7%.
The positive trend in order intake at Separation continued in July and August and the segment will experience increasing sales in 2H17 and is confident regarding ongoing growth in the years to come. Consequently, the margin is further improving and therefore, ANDRITZ regards its long-term margin target of 8-9% as achievable (but not before 2019). ANDRITZ might strengthen this business area via acquisitions.
7673
baader_helvea_ist_bullish_auf_andritz
Aktien auf dem Radar:Österreichische Post, FACC, Austriacard Holdings AG, Flughafen Wien, S Immo, Addiko Bank, Andritz, Rosenbauer, SBO, OMV, ams-Osram, AT&S, Gurktaler AG VZ, Polytec Group, Wiener Privatbank, SW Umwelttechnik, Oberbank AG Stamm, Agrana, Amag, CA Immo, Erste Group, EVN, Immofinanz, Kapsch TrafficCom, Telekom Austria, Uniqa, VIG, Wienerberger, Beiersdorf, Brenntag, Siemens.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)184901
inbox_baader_helvea_ist_bullish_auf_andritz
Matejka & Partner
Die Matejka & Partner Asset Management GmbH ist eine auf Vermögensverwaltung konzentrierte Wertpapierfirma. Im Vordergrund der Dienstleistungen stehen maßgeschneiderte Konzepte und individuelle Lösungen. Für die Gesellschaft ist es geübte Praxis, neue Herausforderungen des Marktes frühzeitig zu erkennen und entsprechende Strategien zu entwickeln.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
13.09.2017, 5269 Zeichen
13.09.2017
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)
ANDRITZ - (Buy/TP EUR 57.00)
Our conclusion
The key focus of ANDRITZ’s Capital Market Day was on the company’s IIOT activities all over the group (and particularly good achievements at P&P). ANDRITZ is definitely already in an advanced position, offering its customers all kind of plant optimization and operation solutions, predictive maintenance applications as well as a user friendly e-shop for spare parts under its METRIS brand for digital solutions. During the business update CEO Dr. Leitner emphasized the excellent prospects for the P&P business. Demand at Hydro and Schuler remains muted, while Separation is now on a good track. ANDRITZ did not comment on business trends in 3Q17 and on FY17 expectations. Nevertheless, we had the impression that order intake improved following the disappointing 2Q and no negative surprise in terms of profitability is ahead.
Following the recent share price slump, we are reiterating our Buy rating for ANDRITZ. The overall business model is intact, even considering that a pick-up in Hydro investments might take some time. The profitability risk for ANDRITZ is limited given the ongoing strong service and upgrade business and the company’s pricing discipline. ANDRITZ’s valuation looks attractive with an adj. P/E 18E of below 15x, an EV/EBITA multiple of 9x and a dividend yield of 3-3.5%.
Hydro Power: Apart from the generally somewhat lower market volume compared to the industry peak in 2007-2011 and the usual fluctuations with regard to large projects, ANDRITZ has lost market share in recent years (17% in 2015, 21% in 2016 vs. 23% long-term average). This is in particular due to the weakness of Hydro Power markets in Europe, where ANDRITZ is traditionally strong, while the company’s position is quite weak in more active markets like China, North America and Africa. ANDRITZ is trying to improve its market position by shifting capacities to China and India to cover the growing Asian markets locally. ANDRITZ is seeing good potential in the area of pumped storage projects, not least in China, where the company recently got a EUR 70mn order and is expecting an increasing market share for larger projects. Based on an average EUR 6.0bn global hydro power equipment market, a return to 23% market share (with potential for improvement) and additional approx. EUR 250mn volume with pumps and generators ANDRITZ’s annual Hydro business potential amounts to more than EUR 1.63bn. Given the increasing service share and overall pricing discipline ANDRITZ confirmed its long-term margin target of 8.5-9.0%
Pulp & Paper is still experiencing good project and investment activity. While presumably no big pulp mill project will be placed in 2017, ANDRITZ expects at least one big order for 2018 and further major projects for 2019 and 2020 given a huge number of planned production starts in 2020-2022 and following years. In view of the good market environment ANDRITZ is expecting the current strong profitability level to be sustainable and increased its long-term margin target from 7-8% to >8%.
Metals is suffering from very low investment activity in the Schuler business. Schuler is highly dependent from premium press lines for German OEMs, while the company is not present in the bigger B-segment. Schuler is now focusing on addressing this segment (potentially together with Yadon) to improve its growth potential. In view of the potential margin dilution as well as a difficult market environment for steel-related business, ANDRITZ has lowered its long-term margin target for Metals from 7-8% to 6-7%.
The positive trend in order intake at Separation continued in July and August and the segment will experience increasing sales in 2H17 and is confident regarding ongoing growth in the years to come. Consequently, the margin is further improving and therefore, ANDRITZ regards its long-term margin target of 8-9% as achievable (but not before 2019). ANDRITZ might strengthen this business area via acquisitions.
7673
baader_helvea_ist_bullish_auf_andritz
Was noch interessant sein dürfte:
Inbox: Hausdurchsuchung bei voestalpine
OÖ10: Rosenbauer-Serie hält an
Nebenwerte-Blick: Agrana, FACC und S Immo gut unterwegs
Inbox: Wiener Privatbank: Gewinn im Halbjahr leicht gestiegen
Inbox: Kontron-Manager Carlos Queiroz kommt in den S&T-Vorstand
Inbox: FMA warnt vor YF Asset Management Limited
Karrieren & Kurse: Petra Plank, Mentorin für Beziehungsfähigkeit (und das Wifi Wien hat zwei Kurse dazu)
1.
Andritz AG
, (© Andritz Homepage) >> Öffnen auf photaq.com
Aktien auf dem Radar:Österreichische Post, FACC, Austriacard Holdings AG, Flughafen Wien, S Immo, Addiko Bank, Andritz, Rosenbauer, SBO, OMV, ams-Osram, AT&S, Gurktaler AG VZ, Polytec Group, Wiener Privatbank, SW Umwelttechnik, Oberbank AG Stamm, Agrana, Amag, CA Immo, Erste Group, EVN, Immofinanz, Kapsch TrafficCom, Telekom Austria, Uniqa, VIG, Wienerberger, Beiersdorf, Brenntag, Siemens.
Matejka & Partner
Die Matejka & Partner Asset Management GmbH ist eine auf Vermögensverwaltung konzentrierte Wertpapierfirma. Im Vordergrund der Dienstleistungen stehen maßgeschneiderte Konzepte und individuelle Lösungen. Für die Gesellschaft ist es geübte Praxis, neue Herausforderungen des Marktes frühzeitig zu erkennen und entsprechende Strategien zu entwickeln.
>> 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
AT0000A36XA1 | |
AT0000A2C5F8 | |
AT0000A2WCB4 |
Zertifikate Party Österreich 04/24: Wie sich Societe Generale im Zertifikate-Geschäft aufgestellt hat
Structures are my best Friends. In Kooperation mit dem Zertifikate Forum Austria (ZFA) und presented by Raiffeisen Zertifikate, Erste Group, BNP Paribas, Societe Generale, UBS, Vontobel und dad.at...
Eron Rauch
The Eternal Garden
2023
Self published
Futures
On the Verge
2023
Void
Emil Schulthess & Hans Ulrich Meier
27000 Kilometer im Auto durch die USA
1953
Conzett & Huber