Equity Research, Broker Reports, and media content on GAUSSIN

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about GAUSSIN
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on GAUSSIN. We currently have 10 research reports from 1 professional analysts.

  • Frequency of research reports

     

  • Research reports on

    GAUSSIN

  • Providers covering

    GAUSSIN

Latest Content

View the latest research, videos, and podcasts for this company.

Issue of convertible bonds does not change the big picture (Gaussin)

  • 20 Jul 16

Issue of convertible bonds does not change the big picture EPS CHANGE CHANGE IN TARGET PRICE€ 1.11 vs 1.10 +1.02% Following a decrease in our forecast of WCR, net debt has been lowered. As a result, the EV/EBITDA peer valuation increased sharply and compensated for the decrease in our DCF, resulting in an unchanged target price and recommendation. CHANGE IN EPS2016 : € -0.07 vs -0.05 ns 2017 : € 0.04 vs 0.04 -1.55% As we have changed the timeline for the capital increases following the issue of €10m of convertible bonds from 2016 to 2017 and 2018, this had an impact on the average number of shares for the year 2016. We have not changed our net income forecast. CHANGE IN NAV€ 1.61 vs 1.64 -1.83% In our NAV, the lower net debt expected at 2016 year-end had a positive effect on the valuation and we have also increased the valuation of the licence which was compensated by a decrease in the multiple used for the Port division from 0.7x order book to 0.6x, as we now forecast a lower EBITDA margin than previously for this division, and by the removal of DTA from gross assets as a result of the warning by auditors. Our forecast concerning the number of shares remains mostly unchanged. CHANGE IN DCF€ 1.29 vs 1.52 -14.7% In our DCF, the main change is the lower forecasted EBITDA margin from 2018 onwards. We now assume a 15.5% EBITDA margin from 2018 onwards versus 19.0% previously. The change was motivated by the fact that the average EBITDA margin for the capital goods sector is roughly 14%, and therefore our assumptions were not conservative enough. The lower net debt expected partially had an offsetting effect on our DCF valuation. We have left capex assumptions unchanged. Our forecast concerning the number of shares remains mostly unchanged.