Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HEIDELBERGER DRUCKMASCHINEN. We currently have 10 research reports from 1 professional analysts.
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A mixed picture from Heidelberger Druck
09 Feb 17
Q3 16/17 order inflow was unchanged at €582m, bringing the ytd number to €1.99bn (+4.5%). The respective revenue numbers were -5% to €608m and -6.8% to €1.68bn. EBIT was up by 46% to €32m but down by 34% to €43m, respectively, whereas the 9M net loss increased from €7m to €10m.
Profit recovery is slower than expected
09 Nov 16
After a superb Q1 (because of the DRUPA fair) with an order inflow increase of 14% to €804m, Q2 saw orders falling by 2.6% to €604m. The respective revenue numbers were -14% to €486m and -2.2% to €586m, i.e. the new orders have not (yet) resulted in revenue. Thanks to cost reductions, Heidelberger Druck’s profits increased in Q2, but by less than we had anticipated. Due to very poor earnings delivered for Q1, which were in part due to DRUPA costs, the group’s H1 profit numbers are down (EBIT: -74% to €11m; pre-tax loss of €24m vs. a loss of €8m last year).
Very high book-to-bill ratio, but very poor Q1 profits
10 Aug 16
Thanks to the DRUPA fair, Heidelberger Druck’s order inflow increased by 14% to €804m in Q1 16/17, but, at the same time, revenue fell by 14% to €486m. Compared to Q1 12/13 (i.e. the time of the last DRUPA), both numbers are down by 10% and 6.5%, respectively. Nevertheless, this year’s book-to-bill ratio was 1.65 and the end of June order book stood at €768m, a very high level indeed. However, the group has again suffered losses. Management blames the DRUPA costs of €10m for this, but the company also suffered losses when we exclude these costs. EBIT was a negative €19m (profit of €13m in Q1 15/16) and the net loss amounted to €37m compared to a loss of €4m. We had expected much better results.
Heidelberger Druck delivered, but outlook is very cautious indeed
08 Jun 16
The company had released preliminary sales, order inflow and some profit numbers earlier. Whereas the final numbers down to pre-tax earnings are about in line with our projections, net profit is higher as income tax charges amounted to €3.0m only (or a tax rate of slightly less than 10%), whereas we had expected a charge of €9m (or a ‘normalised’ tax rate of 30%). Simultaneously, net debt increased by €25m to €281m and pension provisions fell by €71m to €534m, i.e. net debt is lower but pension provisions are higher than we had projected.
Not all preliminary 2015/16 numbers show better than expected results
10 May 16
Order inflow was up by 2.4% to €2.49bn while consolidated revenue increased by 8% to €2.51bn. EBITDA and EBIT numbers were €190m and €116m, roughly unchanged from the previous year. Thanks to much lower net financial charges of €65m (vs. €96m in 2014/15), net profit came in at €28m compared to a loss of €72m the year before. The revenue and operating results fell short of our projection but as net financial charges were lower, net profit is higher than our expected €19m. As expected, net debt increased, but the new number of €280m (€256m at March 2015) is lower than our projected €379m. The increase is primarily the result of restructuring charges that were booked in the previous year but resulted in cash outflow in 2015/16.
€100m EIB loan received to finance future R&D
01 Apr 16
With this loan, Heidelberger Druck can prolong its re-financing further into 2024. It can be called in tranches during the next 12 months (each tranche has a term of seven years) and the loan does not require any repayments during the first three years. It is believed that the loan has a spread of around 3pp. Considering current yields of 8% and more for the group’s outstanding bonds, this loan is extremely attractive.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
Panmure Morning Note 26-04-2017
26 Apr 17
The interims highlighted the dilutive impact of equity raise in November 2016 with profit before tax growing by 9% yoy but EPS growing by just 5% yoy. At end-February, the cash balance had reached £15m, of which £5.5m is earmarked for the completion of the new factory. As the company remains cash generative, we expect the company to end fiscal 2017 with just under £13m of cash. We eagerly wait to see how this cash will be invested and drive returns.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Trifast - FY17 results ahead of expectations
20 Apr 17
Trifast has provided a positive year end trading update, with good performances across all geographies. Results for FY17 are guided to be ahead of expectations, with year end net debt also lower than previously expected. FY18 has also started well, although management has reiterated slight caution regarding margins due to rising input costs. We anticipate increasing our PBT forecasts by a mid-single digit percentage, and also reducing our net debt estimates. We remain positive on prospects for Trifast and expect the share price to respond positively today.