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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.