Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KUKA AG. We currently have 13 research reports from 1 professional analysts.
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Swisslog with a turnaround in Q4 16
15 Feb 17
Kuka, which is now owned by the Chinese company Midea, reported its final 2016 results. Revenues declined marginally by 0.6% to €2.95bn but the order intake increased 20.6% to €3.42bn. The order backlog jumped 25% to €2bn. EBITDA declined 20.8% to €205.3m and the EBITDA margin dropped from 8.7% to 7%. EBIT declined 6.2% to €127.2m and the EBIT margin declined from 4.6% to 4.3%. In 2016, the company faced a total purchase price allocation of around €10.8m (€58.7m in 2015) and extraordinary expenses relating to the takeover by the Midea Group of around €28m.
Strong order intake but lacklustre operating performance
09 Nov 16
In Q3 16, revenues declined by 1.5% to €710.9m and EBIT was reduced by 3.2% to €36.7m. The EBIT margin, however, remained stable at around 5.2%. EBITDA declined 13.9% to €57.5m and the EBITDA margin dropped from 9.3% to 8.1%. The company, however, reported a strong order intake which jumped 42.1% to €987.5m. The order backlog increased 26.6% to €2.2bn.
Split performance with two types of shares
09 Nov 16
The takeover by Midea is going according to plan. On 16 June 2016, Midea submitted the tender document. All KUKA shareholders received a voluntary takeover bid in the form of a cash offer worth €115 per share. The initial period for accepting the deal ended on 15 July and the extended acceptance period on 3 August 2016. On 8 August, Midea owned 94.55% of KUKA. The settlement and payment for the shareholders who accepted the offer may take until March 2017. The shares which were already tendered are now quoted under the identity number ISIN DE000A2BPXK1. Those shares owned by Midea hovered at around €105, whereas the remaining free float (5.45% of total share capital) hovered at around €75 per share. The identity number of the shares are ISIN DE0006204407. Due to the high level of acceptance, the free float reached 5.45% and, consequently, KUKA shares were delisted from the MDAX.
Mixed results but strong order intake
04 Aug 16
In Q2 16 revenues declined 7.1% to €704.1m and gross profit declined 0.4% to €185.3m. The order intake, however, jumped 28.3% to €893.2m and the order backlog increased 7.7% to €1.9bn. EBITDA plummeted 59.4% to €29.7m and the EBITDA margin declined from 9.6% to 4.2%. EBIT dropped 58.7% to €16.5m and the EBIT margin declined from 5.3% to 2.3%. Net income dropped from €26.2m to €9.5m.
Profit warning ahead!
22 Jul 16
Due to the takeover by Midea, KUKA reported additional costs of around €30m, of which €21m will be booked in the second quarter. The Q2 16 results are due to be published on 3 August. We expect real EBIT to plummet by 42.9% to around €22.8m. The EBIT margin will reach 3%. According to management, order intake reached a record level of €890m (estimate: €693m). We are not quite sure which division reported this strong order increase.
Over and out?!
30 Jun 16
As discussed earlier, Voith’s management had already prepared a takeover offer for KUKA and was taken by surprise when Midea offered €115 per share. According to the press, Midea is only interested in buying a stake in KUKA up to 49% (appeasement policy). Therefore KUKA’s management is looking for large investors and family offices to participate. The only way to attract these investors is to offer an attractive dividend yield of at least 2% or €2.30 per share. For 2015, the company paid a dividend of €0.50. KUKA cannot afford the dividend payment. Therefore we do not expect investors to buy the shares at a price of €115 just to support the 49% threshold self-imposed by Midea. Especially after Brexit, the automotive industry, a major customer of KUKA, will reduce capital spending. In addition, the CFO sold his shareholding in the company completely and the CEO half of his.
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.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
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.