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.
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)
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)
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.
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.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
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