Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BEIERSDORF AG. We currently have 9 research reports from 1 professional analysts.
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FCF could have been better, cash at record high
08 Mar 17
Beiersdorf reported a 40bp higher gross profit margin of 58.9% and EBITDA rose +76% to €1,163m in 2016. Net profit attributable to shareholders moved up +7% to €709m. Operating CF clearly increased +18% to €942m, based on the good operating basis and additionally fuelled by higher D/A and NWC inflows (€83m after €30m). Investing CF moved from €-655m to €-764m, burdened by higher net acquisitions of securities (€-675m after €-551m), bringing the cash position (including securities) up to €3.7bn (€3.1bn), as capex dropped from €-249m to €-162m. FCF improved from €145m to €178m. Financing CF came in at €-233m (€-210m) as it saw some higher net gross debt repayments and other financing expenses. Management proposes an unchanged dividend of €0.70 per share at the AGM on 20 April 2017. For 2017, management expects the group’s sales growth to be 3-4% and a slight improvement in the EBIT margin.
Consumer’s LatAm burden
03 Nov 16
9M sales stood unchanged at €5,032m, but organic growth was +3%. Consumer’s sales came in unchanged at €4,177m (organic: +3%) and tesa declined 1% to €855m (organic: +1%). Management confirmed 2016 guidance, expecting an organic sales growth of 3-4%, a slightly higher EBIT margin (2015: 14.4%) and PAT also slightly above the previous year’s (2015: 10.0%).
Other operating result and financial result made the difference
04 Aug 16
Beiersdorf’s H1 sales weakened by 1% to €3,358m and the gross profit margin declined 30bp to 59.1%. EBITDA stood +2% higher (at €580m) and net profit attributable to shareholders rose +5% to €364m. Operating CF strongly increased (€407m after €290m), fuelled by a swing in NWC from €-104m to €8m due to lower inventories and lower increases in receivables and liabilities. Despite significantly lower capex, investing CF moved from €-235m to €-276m, driven by higher net payments to acquire securities (€-263m after €-154m). Higher financing expenses and loan repayments burdened financing CF (€-223m after €-188m). Management confirmed 2016 guidance expecting an organic sales growth of 3-4%, a slightly higher EBIT margin (2015: 14.4%) and PAT also slightly above the previous year (2015: 10.0%).
Not a too bad start into 2016, but how has profitability performed?
06 May 16
Group sales were down by 2% to €1,673m, but organic growth was +2%. Management confirmed 2016 guidance, expecting an organic sales growth of 3-4%, a slightly higher EBIT margin (2015: 14.4%) and PAT also slightly above the previous year’s (2015: 10.0%).
Despite lower dynamics, 2015 performed well
17 Feb 16
Beiersdorf reported +6% higher sales (to €6,686m; organic: +3%) and the gross profit margin increased from 57.5% to 58.4%. EBITDA rose +12% to €1,091m, but was up by just +4% if the previous year’s one-off is excluded. Net income attributable to shareholders jumped +25% to €660m. Operating CF reflected the improved operating profitability and clearly benefited from the strong swing in NWC (€30m after €-201m) and strongly increased from €397m to €800m. By contrast, investing CF moved from €-230m to €-655m, hit by higher net payments to acquire securities (€-551m after €-17m). Financing CF was fairly unchanged (€-210m after €-192m), impacted by a small swing from net gross debt proceeds (€9m) to net gross debt repayments (€-15m). Management will propose an unchanged dividend of €0.70 per share at the AGM on 31 March 2016. For 2016, management expects an organic sales growth of 3-4%, a slightly higher EBIT margin (2015: 14.4%) and PAT also slightly above the previous year (2015: 10.0%).
Outperformance in the bag
24 Mar 17
IG Design has had a very good second half trading and has issued a year-end update indicating that numbers will exceed market estimates. We have lifted our FY17 and FY18 numbers by 8-10% at the pre-tax and EPS levels, following an 11% uplift to earnings with the interims. Particularly notable is the comment on strong cash flow, with the group reaching its target of average leverage less than 2.5x EBITDA two years ahead of plan. With the earnings and cash flow momentum, strong balance sheet and progressive dividend, there is good potential for further share price upside.
24 Mar 17
We note the share transaction yesterday, and think the stock will benefit from the increased liquidity. We continue to believe there is good valuation upside to the shares. However, we are terminating coverage of Watkins Jones from this morning and withdrawing our forecasts from the market.
Panmure Morning Note 20-03-2017
20 Mar 17
Today’s strong H1FY17 trading statement is encouraging on multiple levels; (1) H1FY17’s revenue growth of c.+23% to £32m indicates revenue growth running well above our forecast assumption of +15% for FY17 (August 2017); (2) the revenue growth continues to be broad-based across the two main brand groups (Focusrite and Novation) and all of TUNE’s global regions (USA, Europe, and RoW); (3) H1FY17’s constant currency revenue growth of c.+12% is a sequential acceleration from the c.+9.5% of H2FY16 and c.+5.5% of H1FY16; and (4) H1FY17’s net cash of £9.4m is well ahead of our forecast of £7.7m by August 2017, reflecting strong revenue/profit conversion combined with much improved w/c control. In short, we think there is excellent scope for our FY17 forecasts to be raised at the time of the H1FY17 results on May 3. We maintain our BUY.
20 Mar 17
Focusrite has positioned itself in a way that makes its shares a particularly attractive investment: leadership in a niche product area protected from general consumer swings; an international market structure that makes it relatively currency agnostic; a habit of profit over delivery; a strong and further strengthening balance sheet; and an undemanding valuation. This first half trading statement confirms every one of those points.