PSI’s H1 update is generally encouraging with order intake up 17% y-o-y driven by strength in the German energy and automotive industries and mostly solid trading across Europe. Weakness in China and Asia offset this somewhat and reduce visibility, but we believe our estimates are adequately supported. Delivery on this year’s estimates should improve confidence in the longer-margin expansion strategy, which is key to unlocking significant upside potential.
03 Aug 2015
On track despite Asian uncertainty
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On track despite Asian uncertainty
PSI’s H1 update is generally encouraging with order intake up 17% y-o-y driven by strength in the German energy and automotive industries and mostly solid trading across Europe. Weakness in China and Asia offset this somewhat and reduce visibility, but we believe our estimates are adequately supported. Delivery on this year’s estimates should improve confidence in the longer-margin expansion strategy, which is key to unlocking significant upside potential.