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Research Tree provides access to ongoing research coverage, media content and regulatory news on FUCHS PETROLUB SE. We currently have 5 research reports from 1 professional analysts.
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FUCHS PETROLUB SE
FUCHS PETROLUB SE
Outlook 2017: further growth in revenues and earnings
16 Feb 17
Q4 revenues came in at €564m (+4.4% yoy), bringing the annual growth to 9.0% as announced in January. The EBIT for the quarter was €94m (+15% yoy), also in line with January’s guidance. Outlook 2017: further growth in revenues and earnings, based on a generally positive economic outlook despite the risks in important regions.
Revenues supported by Europe; guidance for 2016 confirmed
03 Nov 16
Q3 revenues were €566m (+7% yoy), slightly below consensus estimates. EBIT came in at €93m (+10% yoy), slightly below consensus. Net income was €65m, just marginally below consensus. Guidance 2016 has been confirmed: - growth of revenues at the top end of +7-11% range (“at the top end” is an improvement); +7-8% after currency effects; - EBIT increased to +4-6% (vs. +3-7%); - FCF before acquisition in the upper end of €170-200m range (here also “upper end” is an upgrade).
Q2 revenues and EBIT beat driven by Europe
01 Aug 16
Q2 revenues grew by 14% yoy, to €576m, driven by Europe (+27% yoy, to €372m). In Asia-Pacific & Africa, organic growth was more than offset by currency weakness. The Americas were also affected by South American currencies. The EBIT came in at €102m (+18% yoy), beating consensus (at €92m). In Europe (+20%), growth was supported by the recent acquisitions (Pentosin and Statoil Fuel & Retail Lubricants). However, Asia posted a 7% decline, largely due to currency weakness and soft Australia and South Africa. The Americas were flat. The net income, at €68m, was slightly above consensus. Guidance 2016 has been confirmed: - Organic growth of revenues at +7-11%; - EBIT increase at +3-7%; - FCF before acquisition at €170-200m.
Initiating coverage on Fuchs Petrolub
06 Jul 16
Fuchs Petrolub (market cap.: €4.8bn) is the largest global independent manufacturer of lubricants. Fuchs’ strategy is based on differentiation, through a “specialised” positioning, differing from those of vertically-integrated mineral oil companies, which target broad sales channels (e.g. supermarkets or fuel stations). Fuchs focuses on technological leadership within niches and premium business segments. The company sells c. 10,000 KPUs and enjoys a c. 2% market share (the top 10 manufacturers have >50% by volume). We initiate coverage with a REDUCE recommendation and -9% downside. Fuchs Petrolub has built and sustains an economic moat by de-commoditising its offering while keeping a critical commercial scale. The margins are a result of and should be protected by the economic moat; moreover, an asset-light model concurs in underlying a structurally robust ROCE, regularly above 20%. The concerns relate to current valuation levels, with the company trading at 11.7x EV/EBITDA (vs. peers at 9.3x) and 18.5x P/E (vs. 16.8x); our DCF points to a -6% downside, assuming a growth of sales and EBITDA at 5.0% from 2019e to 2026e. Europe accounts for 59% of revenues, highlighting exposure to a GDP slowdown that may be not fully integrated in the stock price.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
N+1 Singer - Elementis - Positive update confirms strengthening of demand
25 Apr 17
Elementis’ AGM statement confirms a positive start to the year with stronger demand evident in most markets during Q1. This reinforces our confidence that 2017 will see a return to earnings growth after the challenges of 2016. It has been a busy period strategically with the sale of the non-core US colourants business and the closure of the Jersey City facility, as well as the significant acquisition of SummitReheis. The SummitReheis deal closed on 24th March, three months earlier than originally planned, prompting a 5% earnings upgrade to FY17 this morning. In our view prospects for the coming years are bright and Elementis remains a Best Idea for 2017.
N+1 Singer - Morning Song 12-04-2017
12 Apr 17
Futura Medical (FUM LN) Multiple licensing discussions underway | Low & Bonar (LWB LN) Solid Q1, trading in line | Nuclear options Significant long-term opportunities for UK companies | RhythmOne (RTHM LN) Trading update – profit and cash ahead | Uncovered Gems - Speed Dating Lunch A Famous Five for the future?