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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 - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
Small Cap Breakfast
03 Mar 17
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They’re forever blowing bubbles
08 Apr 16
Zotefoams utilizes a unique (patented) production process to manufacture a portfolio of block foams that deliver superior performance characteristics (e.g. UV and temperature resistance). Clients across numerous industries are increasingly using these specialist materials, driving double digit sales growth (10.9% FY15). We believe this part of the growth story is well understood. However, the market is not fully appreciating the transition in margins taking place (12.0% in FY15 vs 9.4% in FY06). Further operational gearing and a significant uplift from (newer) higher contribution products means this expansion has scope to continue (forecasted EBIT margin 14.3% FY18E).
19 Dec 16
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