Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SCHINDLER HOLDING-PART CERT. We currently have 7 research reports from 1 professional analysts.
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SCHINDLER HOLDING-PART CERT
SCHINDLER HOLDING-PART CERT
Operating cash flow contracting but pricing pressure easing
16 Feb 17
Key information: • Orders received rose by 4.1% (4.6% in local currencies). • Order backlog increased by 6.8% (6.5% in local currencies). • Revenue grew by 3.1% (3.6% in local currencies). • Operating profit (EBIT) increased by 13.1% (13.9% in local currencies). • EBIT margin was 11.7% (previous year: 10.7%). • Before exceptional items, the EBIT margin was 11.5% (previous year: 10.5%). • Net profit improved by 10.2% to CHF823m. • Before exceptional items, net profit was CHF766m (previous year CHF747m).
Spurious guidance upgrade and decreasing operating cash flow generation
25 Oct 16
Key information (9m figures): • Orders received up by 4.3% (3.9% in local currencies). • Order backlog exceeds CHF10bn and registered an 8.1% growth (9.7% in local currencies). • Revenue up by 3.7% (3.6% in local currencies). • Operating profit up by 7.7% (8.1% in local currencies). • EBIT margin improved by 40bp to 11.1%. • Net finance expense impacted negatively by FX effect. • Net profit rose by 6.0% thanks to one-off. • Cash flow from operating activities decreased by 5.7% to CHF659m.
Lowering of guidance disappoints market participants
18 Aug 16
Key information: • Revenue up by 3.4%, +3.9% in local currencies. • Operating profit rose by 5.9% to CHF504m, +7.6% in local currencies. • EBIT margin at 10.9% vs 10.6% in H1 15. • Net profit increased by 3.9%. • Cash flow from operating activities decreased by 9.5% to CHF427m. • Orders received increased by 2.1%, +2.3% in local currencies. • Order backlog up by 5.8%, +7.0% in local currencies.
Schindler is outperforming the market
28 Apr 16
Key information: • Order received grew by 1.0% and 2.0% in local currencies. • Order backlog was up by 2.8% and 4.9% in local currencies. • Revenue grew by 1.8% and 3.3% in local currencies. • Operating profit increased by 5.9% and 9.5% in local currencies. • EBIT margin rose from 10.4% to 10.8%. • Net profit increased by 8.3%. • Positive surprise was the EPS up 4%.
Still a buying opportunity despite China risk
12 Feb 16
h2. Key information: • Orders received grew by 4.6% in local currencies but the reported figure declined by 0.1%. • Order backlog increased by 7.9% in local currencies but the reported figure grew by only 1.1%. • Revenue grew by 6.7% in local currencies but the reported figure grew by only 1.6%. • EBIT comparable increased by 7.5% and 16.8% in local currencies. • EBIT margin comparable at 10.7% vs 10.1% in FY2014. • Net profit comparable CHF747m vs CHF740m in FY2014. • EBIT and net profit positively impacted by exceptional items in FY2014. • Cash flow CHF1,076m vs CHF902m in FY2014.
Margin improvement, China slowing down
23 Oct 15
Key information (figures are for the 9m period) • Revenue at CHF 6,802m, up by 2.2% in Swiss Francs and by 7.3% in local currencies. • Orders received at CHF 7,361m, increased in Swiss francs by 0.7% and by 3.9% in local currencies. • Backlog at CHF9,519m up by 2.8% in Swiss francs and by 11.2% in local currencies. • Comparable operating profit up 7.7% in Swiss Francs to CHF 725m and up 16.8% in local currencies. • EBIT margin reached 10.7% vs 10.1% over 2014 9m period. • Net profit at CHF 553m, up 5.7% in Swiss francs. • Cash flow from operating activities reached CHF 669m, an increase of 15.3%. Concerning the guidance, management expects: - Revenue growth if 6% to 8% in local currencies. - Net profit of between CHF 700m and CHF 750m. Following these results, we expect to slightly increase our EPS forecasts for 2015 and 2016. Analysis and recommendation unchanged for now.
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)
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.
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)
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.
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.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.