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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
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.
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
Scott deal puts spotlight back on corporate strategy and valuation
17 Mar 17
The acquisition of Scott Safety by 3M announced yesterday is not a huge surprise but it puts the spotlight back on (1) Avon’s corporate strategy as two strong competitors merge and (2) Avon’s break-up valuation given the rich multiple (12.9x EBITDA) being paid by 3M. Avon and other competitors, particularly MSA Safety, cannot ignore the fact that Scott, which is the leader in SCBA (self-contained breathing apparatus) market and 3M, which derives the bulk of sales from industrial hard hats and masks, would together have the most comprehensive portfolio of products in the PPE (Personal Protective Equipment) market. The good news for investors is that if we were to apply similar EBITDA multiple, then Avon’s Protection & Defence business alone would account for the entire market cap. In effect, at the current share price, investors are getting the Dairy business for free. Our sum-of-the parts model now values the shares at 1,279p, up 7% compared with 1,200p previously.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017