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 6 research reports from 1 professional analysts.
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SCHINDLER HOLDING-PART CERT
SCHINDLER HOLDING-PART CERT
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.
Strong sets of results, China takes up the lion's share of the conference call
14 Aug 15
Key information: • Revenue grew by 3.5% and by 7.4% in local currencies in H1 2015. • Operating income adjusted for exceptional items increased by 7.7% and by 14.7% in local currencies to CHF476m. The EBIT margin rose to 10.6% vs 10.2% in H1 14. • Net income was CHF358m, lower than last year’s figure due to the presence of an extraordinary gain in H1 14. The net profit margin was 8.0%. • Cash flow from operating activities improved by 17.7%. • Order backlog was unchanged at CHF9,191m but increased by 8.5% in local currencies. • The company expects net profit to be in the range of CHF700m and CHF750m. • Notably due to lower book-to-bill ratio in China, Schindler Holding reduced its revenue guidance and now expects an increase of 6-8% in local currencies.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
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.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Trading conditions difficult but acquisitions underpin growth
23 Jan 17
FY16 revenue will be £53.7m (FY15: £44.8m), in line with ZC estimate of £53.9m, showing growth of c. 20% yoy underpinned by the three acquisitions undertaken in the year. However, due to higher costs relating to the acquisitions and, to a lesser extent, gross margin pressure, PBT will be in the region of £7.0 to £7.2m equating to growth of between 5.5% and 8.0%. As a result, FY16 ZC profit forecast is reduced by 8.0% to £7.0m. The impact in FY18 and FY19 is muted by the announcement of a further acquisition leading to an increase in revenue estimates of 8.7% whilst profit estimates fall c.4.5% in each year, respectively. Despite the decrease in forecasts the PER multiple on FY17 earnings remains single digit at just 9.1x, against a distributor average of 15.8x. With commitment to the forecast dividend increase reiterated, Flowtech offers an above average yield of 4.1%