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.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.