Andritz AG

Andritzis develops production systems and industrial process solutions for standard and specialized products. Co. maintains five business areas. Pulp and Paper provides technology and services for production of various grades of pulp and fiber for the manufacture of paper, board and tissue. Metals develops and manufactures plants for the production of cold-rolled carbon steel, stainless steel, and non-ferrous metals strip. Environment and Process provides products and services for mechanical and thermal solid or liquid separation. Feed and Biofuel develops and produces equipment for production of feed. Hydro supplies turnkey electromechanical equipment and services for hydro power plants.
  • TickerANDR
  • ISINAT0000730007
  • ExchangeVienna Stock Exchange
  • SectorIndustrial Engineering
  • CountryAustria
Teresa Schinwald

Andritz 2Q 20 - Good results, fair outlook, scope of downsizing key question

Andritz's 2Q results improved on all lines but for order intake and beat our ambitious as well as consensus expectations by quite a margin. The beat was based on improving Pulp&Paper and Separation earnings while Metals did not fare as bad as we thought and Hydro disappointed. Management returned to giving guidance for the current fiscal year and expects sales slightly down yoy from a 2019 revenue of EUR 6,674 mn and a flat EBITA margin (2019: 5.1%) after restructuring cost. Excluding restructuring we calculate a margin around 6% assuming a mid to high double-digit EUR mn expense, which would ...

Raiffeisen Centrobank Equity Daily 31.07.2020

◾AT: Andritz - 2Q 20 results way above expectations, new 2020 guidance: sales slightly down, EBITA margin at ~5% (positive) ◾AT: Erste Group - Higher COR in 2Q, but strong operating result and capital (positive) ◾FR: Verallia - Not immune but 2Q solid, FY guidance in line with RCBe (neutral) ◾PL: mBank - 2Q 20 conference call notes (neutral) ◾RO: Transgaz - The regulator set Transgaz's regulated revenue for transit pipeline 2 for the next gas year at roughly half last year's total transit revenue (neutral) ◾RU: Novatek - 2020e capex to be cut by additional 15%, with no impact on LNG investment...

Equity Weekly 300720

Company Events: (* preview included in the Equity Weekly) Friday, 31/07/2020 AT: Andritz, 2Q Earnings Release* AT: DO & CO, AGM AT: Erste Group, 2Q Earnings Release* HR: Valamar Riviera, 2Q Earnings Release* AT: Zumtobel, Dividend Payment (EUR 0.10) Monday,03/08/2020 RO: BRD-GSG, 2Q Earnings Release* HU: Gedeon Richter, 2Q Earnings Release* CZ: Komercni Banka, 2Q Earnings Release* Tuesday, 04/08/2020 AT: AT&S, 1Q Earnings Release* Wednesday, 05/08/2020 PL: Bank Pekao SA, 2Q Earnings Release* PL: Kety, 2Q Earnings Release AT: Lenzing, 2Q Earnings Release* HU: Magyar Telekom, 2Q Earnings...

Equity Weekly 230720

Company Events: (* preview included in the Equity Weekly) Friday, 24/07/2020 AT: AMAG, Ex-Dividend (EUR 0.50) HR: Ericsson Nikola Tesla, 2Q Earnings Release* HR: Hrvatski Telekom, 2Q Earnings Release* HR: Podravka, 2Q Earnings Release* AT: Zumtobel, AGM Monday, 27/07/2020 HR: Hrvatski Telekom, Ex-Dividend (HRK 8.0) RU: Lenta, 1H Earnings Release* Tuesday, 28/07/2020 AT: AMAG, Dividend Payment (EUR 0.50) AT: AT&S, Ex-Dividend (EUR 0.25) HR: Atlantic Grupa, 2Q Earnings Release* AT: BAWAG Group, 2Q Earnings Release* AT: Zumtobel, Ex-Dividend (EUR 0.10) RU: Yandex, 2Q Earnings Release* Wed...

Raiffeisen Centrobank Equity Daily 08.07.2020

 AT: Andritz - Andritz to supply spunlace line to Turkish Eruslu Nonwoven Group (neutral)  AT: OMV - 2Q 20 operating results show that OMV faced one of the most challenging quarters mainly due to the Covid-19 impact (negative)  FR: Verallia - Majority of shareholders chooses share dividend (neutral)  PL: mBank - Profit warning 2Q on another PLN 189 mn for legal risk provision from FX mortgages (negative)  RO: OMV Petrom - 2Q 20 operating results show lower qoq oil and gas production, weaker refining margins and lower sales of fuels (negative)

Teresa Schinwald

Andritz 2Q 20 - Good results, fair outlook, scope of downsizing key question

Andritz's 2Q results improved on all lines but for order intake and beat our ambitious as well as consensus expectations by quite a margin. The beat was based on improving Pulp&Paper and Separation earnings while Metals did not fare as bad as we thought and Hydro disappointed. Management returned to giving guidance for the current fiscal year and expects sales slightly down yoy from a 2019 revenue of EUR 6,674 mn and a flat EBITA margin (2019: 5.1%) after restructuring cost. Excluding restructuring we calculate a margin around 6% assuming a mid to high double-digit EUR mn expense, which would ...

Raiffeisen Centrobank Equity Daily 31.07.2020

◾AT: Andritz - 2Q 20 results way above expectations, new 2020 guidance: sales slightly down, EBITA margin at ~5% (positive) ◾AT: Erste Group - Higher COR in 2Q, but strong operating result and capital (positive) ◾FR: Verallia - Not immune but 2Q solid, FY guidance in line with RCBe (neutral) ◾PL: mBank - 2Q 20 conference call notes (neutral) ◾RO: Transgaz - The regulator set Transgaz's regulated revenue for transit pipeline 2 for the next gas year at roughly half last year's total transit revenue (neutral) ◾RU: Novatek - 2020e capex to be cut by additional 15%, with no impact on LNG investment...

Equity Weekly 300720

Company Events: (* preview included in the Equity Weekly) Friday, 31/07/2020 AT: Andritz, 2Q Earnings Release* AT: DO & CO, AGM AT: Erste Group, 2Q Earnings Release* HR: Valamar Riviera, 2Q Earnings Release* AT: Zumtobel, Dividend Payment (EUR 0.10) Monday,03/08/2020 RO: BRD-GSG, 2Q Earnings Release* HU: Gedeon Richter, 2Q Earnings Release* CZ: Komercni Banka, 2Q Earnings Release* Tuesday, 04/08/2020 AT: AT&S, 1Q Earnings Release* Wednesday, 05/08/2020 PL: Bank Pekao SA, 2Q Earnings Release* PL: Kety, 2Q Earnings Release AT: Lenzing, 2Q Earnings Release* HU: Magyar Telekom, 2Q Earnings...

Equity Weekly 230720

Company Events: (* preview included in the Equity Weekly) Friday, 24/07/2020 AT: AMAG, Ex-Dividend (EUR 0.50) HR: Ericsson Nikola Tesla, 2Q Earnings Release* HR: Hrvatski Telekom, 2Q Earnings Release* HR: Podravka, 2Q Earnings Release* AT: Zumtobel, AGM Monday, 27/07/2020 HR: Hrvatski Telekom, Ex-Dividend (HRK 8.0) RU: Lenta, 1H Earnings Release* Tuesday, 28/07/2020 AT: AMAG, Dividend Payment (EUR 0.50) AT: AT&S, Ex-Dividend (EUR 0.25) HR: Atlantic Grupa, 2Q Earnings Release* AT: BAWAG Group, 2Q Earnings Release* AT: Zumtobel, Ex-Dividend (EUR 0.10) RU: Yandex, 2Q Earnings Release* Wed...

Raiffeisen Centrobank Equity Daily 08.07.2020

 AT: Andritz - Andritz to supply spunlace line to Turkish Eruslu Nonwoven Group (neutral)  AT: OMV - 2Q 20 operating results show that OMV faced one of the most challenging quarters mainly due to the Covid-19 impact (negative)  FR: Verallia - Majority of shareholders chooses share dividend (neutral)  PL: mBank - Profit warning 2Q on another PLN 189 mn for legal risk provision from FX mortgages (negative)  RO: OMV Petrom - 2Q 20 operating results show lower qoq oil and gas production, weaker refining margins and lower sales of fuels (negative)

With a more favourable environment, ANDRITZ AG improves to Slightly Positive

ANDRITZ AG (AT), a company active in the Industrial Machinery industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 26, 2020, the closing price was EUR 33.40 and its potential was estimated at EUR 38.36.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Andritz - AGM 07 July 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the Austrian COVID-19 Company Law Act and COVID-19 Company Law Regulation. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by granting authority to the special proxies designated by the Company. Item 2: Management and Supervisory Board are proposing a dividend of EUR 0.50 per share (decreased by 67.74% from EUR 1.55) which corresponds to a payout ratio of 39.37% per share (EPS: EUR 1.27). We note that the initial dividend proposa...

Expert Corporate Governance Service (ECGS)

Andritz, March 27 2019

Item 4: Since there is no vote on Management Board members' remuneration in Austria, we take the opportunity to voice our concerns regarding the remuneration system currently in place at Andritz which we consider has several shortcomings: The target amounts for the short-term incentive (STI) have not been disclosed and the potential maximum STI may reach as much as 300% of base salary which significantly exceeds ECGS guidelines according to which the maximum annual bonus should not exceed 150% of base salary. Furthermore, pension benefits are insufficiently disclosed.  We note that the Company...

Andritz – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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