Kapsch Trafficcom

Kapsch TrafficCom is an international supplier of superior intelligent transportation systems (ITS). Co. subdivided into the following three segments: Road Solution Projects; Services, System Extensions, Components Sales; and Others. The segment Road Solution Projects relates to the installation of ITS solutions. The segment Services, System Extensions, Components Sales relates to the sale of services and components in the area of ITS solutions. The segment Others relates to non-core business activities conducted by Kapsch Components KG. In this segment, Co. offers engineering solutions, electronic manufacturing and logistics services to affiliated entities and third parties.
  • TickerKTCG
  • ISINAT000KAPSCH9
  • ExchangeVienna Stock Exchange
  • SectorIndustrial Transportation
  • CountryAustria
Research Team

Raiffeisen Centrobank Equity Daily 08.10.2020

 AT: Agrana - 2Q in line with preliminaries; outlook confirmed (neutral)  AT: Kapsch TrafficCom - Acquisition of remaining 35% stake in German tolltickets (neutral)  AT: OMV - 3Q 20 operating results point to weaker qoq earnings (negative)  AT: S IMMO - Ronny Pecik decreasing stake in S IMMO (negative)  RO: OMV Petrom - 3Q 20 operating results come in line with expectations (neutral)  RU: Alrosa - CEO speaks of strong diamond sales in September (positive)  RU: Gazprom - Gazprom was fined USD 7.6 bn by Polish UOKiK for NS-2 (negative)  CEE Macro Daily

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Teresa Schinwald

Kapsch TrafficCom re-initiated at HOLD, TP EUR 14.50 - A difficult year ahead

Following a transfer of coverage, we re-initiate Kapsch TrafficCom with a HOLD recommendation and a target price of EUR 14.5. Due to the loss of contracts and expiry of projects, the group ran into a margin squeeze as cost overruns and hiring in growth markets collided with top-line-led overcapacities in other markets. In the aftermath of very lacklustre 1Q results, we expect the company to provide details of its recently initiated cost reduction and efficiency improvement programme and to present a streamlined mid-term outlook. At the same time, we could still see writedowns and impairments s...

Raiffeisen Centrobank Equity Daily 24.08.2020

 FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group;  AT: voestalpine - Restart of small BF at Linz plant in early September (neutral)  CH: Aluflexpack - 1H results live up to RCBe, FY 20 guidance of sales of EUR 220-230 mn and adj. EBITDA of EUR 32-35 mn confirmed (neutral)  PL: Lotos - Lotos wants to invest into maritime fuel and offshore wind power generation (neutral)  PL: PGNiG...

Research Team

Raiffeisen Centrobank Equity Daily 08.10.2020

 AT: Agrana - 2Q in line with preliminaries; outlook confirmed (neutral)  AT: Kapsch TrafficCom - Acquisition of remaining 35% stake in German tolltickets (neutral)  AT: OMV - 3Q 20 operating results point to weaker qoq earnings (negative)  AT: S IMMO - Ronny Pecik decreasing stake in S IMMO (negative)  RO: OMV Petrom - 3Q 20 operating results come in line with expectations (neutral)  RU: Alrosa - CEO speaks of strong diamond sales in September (positive)  RU: Gazprom - Gazprom was fined USD 7.6 bn by Polish UOKiK for NS-2 (negative)  CEE Macro Daily

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Teresa Schinwald

Kapsch TrafficCom re-initiated at HOLD, TP EUR 14.50 - A difficult year ahead

Following a transfer of coverage, we re-initiate Kapsch TrafficCom with a HOLD recommendation and a target price of EUR 14.5. Due to the loss of contracts and expiry of projects, the group ran into a margin squeeze as cost overruns and hiring in growth markets collided with top-line-led overcapacities in other markets. In the aftermath of very lacklustre 1Q results, we expect the company to provide details of its recently initiated cost reduction and efficiency improvement programme and to present a streamlined mid-term outlook. At the same time, we could still see writedowns and impairments s...

Raiffeisen Centrobank Equity Daily 24.08.2020

 FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group;  AT: voestalpine - Restart of small BF at Linz plant in early September (neutral)  CH: Aluflexpack - 1H results live up to RCBe, FY 20 guidance of sales of EUR 220-230 mn and adj. EBITDA of EUR 32-35 mn confirmed (neutral)  PL: Lotos - Lotos wants to invest into maritime fuel and offshore wind power generation (neutral)  PL: PGNiG...

Teresa Schinwald

Kapsch TrafficCom 1Q 20/21 - More cautious management outlook

The final 1Q 20/21 results matched the preliminary release on revenues (down 26% to EUR 138.5 mn) and EBIT (EUR -11.3 mn vs. last year's positive EUR 4.6 mn). The quarterly net loss amounted to EUR -10.3 mn. On a positive note, heralded impairment tests apparently did not result in write-offs and management initiated a cost cutting programme in the EUR double-digit millions, but at the same time the CEO admitted that achieving a positive EBIT for the FY 20/21 has become much more challenging than originally anticipated.

Increased risk weighs on KAPSCH TRAFFICCOM AG, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of KAPSCH TRAFFICCOM AG (AT), active in the Computer Hardware industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date February 7, 2020, the closing price was EUR 26.20 and its target price was estimated at EUR 24.45.

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