S&T AG is an Austria-based supplier of information technology (IT) solutions, specializing in Industry 4.0, embedded computer systems and Internet of Things (IoT) technology. The Company operates through three segments: IT Services, which handles the end-to-end realization of IT projects, from planning (consulting), through implementation (integration) to long-term operation (outsourcing); IoT Solutions, which focuses on the development of IoT and Industry 4.0 solutions combining hardware, middleware and services marketed to the industrial automation, medical technologies, infotainment and smart energy sectors, and Embedded Systems, which provides hardware featuring embedded technologies used by the transport, aviation and communication sectors. The Company is a full-service-provider of IT services in Central and Eastern Europe. Its core markets are Germany, Austria, Switzerland, Eastern Europe and North America.
  • TickerSANT
  • ISINAT0000A0E9W5
  • SectorGeneral Retailers
  • CountryAustria
Teresa Schinwald

S&T confirmed at HOLD, TP EUR 26 - More deals to fuel growth

We confirm our HOLD recommendation for S&T but lift our price target to EUR 26 (EUR 22) following recent acquisitions and plans to speed up new deals in 2020e and 2021e. S&T has shown quite some resilience to the economic effects of the pandemic, with revenues up in 2Q 20, also thanks to acquisitions and reporting a strong 10% EBITDA margin. This was fuelled by robust demand in the IoT Solutions | Europe segment, in particular for medical equipment and by government authorities, and supported by short-time work on the cost side. Also, S&T announced two acquisitions in early July (closing in au...

S&T AG: 1 director sold

A director at S&T AG sold 5,307 shares at 15.450EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members ...

Teresa Schinwald

S&T 2Q 20 - Resilient results, M&A to speed up

Following resilient demand for IT Services in Europe and thanks to last year's acquisitions (foremost Kapsch CarrierCom), S&T posted an even slightly stronger increase in revenues than we and consensus had expected. Book to bill was 1.14, almost flat sequentially. Operating performance was up as well, outperforming our forecast slightly, but well ahead of consensus, with S&T making use of short-time work support wherever necessary and possible (EUR +4.5 mn positive, RCBe EUR 3.5 mn). We appreciate the group's revenue growth and operating resilience.

Raiffeisen Centrobank Equity Daily 06.08.2020

â—¾AT: Austrian Banks - Deposit insurance contributions up 69% after Commerzialbank default (negative) â—¾AT: S&T - 2Q 20 slightly ahead of RCBe, guidance confirmed at sales of EUR 1,150 mn & EBITDA of 115 mn (positive) â—¾HU: Magyar Telekom - 2Q 20 figures in line but increase in planned fibre investments leads to increase in capex guidance (negative) â—¾PL: PKO BP, Bank Pekao - 2Q 20 conference calls summary (positive) â—¾RO: Banca Transilvania, BRD-GSG, Erste Group - National Bank of Romania reduced key interest rate by 25 bps to 150 bps (neutral) â—¾RU: Petropavlovsk - Further bond convers...

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...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Growth Over Value We continue to see coronavirus concerns as helping correct the excess bullish sentiment in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. • Major Indexes Holding Up Well. As mentioned above, breakdowns in major indexes are hard to come by. EM (MSCI EM), China (MSCI China), Europe (STOXX 600), MSCI ACWI, ACWI ex-US, and EAFE have all pulled back to their 50-day MAs, while Japan (TOPIX) appears to be finding support at its 100-day MA. ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Bottoms-up view on developed int'l, part two Big Picture: Our outlook remains neutral on the MSCI ACWI ex-U.S. index (when priced in local currency) while horizontal consolidation continues. On the other hand, we are negative on broad global ex-U.S. markets when priced in USD... see charts below. In today's report we take a bottoms-up approach to developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities at current levels. Specifically we present actionable stocks within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and U...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook (at best)... see page 2. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today's report we highlight actionable country- and Sector-specific themes: • Norway and India are leadership. Norway's Oslo OBX and India's SENSEX remain global leaders. Overweight these markets... see below and page 3 for overviews and actionable country-specific stocks. • Aus...

S&T AG: 1 director sold

A director at S&T AG sold 5,307 shares at 15.450EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members ...

Teresa Schinwald

S&T confirmed at HOLD, TP EUR 26 - More deals to fuel growth

We confirm our HOLD recommendation for S&T but lift our price target to EUR 26 (EUR 22) following recent acquisitions and plans to speed up new deals in 2020e and 2021e. S&T has shown quite some resilience to the economic effects of the pandemic, with revenues up in 2Q 20, also thanks to acquisitions and reporting a strong 10% EBITDA margin. This was fuelled by robust demand in the IoT Solutions | Europe segment, in particular for medical equipment and by government authorities, and supported by short-time work on the cost side. Also, S&T announced two acquisitions in early July (closing in au...

Teresa Schinwald

S&T 2Q 20 - Resilient results, M&A to speed up

Following resilient demand for IT Services in Europe and thanks to last year's acquisitions (foremost Kapsch CarrierCom), S&T posted an even slightly stronger increase in revenues than we and consensus had expected. Book to bill was 1.14, almost flat sequentially. Operating performance was up as well, outperforming our forecast slightly, but well ahead of consensus, with S&T making use of short-time work support wherever necessary and possible (EUR +4.5 mn positive, RCBe EUR 3.5 mn). We appreciate the group's revenue growth and operating resilience.

Raiffeisen Centrobank Equity Daily 06.08.2020

â—¾AT: Austrian Banks - Deposit insurance contributions up 69% after Commerzialbank default (negative) â—¾AT: S&T - 2Q 20 slightly ahead of RCBe, guidance confirmed at sales of EUR 1,150 mn & EBITDA of 115 mn (positive) â—¾HU: Magyar Telekom - 2Q 20 figures in line but increase in planned fibre investments leads to increase in capex guidance (negative) â—¾PL: PKO BP, Bank Pekao - 2Q 20 conference calls summary (positive) â—¾RO: Banca Transilvania, BRD-GSG, Erste Group - National Bank of Romania reduced key interest rate by 25 bps to 150 bps (neutral) â—¾RU: Petropavlovsk - Further bond convers...

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...

Raiffeisen Centrobank Equity Daily 02.07.2020

 AT: FACC - Successful redemption of EUR 90 mn bond, EUR 60 mn credit facility completed (neutral)  AT: S&T - S&T acquired German IT service provider CITYCOMP Group (neutral)  AT: S&T - S&T concludes 2020 share buyback programme (neutral)  HU: MOL - June model refining margins turned negative, petchem margins 20% lower mom (negative)  HU: Wizz Air - June load factor 52%, capacity utilization at 25% (neutral)  PL: Bank Pekao - Quercus apparently still interested in Xelion (neutral)  PL: CCC - 2Q 20 preliminary figures impacted by PLN 147 mn reserve and further impairments e...

S&T AG. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of S&T AG. (DE), a company active in the Computer Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 7, 2020, the closing price was EUR 23.92 and its potential was estimated at EUR 27.77.

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