Half-year sales below (weak) prior-year level
In the first six months of 2017, PA Power Automation AG (ISIN DE0006924400, Basic Board, PPA GR) reported sales of €1.69m (H1 2016: €1.78m) and negative EBT (-€1.6m). The company has been faced with falling sales for some time, despite the new PA 9000 generation of controls. There are various reasons for this: while the macro situation in Turkey has had a negative impact up to now (but is currently improving), it seems that PA Power originally put its trust in the wrong partner in the USA. High expectations for business in Asia are linked to the company’s new strategic partner, Techmation. The company therefore seems to be making progress on many fronts so it has confirmed its guidance.
We are leaving our estimates unchanged, but are still refraining from issuing a rating as uncertainty remains high.
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