EQUI.TS GmbH is an innovative, equity research boutique based in Frankfurt (Germany). It is operated by its original founders and has established a reputation as a quality research provider over a period of more than 10 years. Although it generally does not focus on any particular branch of industry, its analyses often revolve around technology and growth stocks.

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Thomas J. Schiessle

Vorbereitungen für COVID-19-Vaccine bringt Orderschub von 60 % in Q3/20 - 4. Guidance-Anpassung für Gj. 2020

Überraschend kräftig entwickelte sich Q3/20; BPS (+26 % auf € 144,5 Mio.) wuchs anhaltend zweistellig; LPS (+44,1 % auf € 478,7 Mio.) beendete (mit Wiedereröffnung der akademischen Labore) die Schwächephase des H1/20 in allen Regionen. Der Ordereingang erreichte € 711,7 Mio. (+54,5% ggü. Vj; in CC: +60% - davon ca. 30%-Punkte COVID-19-bedingt). Der Q3/20-Konzern­umsatz stieg um +39,5 % ggü. Vj. (EMEA: +37,4%; Amerika: +38,7 %; Asia/Pacific:  +27,3 %) auf € 623,2 Mio. So gesehen könnte die herrschende Konzern-Mittelfristperspektive angehoben werden, sofern die anlaufende 2. Corona-Welle nicht ...

Thomas J. Schiessle

Preparations for COVID-19 vaccine brings order surge of 60 % in Q3/20 - 4th guidance adjustment for FY 2020

  Q3/20 developed surprisingly strongly; BPS (+26 % to € 144.5 m) continued to grow at double-digit rates; LPS (+44.1 % to € 478.7 m) ended the weak phase of H1/20 (with the reopening of academic laboratories) in all regions. Order intake reached € 711.7 m (+54.5 % vs. previous year; in CC: +60 % - thereof approx. 30 % points COVID-19 related). Consolidated sales in Q3/20 rose by +39.5 % year-on-year (EMEA: +37.4 %; America: +38.7 %; Asia/Pacific: +27.3 %) to € 623.2 m. Seen in this light, the prevailing medium-term outlook for the Group could be raised, provided that the ongoing second wave...

Thomas J. Schiessle

Q4/20 "will be strong" – Guidance concretization on CMD?  

Q4/20 "will be strong" – Guidance concretization on CMD?   Q3/20-EBITDA (adj.) was above consensus, but revenue growth was lower. The Q3/20 was also "on track" and expansive in its core business, but continued to suffer from Covid-19-related influences on the cosmetics business as well as some shifts to Q4. Q4 will also benefit from this and has been characterized by the CEO on 10/13/20 as "very strong" – therefore the guidance was confirmed. Our estimates were right.

Thomas J. Schiessle

Q4/20 “wird stark” – Guidance-Konkretisierung anlässlich CMD?

Der Q3-EBITDA (adj.) lag über dem Consensus, doch das Umsatzplus darunter. Auch das Q3/20 war „on track“ und im Kerngeschäft expansiv, litt aber weiterhin unter Covid-19-bedingten Einflüssen auf das Kosmetikgeschäft sowie einigen Verschiebungen ins Q4. Dieses wird auch hiervon profitieren und vom CEO am 13.10.20 als „sehr stark“ charakterisiert – folglich wurde die Guidance bestätigt. Unsere Schätzungen passten. Der Q3/20-Konzernumsatz stieg auf € 349,2 Mio. (nom. -2,6 %; org. +0,4 %; adj. +2,1 %); das adj. EBITDA wuchs organisch um 1,8 % (adj. +8,6 %) auf € 75,0 Mio. (adj. EBITDA-Marge: +4...

Thomas J. Schiessle

COVID-19 Special economy expires, 9M/20 orders +54 % year-on-year – decline is looming for 2021  

  CoVID-19 slowed down the very buoyant order intake (prelim. figures), albeit in Q3/20 (+ 13 % yoy). The book-to-bill ratio: 133 % (H1/20: 160 %). The M9/20 order intake totalled approx. € 3.04 billion + 50.7 % yoy (H1/20: + 76 %yoy). Business-sensitive customer groups were already holding back. 9M/20 sales (prelim.) rose to € 2.29 billion (CC: +23.6% year-on-year); 9M/20 EBIT reached € 228 million (previous year: € -2.9 million).

Thomas J. Schiessle

Vorbereitungen für COVID-19-Vaccine bringt Orderschub von 60 % in Q3/20 - 4. Guidance-Anpassung für Gj. 2020

Überraschend kräftig entwickelte sich Q3/20; BPS (+26 % auf € 144,5 Mio.) wuchs anhaltend zweistellig; LPS (+44,1 % auf € 478,7 Mio.) beendete (mit Wiedereröffnung der akademischen Labore) die Schwächephase des H1/20 in allen Regionen. Der Ordereingang erreichte € 711,7 Mio. (+54,5% ggü. Vj; in CC: +60% - davon ca. 30%-Punkte COVID-19-bedingt). Der Q3/20-Konzern­umsatz stieg um +39,5 % ggü. Vj. (EMEA: +37,4%; Amerika: +38,7 %; Asia/Pacific:  +27,3 %) auf € 623,2 Mio. So gesehen könnte die herrschende Konzern-Mittelfristperspektive angehoben werden, sofern die anlaufende 2. Corona-Welle nicht ...

Thomas J. Schiessle

Preparations for COVID-19 vaccine brings order surge of 60 % in Q3/20 - 4th guidance adjustment for FY 2020

  Q3/20 developed surprisingly strongly; BPS (+26 % to € 144.5 m) continued to grow at double-digit rates; LPS (+44.1 % to € 478.7 m) ended the weak phase of H1/20 (with the reopening of academic laboratories) in all regions. Order intake reached € 711.7 m (+54.5 % vs. previous year; in CC: +60 % - thereof approx. 30 % points COVID-19 related). Consolidated sales in Q3/20 rose by +39.5 % year-on-year (EMEA: +37.4 %; America: +38.7 %; Asia/Pacific: +27.3 %) to € 623.2 m. Seen in this light, the prevailing medium-term outlook for the Group could be raised, provided that the ongoing second wave...

Thomas J. Schiessle

Q4/20 "will be strong" – Guidance concretization on CMD?  

Q4/20 "will be strong" – Guidance concretization on CMD?   Q3/20-EBITDA (adj.) was above consensus, but revenue growth was lower. The Q3/20 was also "on track" and expansive in its core business, but continued to suffer from Covid-19-related influences on the cosmetics business as well as some shifts to Q4. Q4 will also benefit from this and has been characterized by the CEO on 10/13/20 as "very strong" – therefore the guidance was confirmed. Our estimates were right.

Thomas J. Schiessle

Q4/20 “wird stark” – Guidance-Konkretisierung anlässlich CMD?

Der Q3-EBITDA (adj.) lag über dem Consensus, doch das Umsatzplus darunter. Auch das Q3/20 war „on track“ und im Kerngeschäft expansiv, litt aber weiterhin unter Covid-19-bedingten Einflüssen auf das Kosmetikgeschäft sowie einigen Verschiebungen ins Q4. Dieses wird auch hiervon profitieren und vom CEO am 13.10.20 als „sehr stark“ charakterisiert – folglich wurde die Guidance bestätigt. Unsere Schätzungen passten. Der Q3/20-Konzernumsatz stieg auf € 349,2 Mio. (nom. -2,6 %; org. +0,4 %; adj. +2,1 %); das adj. EBITDA wuchs organisch um 1,8 % (adj. +8,6 %) auf € 75,0 Mio. (adj. EBITDA-Marge: +4...

Thomas J. Schiessle

COVID-19 Special economy expires, 9M/20 orders +54 % year-on-year – decline is looming for 2021  

  CoVID-19 slowed down the very buoyant order intake (prelim. figures), albeit in Q3/20 (+ 13 % yoy). The book-to-bill ratio: 133 % (H1/20: 160 %). The M9/20 order intake totalled approx. € 3.04 billion + 50.7 % yoy (H1/20: + 76 %yoy). Business-sensitive customer groups were already holding back. 9M/20 sales (prelim.) rose to € 2.29 billion (CC: +23.6% year-on-year); 9M/20 EBIT reached € 228 million (previous year: € -2.9 million).

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