Report
Thomas J. Schiessle
EUR 80.00 For Business Accounts Only

Diversifizierung trotzt Konjunktur - Wachstum durch Zukauf

Die angepasste Guidance, die unter unserer Erwartung lag, wurde erreicht. Das Schlussquartal im Gj 2018-19 zeigte eine robuste Entwicklung, wenngleich das originäre Geschäft rückläufig war. Das 12 M-EPS erreichte € 0,67 (Vj.: € 0,86; adj. EPS:  1,13; Dividende € 0,50. Die Unsicherheiten insbesondere unter Kunden aus der Elektronikindustrie halten noch an; die Konjunkturerholung verschiebt sich. Die Book-to-Bill-Ratio ist weiterhin im „Expansionsmodus“, sank aber leicht und zeigt den Erfolg der Diversifizierungs-Strategie.

Dadurch und unter Einrechnung der Akquisition INFAIMON S.L. sieht die Guidance (6-monatiges Rumpf-Gj. 2019) Wachstum vor.

 

Underlying
Stemmer Imaging

Stemmer Imaging AG is a Germany-based provider of machine vision technology. The Company's offering includes a complete technical range of products from a variety of manufacturers, such as cameras, lenses, illumination products, machine vision systems, as well as its own custom-made solutions, such as customized cables and protective housings for machine vision cameras. In addition, the Company develops imaging software, Common Vision Blox. The Company's machine vision solutions can be used in industrial automation to ensure quality control. Application areas include automotive, print, packaging, food and pharmaceutical industries, medical engineering and traffic technology, among others. The Company also provides customer support services, offering customized advice, feasibility studies and training, among others.

Provider
EQUITS GmbH
EQUITS GmbH

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.

Analysts
Thomas J. Schiessle

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