Palfinger confirmed at BUY, TP EUR 39 - Profit warning: costs & supply chain woes, pricing mismatch
As a result of Palfingers profit warning, we have cut our estimates and consequently the target price drops to EUR 39 from EUR 44 but maintain the BUY ratingWe remain upbeat on the investment case because the fundamental demand picture continues to be encouraging
Substantial cost increases and supply chain disruptions herald FY 22 EBIT just largely stagnant
The phasing in of price increases is actually slower than assumed as Palfinger is still working off the lower-priced backlog. Thus, there is a timing mismatch compared to the rapid increase of major cost items
Palfinger provides lifting solutions for use on commercial vehicles and in the maritime field. Co. is engaged in providing loader cranes, timber and recycling cranes, marine cranes, wind cranes and hooklifts service. In addition, Co. is engaged in providing tail lifts and high-tech railway systems. Co. offers its products and services primarily to construction industry, transport logistics, public authorities, waste disposal, forestry and agriculture and railway infrastructure. In the marine business, Co. sells worldwide, primarily to customers in deep sea navigation and in the oil and gas industry. Co.'s brand is LIFETIME EXCELLENCE.
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