Palfinger raised to BUY, TP EUR 36.5 - The return of growth
Despite the recent cyber-attack which the group meanwhile has largely overcome, Palfinger announced encouraging financial targets for FY 21eThe management envisages close-to-record revenues and, judging by the implied 20% drop through rate, a well underpinned operating margin objective of 8%
Trading conditions have reached an inflection point in recent months, which is also substantiated by a much-improved order momentum of its rival Hiab in Q4
The reversal of the 7.5% cross-holding with Sany could be a positive. The condition that the closing price of Palfinger shares reaches EUR 31.35 is within reach
As regards the FY 20 results release on February 25 we expect Palfinger to deliver on the guidance (EBIT EUR 100 mn) and project a strong cash conversion
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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