Semperit confirmed at BUY, TP EUR 38.5 - Good, better, 2021
We reiterate the BUY recommendation and raise the price objective to EUR 38.5 from EUR 30.0The group announced a stellar FY 21 EBITDA target of about EUR 395 mn which implies a material uplift vs. the already strong FY 20e
We think the group can generate FCF of some EUR 225 mn in the current year, which is not only massive from a yield perspective but also results in a YE 21e net cash position of EUR 100 mn
Given the cash conversion and bearing in mind the still intended disposal of Sempermed, the group will have a well-filled war chest for M&A, which also leaves sufficient leeway for a compelling shareholder remuneration policy
ASM International is an equipment supplier mainly to the semiconductor manufacturing industry. Co. designs, manufactures and sells equipment and services to its customers for the production of semiconductor devices, or integrated circuits. Co.'s front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. Co.'s back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested.
ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.
Semperit is a holding company, engaged in developing, producing and selling specialized rubber and plastic products for the medical and industrial sectors. Co. has 20 production facilities in 12 countries. In addition, Co. operates a distribution network with branches in Asia, Europe and North and South America. Co.'s products are sold to providers in the medical and industrial sectors, who are supplied with specialised rubber and plastic products. Co.'s main product categories include examination and surgical gloves, hydraulic and industrial hoses, conveyor belts, escalator handrails, construction profiles, cable car rings, ski foils and products for railway superstructures.
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