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Rosenbauer confirmed at HOLD, TP EUR 38 - Model update: Cutting FY 22 ...
We maintain the HOLD recommendation but tweak the target price to EUR 38 from EUR 39 We project break-even EBIT (guidance: positive EBIT) and a net loss for FY 22e. We think a dividend omission is well possible Given several guidance revisions in the last two years, a track record needs to be restored. We think there is reason to believe that next year could mark a turning point Apart from a certain relief from retreated material costs and less strained supply chains as well as the non-recurrenc...
Raiffeisen Research Institutional Equity Daily 15.11.2022
AT: Rosenbauer - Operating loss in Q3 amplified by restructuring costs, unchanged FY guidance of sales of ca. EUR 1 bn and positive EBIT requires major earnings uptick in Q4 (neutral) AT: Vienna Insurance Group - Strong earnings driven by underwriting and investment performance (neutral) DE: Encavis - Q3 22 above RBIe and consensus without EUR 30 mn provision for potential government revenue skimming, guidance confirmed (neutral) RO: Conpet - Q3 22 net profit up by 27% yoy, on the back o...
Rosenbauer Q2 22 - Operating loss in line, FY earnings outlook more ca...
Despite higher than assumed sales of EUR 253 mn, operating loss of EUR -4.5 mn met RBIe Backlog increase to EUR 1.33 bn as main positive factor Highest H1 operating cash burn on record FY 22 sales target of ca. EUR 1 bn confirmed but EBIT outlook of positive EBIT as opposed to margin of 1-3% sounds more cautious
Raiffeisen Research Institutional Equity Daily 12.08.2022
MSCI August Index Review - No changes in constituents in our coverage universe AT: Rosenbauer - Operating loss in Q2 in line with RBIe despite much stronger sales, strong order intake, FY earnings outlook more cautious (negative) RO: Digi Communications - Q2 22 net profit from operations of EUR 3.5 mn due to higher operating expenses (negative) RO: Romgaz - Net profit of RON 746 mn on the back of strong gas prices (neutral) SI: NLB Group - Q2 22 conference call highlights (positive)
Raiffeisen Research Institutional Equity Daily 01.08.2022
AT: Erste Group - Q2 net profit 11% ahead of consensus on risk costs release / 2022 outlook marginally lifted / max risk costs of 90 bps in 2022 and 85 bps in 2023 in stress scenario (positive) AT: Rosenbauer - Resignation of CEO Siegel, CFO Wolf to resume CEO position in personal union (neutral) CZ: CEZ - CEZ started withdrawal from Turkey (positive) DE: Real Estate - Q2 market data shows first increases in yields (negative) GE: Baader Bank - announces the subscription price for stock...
CEZ CEZ AS
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ROS ROSENBAUER INTERNATIONAL AG
BWB BAADER BANK AG
CAI CA IMMOBILIEN ANLAGEN AG
SPI S IMMO AG
UBS UBM DEVELOPMENT AG
WXF WARIMPEX FINANZ UND BETEILIGUNG
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
IIA IMMOFINANZ AG
ONE ONE UNITED PROPERTIES SA
Rosenbauer confirmed at HOLD, TP EUR 39 - Capital Markets Day review; ...
Digesting a weak starting quarter that was accompanied by a reduced guidance we have lowered our forecasts which lowers the TP to EUR 39 from EUR 42.5, while we affirm the HOLD rating The ambitious 2030 plans were presented in more detail at the Capital Markets Day but see little short-term catalysts. At the CMD Rosenbauer reiterated the objectives of roughly doubling its top line to EUR 2 bn and improving the EBIT margin to 7%. Having perceived Rosenbauer as a very growth-centred company in rec...
Raiffeisen Research Institutional Equity Daily 23.06.2022
AT: Lenzing - Update of corporate strategy with ambitious EBITDA 27e target of >EUR 1 bn (positive) AT: Oesterreichische Post - increasing stake in smaller Austrian subsidiary Sendhybrid (neutral) AT: Rosenbauer - Takeover of the remaining 25% stake in the American subsidiary (neutral) AT: Vienna Insurance Group - Shareholder action for annulment of all resolutions from AGM (neutral) CZ: Czechia - resolutely hikes base rate again, this time by 125bp
Raiffeisen Research Institutional Equity Daily 21.06.2022
AT: AT&S - Raised revenue and EBITDA-margin guidance (positive) AT: Banks, Real Estate - FMA imposes binding rules on mortgages (neutral) AT: Erste Group - Framework for share buyback for the purpose of transferring shares to employees, management board and/or Erste Employee Foundation (neutral) AT: Rosenbauer - Takeaways from the Capital Markets Day (neutral) CZ: CEZ - Government to propose increase and delay in dividend payment (positive) PL: PZU - Fined for delayed claims payments...
Rosenbauer Q1 22 - Weak Q1 results following yesterday's profit warnin...
Operating loss of EUR -19 mn in Q1 amid 14% sales drop Operating CF at EUR -97 mn in Q1, reaching breakeven in FY 22 will be challenging Guidance cut announced yesterday, margin seen at 1-3% Company plans realisation of cost savings of ca. EUR 22 mn in FY 22
Raiffeisen Research Institutional Equity Daily 10.05.2022
AT: Rosenbauer - Weak Q1 results following yesterday's profit warning (negative) AT: Verbund - Verbund acquired 82 MWp PV portfolio and 2,100 MW development pipeline in Spain, price tag rumoured at EUR 1 bn (neutral) CZ: CEZ - Q1 22 results a massive earnings beat, FY 22 guidance raised (positive) RO: Romgaz, OMV Petrom - Offshore Law expected to be voted on Wednesday by the Senate (neutral)
Rosenbauer Company News - Guidance cut
FY 22 top line target reduced to approx. EUR 1 bn from above EUR 1 bn EBIT margin objective cut to 1-3% from prior ambition of stable margin of ~3.6% Q1 22 results will be released tomorrow morning We have already been below the former guidance but the new margin target heralds further downside to RBIe
Raiffeisen Research Institutional Equity Daily 02.05.2022
AT: Rosenbauer - Stake in its American subsidiary increased by 25% to 75% as flagged (neutral) CZ: CTP - Convenes EGM to vote on DIR merger and hive-down proceedings (neutral) HR: Podravka - Published Q1 22 results come above RBIe (positive) HR: Valamar Riviera - Published Q1 22 sales ahead of RBIe (neutral) PL: PGNiG - Strong Q1 preliminary earnings on higher oil and gas prices and significantly lower losses from gas trading (positive) RO: Fondul Proprietatea - Fondul will be able ...
Rosenbauer confirmed at HOLD, TP EUR 42.5 - Headwinds to stay strong i...
We believe that Rosenbauers FY 22 guidance of revenues > EUR 1 bn and a stable operating margin could pan out too optimistic We project a further 50 bps margin contraction to 3.1% amid stable sales. Chassis supplies in Europe are a particular area of concern In response to the severe problems with missing materials/parts Rosenbauer announced the introduction of short-time work at the production facilities in Leonding On June 20, Rosenbauer will host its CMD where management will present details...
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
UNIQA INSURANCE GROUP AG
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ARHOF AMREST HOLDING
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
POS PORR AG
LNZ LENZING AG
ROS ROSENBAUER INTERNATIONAL AG
PAL PALFINGER AG
WIE WIENERBERGER AG
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
CCC CCC SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
OTP OTP BANK NYRT
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
ANDR ANDRITZ AG
STR STRABAG SE
FLU FLUGHAFEN WIEN AG
FACC FACC AG
PODR-R-A PODRAVKA D.D.
ATGR-R-A ATLANTIC GRUPA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
BG BAWAG GROUP AG
COTE CONPET SA
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ERNT-R-A ERICSSON NIKOLA TESLA D.D.
WINE PURCARI WINERIES PCL
KOEI KONCAR GROUP
Increased risk weighs on ROSENBAUER INTL., penalising its rating down...
The independent financial analyst theScreener just lowered the general evaluation of ROSENBAUER INTL. (AT), active in the Commercial Vehicles & Trucks industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date February 25, ...
Raiffeisen Research Institutional Equity Daily 25.02.2022
AT: EVN - Q1 21/22 EBITDA in line, net better than expected, EUR 200-240 mn net income guidance confirmed (neutral) AT: IMMOFINANZ - CPI reaches 53.3% stake in IMMOFINANZ (neutral) AT: Rosenbauer - Company intends to increase stake in its American subsidiary (positive) AT: Wienerberger - Divestment of French plastic piping business planned (positive) HR: Ericsson Nikola Tesla - Good performance in Q4 21 at all levels (positive) HR: Hrvatski Telekom - EBITDA margin set to further impr...
ROS ROSENBAUER INTERNATIONAL AG
WIE WIENERBERGER AG
TRNFP TRANSNEFT PJSC PREF.
RTKM ROSTELECOM PJSC
GAZP GAZPROM PJSC
ALRS ALROSA PJSC
HT-R-A HRVATSKI TELEKOM DD
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
COTE CONPET SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
IIA IMMOFINANZ AG
ERNT-R-A ERICSSON NIKOLA TESLA D.D.
Raiffeisen Research Institutional Equity Daily 18.02.2022
AT: Rosenbauer - Preliminary FY 21 results in line with reduced guidance and RBIe but weaker than expected margin outlook for FY 22 (negative) AT: Vienna Insurance Group - Headline FY 21 figures to exceed guidance and expectations (positive) HU: MOL - Clean Q4 earnings slightly above consensus, but lower 2022 earnings and sFCF guidance (neutral) RU: Novatek - Capex program is set at RUB 200 bn for 2022e (neutral) RU: Russian Steel - FAS fines should be based on 2020 revenue (positive)
Rosenbauer prelim. Q4 21 - FY 21 prelims in line, weaker than assumed ...
FY 21 revenues of EUR 975 mn and EBIT of EUR 34 mn (margin 3.5%) met reduced targets Order backlog of almost EUR 1.15 bn in line with RBIe, back to pre-crisis level FY 22 top line outlook of more than EUR 1 bn in line but flat EBIT margin guidance falls shy of expectations While the margin target might discount an element of caution, given likely too ambitious FY 22e earnings assumption we expect a negative share price reaction
Rosenbauer confirmed at HOLD, TP EUR 50 - Cutting estimates and TP ahe...
We have cut our earnings forecasts and trim the target price to EUR 50 from EUR 54.5 while confirming the HOLD recommendation We expect Rosenbauer to deliver on the reduced FY 21e guidance of revenues of slightly less than EUR 1 bn and an EBIT margin of 3.5% However, as FY 22e shapes up in a similarly challenging way, we have become clearly more cautious about the earnings/profitability outlook Due to cost escalation and supply chain challenges as well as the time lag until more pronounced price...
Raiffeisen Research Institutional Equity Daily 31.01.2022
AT: Rosenbauer - Impending tax liability of EUR 5 mn likely to burden FY 21 (negative) CZ: CEZ - CEZ receives a positive ruling on CZK 1.6 bn Czech Railways case (neutral) PL: LPP - Company reaffirms plans to continue Ukraine expansion (neutral) PL: PGNiG - Higher production and sales of hydrocarbons to support Q4 21 earnings (positive) RU: Okey - Q4 21 net retail revenue grew by 10.4% yoy (neutral)
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