reports
- Toby Thorrington
DVS Technology - Termination of coverage
Edison Investment Research is terminating coverage on: • 2G Energy (2GB) • Apontis Pharma (APPH) • Artec technologies (A6T) • Beta Systems (BSSA) • Blue Cap (B7E) • Cyan (CYR) • Consus Real Estate (CC1) • Daldrup & Soehne (4DS) • DATAGROUP (D6H) • Datron (DAR) • Delignit (DLX) • Deutsche Börse (DB1) • Deutsche Grundstücksauktionen (DGR) • Deutsche Rohstoff (DR0) • DVS Technology (DIS) • Edel (EDL) • Ernst Russ (HXCK) • Exasol (EXL) • expert.ai (EXAI/EXSY) • Fashionette (FSNT) • Formycon (FYB) ...
- Toby Thorrington
DVS Technology - Recovering markets support results
DVS TECHNOLOGY’s H121 results have recovered since last year, which was affected by the COVID-19 pandemic. Operating leverage triggered an improvement in EBITDA margin of 440bp to 7.8%. The order intake was strong with 32% y-o-y growth in the first half and management expects further improvement in H221. The company has maintained its FY21 guidance for revenue growth of 11% but adjusted it for pre-tax profit from €5m to €3–5m, partly due to the expected impact of higher raw material prices and a...
- Toby Thorrington
DVS Technology - Recovering markets support results
DVS TECHNOLOGY’s H121 results have recovered since last year, which was affected by the COVID-19 pandemic. Operating leverage triggered an improvement in EBITDA margin of 440bp to 7.8%. The order intake was strong with 32% y-o-y growth in the first half and management expects further improvement in H221. The company has maintained its FY21 guidance for revenue growth of 11% but adjusted it for pre-tax profit from €5m to €3–5m, partly due to the expected impact of higher raw material prices and a...
- Toby Thorrington
DVS Technology - FY21 margins expected to exceed FY19
DVS TECHNOLOGY’s FY20 results were obviously affected by the coronavirus pandemic, with revenues declining by 26% to €194m. After an operating loss of €1.5m in the first half, the company reported positive EBIT of €4.3m for FY20, driven by the benefits of several cost measures taken in the first half, which included a reduction in staff numbers. FY21 guidance is for an 11% increase in revenues and a 180bp improvement in the EBIT margin to 3.9%. Future Mobility is becoming more important in the c...
DGAP-News: DVS TECHNOLOGY AG successfully completes the sale of the 50...
DGAP-News: DVS TECHNOLOGY AG / Key word(s): Disposal DVS TECHNOLOGY AG successfully completes the sale of the 50% stake in its subsidiary Heyligenstaedt Werkzeugmaschinen GmbH 22.12.2020 / 15:32 The issuer is solely responsible for the content of this announcement. DIETZENBACH, December 22, 2020 - DVS TECHNOLOGY AG has successfully completed the sale of its 50% stake in Heyligenstaedt Werkzeugmaschinen GmbH. Heyligenstaedt Werkzeugmaschinen GmbH primarily commercializes large milling and turning machines for heavy industry. With the sale, DVS TECHNOLOGY AG is consisten...
DGAP-News: DVS TECHNOLOGY AG schließt den Verkauf der 50% Beteiligung ...
DGAP-News: DVS TECHNOLOGY AG / Schlagwort(e): Verkauf DVS TECHNOLOGY AG schließt den Verkauf der 50% Beteiligung an ihrer Tochtergesellschaft Heyligenstaedt Werkzeugmaschinen GmbH erfolgreich ab 22.12.2020 / 15:32 Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. DIETZENBACH, 22. Dezember 2020 - Die DVS TECHNOLOGY AG hat den Verkauf ihrer 50% Beteiligung an der Heyligenstaedt Werkzeugmaschinen GmbH erfolgreich abgeschlossen. Die Heyligenstaedt Werkzeugmaschinen GmbH vermarktet vorrangig große Fräs- und Drehmaschinen für die Schwerindustrie. D...
- Toby Thorrington
DVS Technology - Recovery in H220 will deliver FY20 break-even
DVS TECHNOLOGY’s H120 results were affected by a lower order book at the start of the year and the coronavirus pandemic, leading to a 28% decline in revenues to €90m and a loss before tax of €3.1m. Due to improved market conditions since then and cost-saving measures implemented since May 2020, management expects stronger results in H220 vs H120. FY20 guidance is for a decline in revenues of 19% and a break-even result before tax. Longer term, DVS TECHNOLOGY is well positioned to benefit from th...
- Toby Thorrington
DVS Technology - Machine tools market under pressure
Significantly weaker markets and increased costs ahead of a ramp up in production, drove DVS TECHNOLOGY’s 2019 revenue and reported EBIT down 1% and 49%, respectively. A comprehensive cost and efficiency plan was initiated after the H119 results and should bring savings in 2020. The coronavirus crisis has materially worsened the economic outlook and management now expects 2020 revenues and EBIT to be significantly lower compared to last year. The market contraction is also affecting the compan...
DVS Technology - Tough going
A sharply deteriorating machine tool market and procurement cost pressures have driven a reduction of over a third in DVS TECHNOLOGY’s H119 PBT and a material revision of full-year PBT guidance from €16m to €10m. This is all the more disappointing after H218 resilience (PBT up 11%) defied a similar profit warning. Management recently adopted a comprehensive group-wide plan to strengthen marketing and secure efficiencies. Finances remain sound (equity ratio almost unchanged at 50%) despite ...
- Richard Finch
Diskus Werke - Staying resolute
Diskus Werke has countered the disappointment of its September profit warning by clearly exceeding reduced PBT guidance for 2018 (€14.6m vs €14m) and securing a strong 9% rise in its year-end order book. This is impressive, given a slowing German machine tool market and procurement cost pressures. As in 2017, continued loss elimination at three problematic subsidiaries has been accompanied by volatility at some larger businesses. Current-year guidance is for 4% revenue growth at higher margi...
- Richard Finch
Diskus Werke - Hard grind
Diskus Werke has accompanied predictably solid H1 results (PBT up 5%) with lowered 2018 PBT guidance, now expected to be up 3% at €14m, suggesting a flat H2. While half-yearly divisional performance is not disclosed, this shortfall is attributed mainly to the expected turnaround of longstanding loss-making subsidiaries rather than core demand (June 2018 order book up 15% y-o-y with H1 book/bill ratio of 1.09 vs 0.95 y-o-y). Finances remain sound (debt/equity ratio 51%) despite much higher net ...
- Richard Finch
Diskus Werke - Grinding it out
2017 was a record year for revenue and EBIT, with all three divisions outperforming the market. However, H2 performance, broadly in line with management expectations but showing an absolute decline from H1, contrasts with a marked ‘beat’ in H117. A strong orderbook (up 4% at December 2017) and continued successful investment underpin 2018 guidance of 2–3% revenue growth at significantly higher margin (c 7.5% on operating performance vs 6.3% last year). The company feels well placed to grow...
- Hamilton Faber
Solid Q2 underscores IP strength
Good numbers, with the beat coming from Parks & Resorts and Studio. Overall, EPS was ahead, up 23% YoY to $1.84 vs. cons. of $1.70. P&R OI rose 27% vs. cons. of 15% while Studio was up 29% vs. cons. of -4%. The latter result reflects the strength of Black Panther which significantly outperformed expectations. Our PT comes down from $125 to $121 reflecting a new methodology we discuss in detail later in this note. Of course there is a chance that Disney does not win Fox and for that reason, we re...
- Hamilton Faber
Media: Five takeaways from Sling's sub count release
Dish Network yesterday disclosed Sling customers for the first time in two years, saying the service was taken by 2.2m subscribers as of the end of 2017. If we triangulate this data point with Fox's comment that it had almost 4m VMVPD subs at the end of Q4 vs. almost 3m at the end of Q3 and assume that 1) July 2017 reports that Sling had 2m subs were accurate and 2) Fox is taken by 60% of Sling subscribers and is carried on all other VMVPDs, then we come out with five key conclusions.
- Hamilton Faber
Q1 OI misses but all eyes on DTC plans
Q1 revenue and operating income missed while EPS was ahead on tax. Parks and resorts was a standout with 21% growth while cable was also ahead but all other units missed. We would highlight a few key points: 1) Tax for 2019 onwards will be 21% vs. our 25% forecast, 2) Disney will boost Fox's content production facilities (not cut as some had thought) in order to compete globally with Netflix, 3) Disney's entertainment DTC offering does not need to be as broad as Netflix's as it has better brands...
- Potential recovery in profitability
Diskus Werke is well on track to achieve the improvement in profitability from the depressed levels of 2016 that it projected a few months ago in the annual report and accounts. It has now revised up its forecasts, but there appears to be a degree of prudence in the new figures, notably in terms of profitability and order inflow, perhaps reflecting the small drop in the book/bill ratio to 0.95x from 1.00x.
Potential recovery in profitability
Diskus Werke is a sound business with a defensible leading market position, but extreme illiquidity in the stock curtails potential investor interest. Core clients’ industries, most notably automotive, are mature and cyclical and in 2016 profits were held back by losses at three subsidiaries. Eliminating this effect should boost margin, while diversification into the contract manufacture of end parts could boost the top line and profitability.
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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