reports
- Job Veenendaal
- Nadège Tillier
- Roland Pfaender
- MBA
- CFA
- CCRA
BayWa AG : Q2 2018 results show expected catch-up effects; Q3 2018 set...
>Q2 2018 results slightly ahead of our estimates - BayWa reported Q2 2018 group EBIT up 13% yoy to € 73.1m, slightly ahead of our € 70.0m estimate. As expected, the company benefited from weather-related catch-up effects in its segments Agri Supply & Trade (BAST), and Building Materials. H2 2018e should be propelled by the sale of Renewable Energy Projects and improving trading profits thanks to increasing agricultural commodity prices. We leave our full-year 2018 EBI...
- Roland Pfaender
- MBA
- CFA
- CCRA
- Roland Pfaender
- MBA
- CFA
- CCRA
BayWa AG : Earnings momentum might improve following soft patch in Q1 ...
>Model update following soft patch in Q1 2018 - Following BayWa’s disappointing Q1 2018 we have reduced our adj. EPS estimate for 2018e by 5.4% to € 1.64; based however on improving structures in international agri trading and a strong renewables project pipeline, we lift our adj. EPS estimate for 2019e by 2.0% to € 2.04. We set a new DCF based TP of € 29 (was € 30) reflecting the company’s increased debt load. We reiterate our Neutral recommendation on BayWa shares.§...
QuickView: Systematic internationalisation strategy
Since 2009, BayWa’s management has strengthened the group by entering international markets, developing global procurement and distribution capabilities, and diversifying into the renewable energy market. This enables the group to benefit from growth in emerging markets and reduces the impact of weather-related variations in agricultural commodity prices. In parallel, management has exited from non-core or underperforming businesses, eg selling off certain building merchants’ sites in H114.
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