Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Boparan, Pfleiderer, Alain Afflelou, Novelis, Bombardier, Altice France (SFR), Vedanta Resources, Softbank Group, Tereos, Air Baltic, Benteler International, Tullow Oil

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: PeopleCert, Profine, Pfleiderer, Multiversity, Flos B&B Italia (formerly International Design Group), Omnia Technologies, Biofarma, Crown Holdings, Mooney (formerly SisalPay), Pasubio, Standard Profil, AMS Osram, Novelis

Repricing on the horizon, catalysts in motion

Following the strategic update and the latest results, we update our forecasts on Waberer’s. Logistics may begin to normalize and continue to deliver sustainable profitability, while the Insurance segment will drive growth in the coming quarters. Waberer’s remained unreasonably cheap despite being able to complete recent acquisitions with compelling valuation. These companies will likely enhance profitability, contributing more than EUR 10mn+ at EBIT level in 2025. Based on these key drivers, ...

Europe HY Trade Book - May 2025 - Lucror Analytics

The Europe HY Trade Book for May 2025 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. We also discuss the US tariff situation and key related impacts.

Pfleiderer - Earnings Flash - FY 2024 Results - Lucror Analytics

Pfleiderer has released poor FY 2024 results, with net leverage increasing 4.0x y-o-y to 9.1x. Positively, the numbers (excluding electricity hedging) improved slightly in Q4 as the business started stabilising, albeit at low levels. Looking ahead, we anticipate a gradual recovery, supported by cost-saving initiatives and a (slow) market recovery. We maintain our "Buy" recommendation for investors with a high degree of risk tolerance.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Assemblin, Boels, Techem, Pfleiderer, Maxeda, Hapag-Lloyd, Best Secret (Schustermann & Borenstein), Bombardier, TUI, Air France-KLM, Rekeep

Pfleiderer - ESG Report - Lucror Analytics

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: AMS Osram, Nexans, Lowell, Aston Martin, Constellium, Pfleiderer, Loewen Play, Pasubio, Motel One, Synthomer, Ineos Quattro, Air France-KLM, Tele Columbus, Selecta, Progroup, SIG plc, Modulaire, Hapag-Lloyd, Adler Pelzer, International Personal Finance, Stena AB, Standard Profil, Bombardier, Ontex, Vedanta Resources, Cirsa

Guidance beat, trends remain unchanged in Q4

Key message: Waberer’s reported a consolidated EBIT for 2024 of EUR 45.0mn, which translates into a 5% increase compared to 2023. As a result, the management delivered its full-year EBIT guidance of EUR 40mn+. The report lacked forward looking statements but Waberer’s will hold an Investor Day on Friday.

European High Yield Investment Outlook 2025 - Lucror Analytics

In this publication, we review the past year and discuss our outlook for the next 12 months. We begin our discussion with the macro factors at play, including GDP forecasts, the geopolitical landscape and our expectations for cost inflation. We also trace the development of primary markets in the European HY space, and give our view on defaults in general as well as for our coverage universe. We then discuss sector trends and expectations, along with earnings development for companies under our ...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Loewen Play, Pfleiderer, Telecom Italia, Alain Afflelou, Maxeda, Forgital, Vallourec, Intrum, Vedanta Resources, Softbank Group, Cheplapharm

Europe HY Trade Book - December 2024 - Lucror Analytics

The Europe HY Trade Book for December 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: CeramTec, Guala Closures, Kiloutou, TeamSystem, TI Fluid Systems, Fedrigoni, Odido, House of HR, TalkTalk, Klockner Pentaplast, Profine, PureGym, Picard, Adler Pelzer, Bertrand Franchise, Standard Profil, Recordati, Kantar, Pasubio, Loewen Play, Pfleiderer, Hurtigruten, Motel One, Mahle

Guidance maintained after a strong Q3 despite Polish Link weighing on ...

Key message: Waberer’s reported Q3 consolidated EBIT of EUR 10.1mn, which translates into a 26% increase compared to the same period last year. The company maintained fullyear EBIT guidance of EUR 40mn+ while clarified its revenue guidance at EUR 770-780 mn. ITS became unprofitable again on EBIT level (EUR -1.9mn) due to the unfavourable tax policy changes affecting the segment’s polish subsidiary (LINK). As a result, the company decided to implement a strategic change in LINK’s operations, ...

PKP Cargo S.A.: 2 directors

Two Directors at PKP Cargo S.A. bought 10,000 shares at between 18.557PLN and 18.620PLN. The significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the...

EBIT guidance maintained as ITS EBIT turns into black

Key message: Waberer’s achieved its highest consolidated EBIT result in the last 4 quarters after all 3 business units recorded positive EBIT for Q2. ITS returned to profitable EBIT level as a result of (1) the successful spring tender season, (2) the first positive impacts of market consolidation on price levels and (3) the positive operational performance of the recently acquired rail logistics subsidiary. For 2024, the management maintained its EBIT guidance of EUR 40mn+, while the Group...

Record quarterly revenues, but weak EBIT in Q1

Key message: Waberer’s reached revenues of EUR 196.7mn in Q1/24, a quarterly recordat consolidated level. The Group achieved an EBIT of EUR 8.5mn, supported by furtherimprovement in the Contract Logistics and Insurance segments. Despite the drop in thequaterly EBIT, we expect that earnings will improve in the coming quarters. Themanagement reaffirmed its FY2024 EBIT guidance of over EUR 40mn as they continue tosee growing operating results after a temporary slowdown. RCL and the insurancesegment...

One-offs distorted FY results, outlook shows resilience

Waberer’s reported its Q4/23 results on Thursday AMC, where the Company achieved aquarterly EBIT of EUR 9.3mn, corresponding to a decrease of 23% YoY. Net incomecame in at EUR 3.7mn, down 66% YoY driven by (1) the lower industrial output inEurope; (2) a massive increase in tax liabilities booked in Q4 and (3) the high baseperiod after the restatement of last year’s results. For the full year, Waberer’s reported a net income of EUR 29.7mn, an increase of EUR10.4mn or +54% YoY and EBIT of EUR 42....

Not a quality report, but we see the positives

Waberer’s reported its Q3/23 results today, where the Company achieved a quarterly EBIT of EUR 8.0mn. Net income came in at EUR 0.5mn, down 87% YoY on unfavourable FX movements. RCL and the insurance segments continued to perform well, but the ITS segment experienced a slowdown on the spot market. All in all, this is not a quality report, but we focus on the positives and mid-term targets. The Company will publish its Group-wide strategy later this year and introduce an employee shareholder pr...

Driving on a sustainable growth path

We remain Buy-rated on Waberer’s and we massively increase our 2023 e-o-y TP to 4,800 HUF/sh from 3,990 HUF/sh, implying an 87% upside potential. Structural improvements, sustainable profitability and conscious growth together underpin our view that Waberer’s is dirt cheap and one of the most undervalued growth stocks in the CEE region. Waberer’s trades at a FY24 P/E of 3.6x and EV/EBITDA of 3.2x, on our estimates.  Waberer’s achieved a record semi-annual profit in the first half of 2023 as all...