Eckert & Ziegler AG
Germany - High-tech Engineering
Buy (old: Buy) | 02-September-22 | ||||||
Price target: EUR 120.00 (old: EUR 120.00) | Alexander Galitsa | ||||||
Analyst | |||||||
Price: | EUR 37.54 | Next result: | Q3 14.11.22 | ||||
Bloomberg: | EUZ GR | Market cap: | EUR 776.9 m | alexander.galitsa@ha-ib.de | |||
Tel.: +49 40 414 3885 83 | |||||||
Reuters: | EUZG.DE | Enterprise Value: | EUR 717.4 m | ||||
Uniquely positioned in the market for radiopharmaceuticals
Reason to write: A roadshow with EUZ's Executive Board member Mr. Hasselmann fully reinforced our positive view on the investment case. In short, EUZ is a highly attractive play on the rapidly developing radiopharmaceutical market offering a unique mix of mission-critical products and services along the value chain complemented by promising clinical assets, which could be a game changer for the company's valuation.
In the field of oncology, radiopharmaceuticals are increasingly gaining traction as a highly effective cancer treatment modality. This is well-evidencedby the first two drug approvals (Lutathera, Pluvicto) and substantial inflow of capital into clinical development of radiopharmaceuticals across numerous cancer indications. Accordingly, the relevant market for targeted radiotherapies and corresponding diagnostics is forecast to exceed $ 10bn by 2025E, reaching more than $ 25bn by 2030E from currently c. $ 6bn.
With decades of experience in handling radiation and providing isotope technology across various end markets, EUZ is ideally positioned to capitalize on market growth. In fact, already today c. € 60m or c. 30% of total sales are radiopharma-related, comprising isotopes (e.g. Ga-68,Y-90,Tc-99), CDMO services (e.g. for Bayer) and equipment for radiopharmaceutical production and respective engineering services.
Given that the share of radioisotopes and CDMO services amounts to 30%+ of the radiopharmaceutical selling price, this would result in a TAM of $ 6bn+ for EUZ by 2030E. This should fundamentally transform the company's sales mix strongly in favor of high-margin,recurring revenues.
While EUZ is already an important player in the cancer imaging market thanks to its strong position with Ga-68 (€ 30m+ sales) and increasingly so with Tc-99 generators (>
- 10m), therapeutic isotopes such as Lu-177 and Ac-225 are increasingly gaining traction with expanding commercial use (e.g. Lutathera, Pluvicto) and a growing clinical pipeline. In this context, the initiative to expand the company's global footprint should further improve its reliability as a supplier and hence bode well for its competiveness.
Importantly, the market continues to misprice the mid- to long-term growth opportunity in radiopharma, in our view. We conservatively value the existing franchise at c. € 500m, which implicitly values the radiopharma growth opportunity and the company's clinical assets (e.g. PentixaPharm) at mere € 200m, despite addressing emerging multi-billion$ markets. BUY with an unchanged PT of € 120 based on DCF.
Y/E 31.12 (EUR m) | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | 2024E |
Sales | 168.7 | 178.5 | 176.1 | 180.4 | 215.0 | 229.0 | 258.0 |
Sales growth | 22 % | 6 % | -1 % | 2 % | 19 % | 7 % | 13 % |
EBITDA | 32.0 | 43.1 | 44.8 | 57.0 | 57.3 | 62.8 | 80.5 |
EBIT | 23.4 | 32.1 | 33.7 | 47.4 | 46.6 | 44.9 | 54.7 |
Net income | 16.1 | 22.0 | 22.9 | 34.4 | 30.5 | 30.7 | 37.5 |
Net debt | -54.1 | -78.9 | -88.6 | -86.6 | -72.5 | -36.3 | -39.8 |
Net gearing | -44.1 % | -57.1 % -59.9 % | -46.2 % -35.0 % | -16.1 % -15.9 % | |||
Net Debt/EBITDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
EPS pro forma | 3.12 | 1.06 | 1.04 | 1.67 | 1.47 | 1.48 | 1.81 |
CPS | 0.64 | 1.46 | 1.28 | 1.20 | 1.21 | 1.36 | 1.48 |
DPS | 1.20 | 0.35 | 0.35 | 0.56 | 0.50 | 0.50 | 0.50 |
Dividend yield | 2.6 % | 0.8 % | 0.8 % | 1.2 % | 1.1 % | 1.1 % | 1.1 % |
Gross profit margin | 44.1 % | 48.8 % | 49.1 % | 50.5 % | 50.5 % | 49.4 % | 49.9 % |
EBITDA margin | 18.9 % | 24.2 % | 25.4 % | 31.6 % | 26.6 % | 27.4 % | 31.2 % |
EBIT margin | 13.9 % | 18.0 % | 19.1 % | 26.3 % | 21.7 % | 19.6 % | 21.2 % |
ROCE | 17.6 % | 22.5 % | 22.9 % | 26.0 % | 17.5 % | 13.8 % | 15.7 % |
EV/sales | 1.1 | 3.1 | 4.2 | 10.1 | 4.1 | 4.0 | 3.5 |
EV/EBITDA | 5.5 | 13.0 | 16.7 | 32.0 | 15.4 | 14.6 | 11.4 |
EV/EBIT | 7.6 | 17.5 | 22.2 | 38.5 | 18.9 | 20.4 | 16.7 |
PER | 10.5 | 25.5 | 34.9 | 52.7 | 28.5 | 30.7 | 25.1 |
Adjusted FCF yield | 9.8 % | 4.2 % | 3.3 % | 2.0 % | 3.8 % | 3.7 % | 4.6 % |
Source: Company data, Hauck Aufhäuser Investment Banking Close price as of: 01.09.2022
Please refer to important disclosures at the end of the report
Source: Company data, Hauck Aufhäuser Investment Banking
High/low 52 weeks: | 137.40 / 30.66 | |||
Price/Book Ratio: | 3.8 | |||
Relative performance (SDAX): | ||||
3 months | 5.9 % | |||
6 months | -22.7 % | |||
12 months | -37.5 % | |||
Changes in estimates | ||||
Sales | EBIT | EPS | ||
2022 | old: | 215.0 | 46.6 | 1.47 |
∆ | - | - | - | |
2023 | old: | 229.0 | 44.9 | 1.48 |
∆ | - | - | - | |
2024 | old: | 258.0 | 54.7 | 1.81 |
∆ | - | - | - | |
Key share data: | ||||
Number of shares: (in m pcs) | 20.7 | |||
Authorised capital: (in € m) | 0.6 | |||
Book value per share: (in €) | 10.0 | |||
Ø trading volume: (12 months) | 20,453 |
Major shareholders: | |
Free float | 67.8 % |
Founders | 32.2 % |
Eckert & Ziegler AG | 0.1 % |
Company description:
A full-service provider for
radiopharmaceuticals and isotope technology for industrial applications
Eckert & Ziegler AG
Financials
Profit and loss (EUR m) | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | 2024E |
Sales | 168.7 | 178.5 | 176.1 | 180.4 | 215.0 | 229.0 | 258.0 |
Sales growth | 21.7 % | 5.8 % | -1.3 % | 2.4 % | 19.2 % | 6.5 % | 12.7 % |
Cost of sales | 94.4 | 91.5 | 89.6 | 89.4 | 106.5 | 115.8 | 129.2 |
Gross profit | 74.3 | 87.0 | 86.5 | 91.1 | 108.5 | 113.2 | 128.8 |
Sales and marketing | 23.3 | 22.9 | 21.7 | 22.6 | 24.0 | 26.0 | 27.7 |
General and administration | 26.9 | 27.6 | 28.1 | 31.5 | 33.3 | 37.5 | 41.5 |
Research and development | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Other operating income | 3.5 | 2.8 | 5.8 | 17.7 | 2.6 | 2.6 | 2.6 |
Other operating expenses | 4.5 | 7.1 | 7.2 | 7.3 | 7.3 | 7.4 | 7.6 |
Unusual or infrequent items | 0.2 | -0.2 | -1.6 | 0.0 | 0.0 | 0.0 | 0.0 |
EBITDA | 32.0 | 43.1 | 44.8 | 57.0 | 57.3 | 62.8 | 80.5 |
Depreciation | 8.6 | 11.1 | 11.1 | 9.6 | 10.7 | 17.9 | 25.8 |
EBITA | 23.4 | 32.1 | 33.7 | 47.4 | 46.6 | 44.9 | 54.7 |
Amortisation of goodwill | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Amortisation of intangible assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Impairment charges | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
EBIT (inc revaluation net) | 23.4 | 32.1 | 33.7 | 47.4 | 46.6 | 44.9 | 54.7 |
Interest income | 0.2 | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 |
Interest expenses | 0.7 | 1.1 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 |
Other financial result | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Financial result | -0.5 | -0.8 | -0.9 | -1.1 | -1.1 | -1.1 | -1.1 |
Recurring pretax income from continuing operations | 22.9 | 31.2 | 32.7 | 46.4 | 45.5 | 43.9 | 53.6 |
Extraordinary income/loss | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Earnings before taxes | 22.9 | 31.2 | 32.7 | 46.4 | 45.5 | 43.9 | 53.6 |
Taxes | 6.0 | 8.8 | 9.6 | 11.7 | 15.0 | 13.2 | 16.1 |
Net income from continuing operations | 16.9 | 22.5 | 23.1 | 34.7 | 30.5 | 30.7 | 37.5 |
Result from discontinued operations (net of tax) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Net income | 16.9 | 22.5 | 23.1 | 34.7 | 30.5 | 30.7 | 37.5 |
Minority interest | 0.8 | 0.5 | 0.2 | 0.2 | 0.0 | 0.0 | 0.0 |
Net profit (reported) | 16.1 | 22.0 | 22.9 | 34.4 | 30.5 | 30.7 | 37.5 |
Average number of shares | 20.5 | 20.5 | 20.6 | 20.6 | 20.7 | 20.7 | 20.7 |
EPS reported | 0.79 | 1.07 | 1.11 | 1.67 | 1.47 | 1.48 | 1.81 |
Profit and loss (common size) | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | 2024E |
Sales | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
Cost of sales | 55.9 % | 51.2 % | 50.9 % | 49.5 % | 49.5 % | 50.6 % | 50.1 % |
Gross profit | 44.1 % | 48.8 % | 49.1 % | 50.5 % | 50.5 % | 49.4 % | 49.9 % |
Sales and marketing | 13.8 % | 12.8 % | 12.3 % | 12.5 % | 11.1 % | 11.3 % | 10.7 % |
General and administration | 15.9 % | 15.4 % | 15.9 % | 17.4 % | 15.5 % | 16.4 % | 16.1 % |
Research and development | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Other operating income | 2.1 % | 1.6 % | 3.3 % | 9.8 % | 1.2 % | 1.1 % | 1.0 % |
Other operating expenses | 2.6 % | 4.0 % | 4.1 % | 4.0 % | 3.4 % | 3.2 % | 2.9 % |
Unusual or infrequent items | 0.1 % | neg. | neg. | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
EBITDA | 18.9 % | 24.2 % | 25.4 % | 31.6 % | 26.6 % | 27.4 % | 31.2 % |
Depreciation | 5.1 % | 6.2 % | 6.3 % | 5.3 % | 5.0 % | 7.8 % | 10.0 % |
EBITA | 13.9 % | 18.0 % | 19.1 % | 26.3 % | 21.7 % | 19.6 % | 21.2 % |
Amortisation of goodwill | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Amortisation of intangible assets | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Impairment charges | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
EBIT (inc revaluation net) | 13.9 % | 18.0 % | 19.1 % | 26.3 % | 21.7 % | 19.6 % | 21.2 % |
Interest income | 0.1 % | 0.2 % | 0.1 % | 0.1 % | 0.1 % | 0.1 % | 0.1 % |
Interest expenses | 0.4 % | 0.6 % | 0.7 % | 0.7 % | 0.6 % | 0.5 % | 0.5 % |
Other financial result | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Financial result | neg. | neg. | neg. | neg. | neg. | neg. | neg. |
Recurring pretax income from continuing operations | 13.6 % | 17.5 % | 18.6 % | 25.7 % | 21.2 % | 19.1 % | 20.8 % |
Extraordinary income/loss | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Earnings before taxes | 13.6 % | 17.5 % | 18.6 % | 25.7 % | 21.2 % | 19.1 % | 20.8 % |
Tax rate | 26.2 % | 28.1 % | 29.4 % | 25.3 % | 33.0 % | 30.0 % | 30.0 % |
Net income from continuing operations | 10.0 % | 12.6 % | 13.1 % | 19.2 % | 14.2 % | 13.4 % | 14.5 % |
Result from discontinued operations (net of tax) | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Net income | 10.0 % | 12.6 % | 13.1 % | 19.2 % | 14.2 % | 13.4 % | 14.5 % |
Minority interest | 0.4 % | 0.3 % | 0.1 % | 0.1 % | 0.0 % | 0.0 % | 0.0 % |
Net profit (reported) | 9.6 % | 12.3 % | 13.0 % | 19.1 % | 14.2 % | 13.4 % | 14.5 % |
Source: Company data, Hauck Aufhäuser Investment Banking
2 | Hauck Aufhäuser Investment Banking |
Eckert & Ziegler AG
Balance sheet (EUR m) | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | 2024E |
Intangible assets | 52.5 | 51.9 | 41.4 | 61.4 | 46.7 | 46.7 | 46.7 |
Property, plant and equipment | 36.9 | 40.0 | 38.0 | 61.9 | 103.0 | 155.1 | 169.3 |
Financial assets | 3.5 | 5.2 | 8.0 | 16.4 | 16.4 | 16.4 | 16.4 |
FIXED ASSETS | 93.0 | 97.1 | 87.4 | 139.7 | 166.1 | 218.2 | 232.4 |
Inventories | 28.8 | 31.2 | 33.6 | 37.4 | 41.3 | 44.0 | 49.6 |
Accounts receivable | 28.3 | 29.5 | 28.2 | 31.9 | 35.3 | 37.6 | 42.4 |
Other current assets | 14.9 | 26.6 | 42.3 | 34.0 | 34.0 | 34.0 | 34.0 |
Liquid assets | 54.2 | 78.9 | 88.6 | 93.7 | 79.6 | 43.4 | 46.9 |
Deferred taxes | 9.9 | 10.9 | 11.9 | 11.2 | 0.0 | 0.0 | 0.0 |
Deferred charges and prepaid expenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
CURRENT ASSETS | 136.1 | 177.1 | 204.6 | 208.1 | 190.3 | 159.1 | 172.9 |
TOTAL ASSETS | 229.1 | 274.2 | 292.0 | 347.7 | 356.4 | 377.3 | 405.3 |
SHAREHOLDERS EQUITY | 122.6 | 138.2 | 147.8 | 187.4 | 207.0 | 225.6 | 251.0 |
MINORITY INTEREST | 1.2 | 1.2 | 1.1 | 5.1 | 0.0 | 0.0 | 0.0 |
Long-term debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Provisions for pensions and similar obligations | 11.4 | 13.5 | 14.4 | 13.0 | 13.0 | 13.0 | 13.0 |
Other provisions | 55.1 | 66.4 | 70.5 | 92.5 | 88.1 | 89.8 | 91.6 |
Non-current liabilities | 66.5 | 79.9 | 84.9 | 105.5 | 101.1 | 102.9 | 104.7 |
short-term liabilities to banks | 0.0 | 0.0 | 0.0 | 7.1 | 7.1 | 7.1 | 7.1 |
Accounts payable | 6.5 | 4.5 | 5.0 | 5.6 | 6.4 | 7.0 | 7.8 |
Advance payments received on orders | 4.1 | 12.0 | 8.6 | 11.6 | 11.6 | 11.6 | 11.6 |
Other liabilities (incl. from lease and rental contracts) | 17.4 | 35.6 | 42.3 | 23.1 | 23.1 | 23.1 | 23.1 |
Deferred taxes | 7.1 | 2.8 | 2.2 | 2.2 | 0.0 | 0.0 | 0.0 |
Deferred income | 3.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Current liabilities | 38.8 | 54.9 | 58.2 | 49.7 | 48.3 | 48.8 | 49.6 |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 229.1 | 274.2 | 292.0 | 347.7 | 356.4 | 377.3 | 405.3 |
Balance sheet (common size) | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | 2024E |
Intangible assets | 22.9 % | 18.9 % | 14.2 % | 17.7 % | 13.1 % | 12.4 % | 11.5 % |
Property, plant and equipment | 16.1 % | 14.6 % | 13.0 % | 17.8 % | 28.9 % | 41.1 % | 41.8 % |
Financial assets | 1.5 % | 1.9 % | 2.7 % | 4.7 % | 4.6 % | 4.3 % | 4.0 % |
FIXED ASSETS | 40.6 % | 35.4 % | 29.9 % | 40.2 % | 46.6 % | 57.8 % | 57.3 % |
Inventories | 12.6 % | 11.4 % | 11.5 % | 10.7 % | 11.6 % | 11.7 % | 12.2 % |
Accounts receivable | 12.4 % | 10.8 % | 9.7 % | 9.2 % | 9.9 % | 10.0 % | 10.5 % |
Other current assets | 6.5 % | 9.7 % | 14.5 % | 9.8 % | 9.5 % | 9.0 % | 8.4 % |
Liquid assets | 23.7 % | 28.8 % | 30.3 % | 26.9 % | 22.3 % | 11.5 % | 11.6 % |
Deferred taxes | 4.3 % | 4.0 % | 4.1 % | 3.2 % | 0.0 % | 0.0 % | 0.0 % |
Deferred charges and prepaid expenses | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
CURRENT ASSETS | 59.4 % | 64.6 % | 70.1 % | 59.8 % | 53.4 % | 42.2 % | 42.7 % |
TOTAL ASSETS | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
SHAREHOLDERS EQUITY | 53.5 % | 50.4 % | 50.6 % | 53.9 % | 58.1 % | 59.8 % | 61.9 % |
MINORITY INTEREST | 0.5 % | 0.5 % | 0.4 % | 1.5 % | 0.0 % | 0.0 % | 0.0 % |
Long-term debt | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Provisions for pensions and similar obligations | 5.0 % | 4.9 % | 4.9 % | 3.8 % | 3.7 % | 3.5 % | 3.2 % |
Other provisions | 24.0 % | 24.2 % | 24.1 % | 26.6 % | 24.7 % | 23.8 % | 22.6 % |
Non-current liabilities | 29.0 % | 29.1 % | 29.1 % | 30.4 % | 28.4 % | 27.3 % | 25.8 % |
short-term liabilities to banks | 0.0 % | 0.0 % | 0.0 % | 2.0 % | 2.0 % | 1.9 % | 1.7 % |
Accounts payable | 2.8 % | 1.6 % | 1.7 % | 1.6 % | 1.8 % | 1.9 % | 1.9 % |
Advance payments received on orders | 1.8 % | 4.4 % | 3.0 % | 3.3 % | 3.3 % | 3.1 % | 2.9 % |
Other liabilities (incl. from lease and rental contracts) | 7.6 % | 13.0 % | 14.5 % | 6.7 % | 6.5 % | 6.1 % | 5.7 % |
Deferred taxes | 3.1 % | 1.0 % | 0.8 % | 0.6 % | 0.0 % | 0.0 % | 0.0 % |
Deferred income | 1.6 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Current liabilities | 16.9 % | 20.0 % | 19.9 % | 14.3 % | 13.5 % | 12.9 % | 12.2 % |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
Source: Company data, Hauck Aufhäuser Investment Banking
3 | Hauck Aufhäuser Investment Banking |
Eckert & Ziegler AG
Cash flow statement (EUR m) | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | 2024E |
Net profit/loss | 16.9 | 22.5 | 23.1 | 34.7 | 30.5 | 30.7 | 37.5 |
Depreciation of fixed assets (incl. leases) | 8.6 | 11.1 | 11.1 | 9.6 | 10.7 | 17.9 | 25.8 |
Amortisation of goodwill | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Amortisation of intangible assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Others | 2.8 | 10.6 | 4.3 | -1.1 | 0.0 | 0.0 | 0.0 |
Cash flow from operations before changes in w/c | 28.2 | 44.1 | 38.5 | 43.1 | 41.2 | 48.6 | 63.3 |
Increase/decrease in inventory | 0.7 | -2.2 | -2.4 | -6.0 | -4.0 | -2.7 | -5.6 |
Increase/decrease in accounts receivable | -4.0 | -1.2 | 0.1 | -3.9 | -3.5 | -2.3 | -4.8 |
Increase/decrease in accounts payable | 2.0 | -0.4 | 0.5 | 0.6 | 0.8 | 0.6 | 0.8 |
Increase/decrease in other working capital positions | -5.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Increase/decrease in working capital | -7.0 | -3.7 | -1.7 | -9.3 | -6.6 | -4.4 | -9.5 |
Cash flow from operating activities | 21.2 | 40.4 | 36.8 | 33.9 | 34.6 | 44.2 | 53.8 |
CAPEX | 6.1 | 7.3 | 8.9 | 28.9 | 37.1 | 70.0 | 40.0 |
Payments for acquisitions | 2.1 | 0.9 | 0.0 | 8.3 | 0.0 | 0.0 | 0.0 |
Financial investments | 0.0 | 0.0 | 5.4 | 0.0 | 0.0 | 0.0 | 0.0 |
Income from asset disposals | -2.5 | 2.5 | 0.9 | 13.5 | 0.0 | 0.0 | 0.0 |
Cash flow from investing activities | -10.7 | -5.7 | -13.3 | -23.6 | -37.1 | -70.0 | -40.0 |
Cash flow before financing | 10.5 | 34.7 | 23.4 | 10.3 | -2.5 | -25.8 | 13.8 |
Increase/decrease in debt position | -1.7 | -2.7 | -3.0 | 7.1 | 0.0 | 0.0 | 0.0 |
Purchase of own shares | 8.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Capital measures | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Dividends paid | 4.1 | 6.2 | 8.8 | 9.3 | 11.5 | 10.3 | 10.3 |
Others | -0.2 | -1.7 | -1.2 | -3.8 | 0.0 | 0.0 | 0.0 |
Effects of exchange rate changes on cash | 0.6 | 0.5 | -1.9 | 2.0 | 0.0 | 0.0 | 0.0 |
Cash flow from financing activities | -14.6 | -10.5 | -13.0 | -6.1 | -11.5 | -10.3 | -10.3 |
Increase/decrease in liquid assets | -3.5 | 24.7 | 8.6 | 6.2 | -14.0 | -36.2 | 3.4 |
Liquid assets at end of period | 54.2 | 78.9 | 87.4 | 93.6 | 79.6 | 43.4 | 46.9 |
Source: Company data, Hauck Aufhäuser Investment Banking
Regional split (EUR m) | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | 2024E |
Domestic | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
yoy change | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Rest of Europe | 96.8 | 110.4 | 125.9 | 143.5 | 163.6 | 186.5 | 212.6 |
yoy change | 14.0 % | 14.0 % | 14.0 % | 14.0 % | 14.0 % | 14.0 % | 14.0 % |
NAFTA | 60.9 | 70.1 | 80.6 | 92.7 | 106.6 | 122.5 | 140.9 |
yoy change | 15.0 % | 15.0 % | 15.0 % | 15.0 % | 15.0 % | 15.0 % | 15.0 % |
Asia Pacific | 17.9 | 20.2 | 22.9 | 25.8 | 29.2 | 33.0 | 37.3 |
yoy change | 13.0 % | 13.0 % | 13.0 % | 13.0 % | 13.0 % | 13.0 % | 13.0 % |
Rest of world | -7.0 | -22.2 | -53.1 | -81.5 | -84.3 | -113.0 | -132.8 |
yoy change | neg. | neg. | neg. | neg. | neg. | neg. | neg. |
TTL | 168.7 | 178.5 | 176.1 | 180.4 | 215.0 | 229.0 | 258.0 |
yoy change | 21.7 % | 5.8 % | -1.3 % | 2.4 % | 19.2 % | 6.5 % | 12.7 % |
Source: Company data, Hauck Aufhäuser Investment Banking
4 | Hauck Aufhäuser Investment Banking |
Eckert & Ziegler AG
Key ratios (EUR m) | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | 2024E |
P&L growth analysis | |||||||
Sales growth | 21.7 % | 5.8 % | -1.3 % | 2.4 % | 19.2 % | 6.5 % | 12.7 % |
EBITDA growth | 20.1 % | 35.0 % | 3.8 % | 27.4 % | 0.4 % | 9.7 % | 28.1 % |
EBIT growth | 30.1 % | 37.1 % | 5.1 % | 40.8 % | -1.8 % | -3.6 % | 21.7 % |
EPS growth | 9.7 % | 36.5 % | 3.6 % | 50.5 % | -11.8 % | 0.6 % | 22.2 % |
Efficiency | |||||||
Total operating costs / sales | 30.3 % | 30.7 % | 29.1 % | 24.2 % | 28.8 % | 29.8 % | 28.7 % |
Sales per employee | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
EBITDA per employee | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Balance sheet analysis | |||||||
Avg. working capital / sales | 25.8 % | 25.4 % | 26.2 % | 27.8 % | 25.7 % | 26.6 % | 26.3 % |
Inventory turnover (sales/inventory) | 5.9 | 5.7 | 5.2 | 4.8 | 5.2 | 5.2 | 5.2 |
Trade debtors in days of sales | 61.2 | 60.3 | 58.4 | 64.5 | 60.0 | 60.0 | 60.0 |
A/P turnover [(A/P*365)/sales] | 25.1 | 17.9 | 20.4 | 22.8 | 22.0 | 22.0 | 22.0 |
Cash conversion cycle (days) | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Cash flow analysis | |||||||
Free cash flow | 15.1 | 33.2 | 27.9 | 5.0 | -2.5 | -25.8 | 13.8 |
Free cash flow/sales | 8.9 % | 18.6 % | 15.8 % | 2.8 % | -1.2 % | -11.3 % | 5.3 % |
FCF / net profit | 93.5 % | 150.7 % | 121.8 % | 14.5 % | neg. | neg. | 36.7 % |
Capex / depn | 71.4 % | 65.5 % | 128.8 % | 300.7 % | 348.1 % | 390.9 % | 155.0 % |
Capex / maintenance capex | 75.2 % | 68.9 % | 84.6 % | 316.6 % | 540.0 % | 434.3 % | 172.3 % |
Capex / sales | 3.6 % | 4.1 % | 8.1 % | 16.0 % | 17.3 % | 30.6 % | 15.5 % |
Security | |||||||
Net debt | -54.1 | -78.9 | -88.6 | -86.6 | -72.5 | -36.3 | -39.8 |
Net Debt/EBITDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Net debt / equity | neg. | neg. | neg. | neg. | neg. | neg. | neg. |
Interest cover | 34.8 | 29.3 | 28.2 | 39.7 | 39.0 | 37.6 | 45.7 |
Dividend payout ratio | 152.7 % | 33.0 % | 31.1 % | 33.3 % | 33.9 % | 33.7 % | 27.6 % |
Asset utilisation | |||||||
Capital employed turnover | 1.2 | 1.2 | 1.2 | 0.8 | 0.7 | 0.7 | 0.7 |
Operating assets turnover | 2.0 | 2.1 | 2.0 | 1.6 | 1.3 | 1.0 | 1.1 |
Plant turnover | 4.6 | 4.5 | 4.6 | 2.9 | 2.1 | 1.5 | 1.5 |
Inventory turnover (sales/inventory) | 5.9 | 5.7 | 5.2 | 4.8 | 5.2 | 5.2 | 5.2 |
Returns | |||||||
ROCE | 17.6 % | 22.5 % | 22.9 % | 26.0 % | 17.5 % | 13.8 % | 15.7 % |
ROE | 13.2 % | 15.9 % | 15.5 % | 18.4 % | 14.7 % | 13.6 % | 15.0 % |
Other | |||||||
Interest paid / avg. debt | 73.9 % | 1809.9 % | 5819.5 % | 33.7 % | 16.9 % | 16.9 % | 16.9 % |
No. employees (average) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Number of shares | 20.5 | 20.5 | 20.6 | 20.6 | 20.7 | 20.7 | 20.7 |
DPS | 1.2 | 0.4 | 0.3 | 0.6 | 0.5 | 0.5 | 0.5 |
EPS reported | 0.79 | 1.07 | 1.11 | 1.67 | 1.47 | 1.48 | 1.81 |
Valuation ratios | |||||||
P/BV | 7.6 | 6.8 | 6.3 | 5.0 | 4.5 | 4.2 | 3.8 |
EV/sales | 1.1 | 3.1 | 4.2 | 10.1 | 4.1 | 4.0 | 3.5 |
EV/EBITDA | 5.5 | 13.0 | 16.7 | 32.0 | 15.4 | 14.6 | 11.4 |
EV/EBITA | 7.6 | 17.5 | 22.2 | 38.5 | 18.9 | 20.4 | 16.7 |
EV/EBIT | 7.6 | 17.5 | 22.2 | 38.5 | 18.9 | 20.4 | 16.7 |
EV/FCF | 11.7 | 16.9 | 26.8 | 364.9 | -347.0 | -35.5 | 66.4 |
Adjusted FCF yield | 9.8 % | 4.2 % | 3.3 % | 2.0 % | 3.8 % | 3.7 % | 4.6 % |
Dividend yield | 2.6 % | 0.8 % | 0.8 % | 1.2 % | 1.1 % | 1.1 % | 1.1 % |
Source: Company data, Hauck Aufhäuser Investment Banking
5 | Hauck Aufhäuser Investment Banking |
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Eckert & Ziegler AG published this content on 02 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2022 09:59:49 UTC.