Analysts Research Reports - Archive 2005
| Date | Bank | Author | Recommendation | Downloads |
|---|---|---|---|---|
| 29.11.2005 | Equinet | Sven Kürten | Accumulate | Details |
| Our analysis: We have fine-tuned our estimates for the next three years and reevaluated the Pfeiffer Vacuum stock based on our new estimates. Our DCF-model suggests a fair value of EUR 47 per share - this represents an upside potential of 10-12% based on current share price levels, while a peer-group comparison suggests additional upside. Hence we continue to recommend accumulating the share... |
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| 25.11.2005 | GSC Research | - | Buy | Details |
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| 09.11.2005 | Bankhaus Lampe | Roland Könen | Hold | |
| 09.11.2005 | Commerzbank | Saul Rans | Hold | Details |
| Pfeiffer Vacuum published its Q3 results yesterday. Sales rose by 7 % in Q3 and another quarter of tight cost management converted this into PBT growth of 12 %. Although we have adjusted our EPS estimate for 2005 only marginally, the Q3 results leave us that much more confident about our forecast. We raise our target price to EUR 46 (previously EUR 42) and retain our Hold rating... | ||||
| 08.11.2005 | Equinet | Sven Kürten | Accumulate | Details |
| Our analysis: We have fine-tuned our estimates for the next three years and reevaluated the Pfeiffer Vacuum stock based on our new estimates. Our DCF-model suggests a fair value of EUR 47 per share, this represents an upside potential of 10-12% based on current share price levels, while a peer-group comparison suggests additional upside. Hence we continue to recommend accumulating the share... |
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| 08.11.2005 | Berenberg-Bank | Sven-Erik Hintz | Buy | Details |
| Q3 figures out - in line - adj. est./ PT Topic: Pfeiffer Vacuum released Q3 figures this morning. Conference call scheduled for 11am today. Margin growth stems mainly from the unprofitable DVD line divestment which burdened Q3 04 figures... Sales growth of 2.2 % came in slightly below expectations as the company faced two lacklustre months in July and August before demand picked up sharply again in September. Especially turbo pumps (+13 %) and backing pumps (+27 %) have been strong sales drivers. Every turbo pump sold requires also a backing pump and to date Pfeiffer still sells roughly twice the amount of turbo pumps which clearly unveils the still high sales potential of backing pumps. Net of the DVD line business, sales grew 7.2 %... The divestment of the loss-making DVD line business leads to a considerable margin expansion of 7.7 percentage points... |
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| 08.11.2005 | Fairesearch | Heinz Steffen | Hold | Details |
| Excellent Q3 results Revenues increased 7.2 % to EUR 40.1m; EBIT margin of 23.5 % In the third quarter 2005 ending September revenues increased 7.2% to EUr 40.1m excluding the DVD business. We estimated an increase of 5.9% to EUr 41.5m incl. DVD business. EBIT increased 9.4% to EUR 9.4m (estimate: EUR 9.2m). EBIT margin improved from 23.1% to 23.5% excluding the DVD business. Net income including results from discontinued operations increased 51% (estimate: 55.8%) to EUR 5.9m. In the first nine months EPS reached EUR 1.87 compared to EUR 1.82 in 2004. Revenues in Europe excluding Germany grew 6.9% to EUR 38.5m and contributed 32.7% to total revenues. Order intake increased 3.7% to EUR 121.9m and book-to-bill ratio reached 1.04. Order backlog increased 14.8% to EUR 30.3m. Order backlog for turbo pumps increased 28.6% to EUR 15.3m.Turbo pumps are now contributing 50.5% to total order backlog... |
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| 08.11.2005 | Deutsche Bank | Benjamin Kohnke | Upgrade from Hold to Buy | Details |
| Q3 review: top-line growth is picking up; upgrade to Buy Strong Q3; further margin expansion ahead Pfeiffer reported a strong Q3 figures. As a result of considerable improvements in operating profitability (23.5 % in Q3), management upgraded its full-year EBIT margin guidance to "up to 23 %", implying record numbers in Q4. In our view, PV is gaining market share and reaping the fruits of continuous efforts to diversify the customer base. As accelerating top-line momentum should continue in FY'06E, we believe that further margin expansions are likely to materialize and, as a result, upgrade the shares to Buy from Hold... |
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| 20.09.2005 | West LB | Wolfgang Fickus | Neutral | Details |
| Positive management meeting feedback We met with the Pfeiffer Vacuum's CFO (Mr Bender). Our feedback from this meeting is clearly positive, although we are leaving our recommendation, estimates and target price unchanged. The current business momentum continues to be positive with a book-to-bill ratio until mid September of clearly above 1 and we believe the company will achieve FY2005 sales of at least at the upper end of its current guidance. However, this is already factored into our estimates. Although we believe Pfeiffer Vacuum is fairly valued at its current share price, we see potential for the company to significantly raise its growth profile over the next 2 to 3 years. With the prospect of an extra cash return for shareholders in 2006, we believe the stock will attract much more investor interest at the start of next year... |
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| 15.09.2005 | DZ Bank | Harald Schnitzer | Buy | Details |
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| 13.09.2005 | Cazenove | Ralph Jainz | In Line / Hold | Details |
| On 2 August 2005 Pfeiffer Vacuum released strong Q2 and H1 2005 results. The results, for the first time, reflect the group's DVD business as a discontinued operation, and thus allow us to track the development of the core business... Group sales in the second quarter increased by 6% from EUR 38m to EUR 40m. Following the stagnation in the first quarter, H1 sales consequently grew by 3% from EUR 75m to EUR 78m. In the second quarter all regions showed growth, with the exception of Europe (excl. Germany)... In particular the gross margin was ahead of our estimates. As a result, group EBIT grew by 10% in Q2 to EUR 9m, which represents a margin expansion from 21.2% to 22.1%. As a result of the continued margin expansion in Q2 the groups H1 EBIT rose by 6% to EUR 17m, a margin expansion by 70 bps to 21.9%... |
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| 08.08.2005 | Commerzbank | Saul Rans | Hold | Details |
| Pfeiffer Vacuum published its Q2 results an Tuesday Robust sales growth allied to tight control of overheads drove PBT up by 10 %... |
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| 03.08.2005 | SES Research | Malte Schaumann | Market Performer | Details |
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| 03.08.2005 | HSBC | Thorsten Zimmermann | Hold | Details |
| Good Q2 figures ? strong outlook Solid Q2 figures slightly ahead of analyst expectations Strong outlook statement with minimum 22 % EBIT margin We upgrade our estimates and target price but reiterate our Neutral rating... |
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| 03.08.2005 | West LB | Wolfgang Fickus | Hold | Details |
| Better than expected Q2 05 results, but weaker FY05 guidance Pfeiffer Vacuum delivered results that were slightly below our expectations, but in line with the Bloomberg consensus expectations. Sales were 3% below our expectations with EBIT falling 4% short of our expectations. The EPS was 7% below our forecast... Sales were driven by Pfeiffer's turbopump business growing to EUR 17m (vs. our estimate of EUR 16.9m (+10.2%). The order intake was also driven by the turbopump business... Pfeiffer Vacuum increased its EBIT margin guidance while widening its sales growth guidance. Sales growth in 2005 is now expected to be 5% to 8% vs. the old range of 6% to 7%. The EBIT margin is now expected to be around 22%. We are going for 6% sales growth and an EBIT margin of 19.9%. This is in line with the consensus expectations... |
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| 03.08.2005 | Deutsche Bank | Benjamin Kohnke | Hold | Details |
| Q2 results review: Highmargin business, fairly priced Yet another earnings upgrade does not change to our view Despite lacklustre sales development, Pfeiffer managed to - once again - top past record EBIT margins in Q2. In addition, management raised FY'05 EBIT margin guidance by 300bps to "22%", which, we believe the market had already priced in. Moreover, we remain cautious on Pfeiffer's future growth opportunities and believe that the company has come close to peak margins in Q2. Despite our earnings upgrades, our DCF-model continues to yield a fair share price of Euro 39, hence no change to our recommendation, Hold... Better-than-expected operating profitability Q2 top-line results were fully in-line with our estimates (Euro 39.9m versus DBe of Euro 39.8m), implying an increase of 5.6% yoy (stripping out Euro 1.4m DVD division revenues generated in Q2'04). For the first time, the company reported its DVD segment as discontinued operations, which once gain revealed higher than-expected profitability of the company?s core business. Excluding nonrecurring DVD losses, the group generated an EBIT margin of 22.1%, up 90bps from the same period last year... |
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| 02.08.2005 | Bankhaus Lampe | Christoph Schlienkamp | Hold | Details |
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| 02.08.2005 | AC Research | - | Accumulate | Details |
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| 02.08.2005 | Berenberg-Bank | Sven-Erik Hintz | Buy | Details |
| Q2 figures above expectations, adj. est./ PT up Topic: Q2 figures came in fully in line on the top line at EUR 39.9m, but bottom line results improved substantially to EUR 5.4m (vs. EUR 4.8m exp.). Adjusting gross margin assumptions going forward. PT up to EUR 48.0 (EUR 46.0)... Major improvements on the bottom line are due to the fact that the discontinuation of the DVD line business allowed for a higher gross margin (46.5% vs. 45% exp.) and as the good hedging conditions lead to EUR 0.6m additional income in the financial result... |
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| 02.08.2005 | MM Warburg | Eggert Kuls | Hold | Details |
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| 02.08.2005 | Citigroup | Claus Roller | Buy | Details |
| 2Q - Everything under control Pfeiffer reported 2Q results in line with our expectations, with EBIT up 10%, to EUR 8.8m, or 22% of sales. Pfeiffer announced its 2005 guidance with sales of EUR 159-163m and a 22% EBIT margin. This is in line with our forecast of EUR 163m sales and 22% EBIT margin... Order income was up 6%, to EUR 41.6m, driven by a 30% rise in high margin turbo, and backing pumps were up 33% while service continued to decline... The investments in solutions for industrial customers are paying off, with sales up 17%, to EUR 9.2m, contributing 23% to sales. Sales for analytical industry grew 6%, to EUR 9.2m,or 23% of sales. Pfeiffer won several large customers in the analytical industry in the US and Japan. Sales to semiconductor customers fell 13%, to EUR 4.8m, but showed a sequential increase from EUR 4.5m in 1Q. Pfeiffer reduced its workforce from 710 to 694, keeping cost well under control, which is reflected in increasing EBIT margin to 22.1% in 2Q after 21.7% in 1Q. some EUR 54m net cash, Pfeiffer is in a strong position to exploit the current challenging environment to acquire other suppliers of vacuum pumps or instruments. We leave our forecasts broadly unchanged and reiterate our 1M (Buy/ Medium Risk) rating with a EUR 46 price target... |
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| 02.08.2005 | Equinet | Uwe Schupp | Accumulate | Details |
| The company published its June quarter report (Q2) and upped its full-year guidance. Post a slow Q1, Q2 saw the expected pick up in both the top- and bottom-line. Note that PFV adjusted last year?s figures by earmarking the DVD operations as discontinued operations... Reported group EBIT of EUR 8.8m easily managed to beat consensus of EUR 8.2m and fell only slightly short of our EUR 9m forecast. Given Q2 sales of EUR 39.9m which matched our forecast, this translates into a 22.1% EBITmargin... Pfeiffer increases its full-year guidance to sales growth of 5-8% (previously +5%) and an EBIT-margin of 22% (previously 19%). Consequently, the company is now only slightly below our own forecast in terms of EBIT margin (equinet: 22.7%)... |
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| 01.08.2005 | Fairesearch | Heinz Steffen | Buy | Details |
| We expect revenues to increase 7% with EBIT margin of 23.7% Adjusted revenues (excluding DVD business) will increase 7% to EUR 40.5m in Q2 ending June. EBIT is expected to increase 46.4% to EUR 9.6m. Net income will reach EUR 6m compared to adjusted EUR 5.6m in 2004. We expect book-to-bill ratio to remain above 1 (in April 1.1). EPS will reach EUR 0.69 in Q2 and EUR 1.24 in the first half 2005. DVD business will still influence the results. Comparable figures will not include the DVD business. This business unit will now be reported under discontinued operations. Hence all comparable sales and net earnings figures are excluding the DVD business... |
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| 11.07.2005 | Cazenove | Ralph Jainz | Hold | Details |
| Strong Q1 2005 results On 3 May 2005 the German engineering company Pfeiffer Vacuum announced strong Q1 2005 results. The results were dominated by a strong increase in profitability, driven by strict cost control, a further reduction in cost of goods sold and optimized production processes. Reported sales in Q1 2005 declined 4% YoY to EUR 37.6m. However, accounting for the contribution of the company's DVD operations Q1 2004, which have since been terminated, sales in Q1 2005 actually increased by 1%... |
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| 09.06.2005 | West LB | Wolfgang Fickus | Underperform | Details |
| Acquisition rumours remain rumours At the AGM, Pfeiffer Vacuum CEO Wolfgang Dondorf made very clear-cut comments about a potential takeover. He believes 'this is homemade speculation'. The company 'did not have any contact with anybody and hasn't been approached'. This reinforces our stands that a takeover by Leybold Vacuum is very unlikely, also for antitrust reasons... Mr. Dondorf also said that the order situation continued to be strong in May as was the case in April... On the back of the good order situation Pfeiffer Vacuum reconfirmed guidance of 6 % to 7 % sales growth and an EBIT margin of 19 %... Following the results the Pfeiffer Vacuum share price rose from EUR 37.4 to EUR 41.3, mainly on the back of takeover speculation... |
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| 06.05.2005 | Deutsche Bank | Benjamin Kohnke | Hold | Details |
| FY2004 results review Fully valued The closure of the DVD unit revealed the full earnings potential of Pfeiffer's core business, which reached an EBIT margin of 22.8% in FY2004. While we forecast the solid performance to continue next year, we point towards the full valuation of the shares and maintain our Hold recommendation. No surprises FY2004 did not reveal any surprise compared to the preliminary results, which had already been published at the beginning of Feb. For the first time, Pfeiffer Vacuum published separate revenue and operating numbers for the DVD unit, which had been announced to be shut down on 26 Jan. As already pointed out in our review of the prel results (dated 9 Feb 2005), the numbers revealed that Pfeiffer´s core business had been much more profitable than we originally estimated... |
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| 06.05.2005 | Commerzbank | Saul Rans | Hold | Details |
| Pfeiffer Vacuum published its Q1 results on Tuesday. Sales were flat on a comparable basis, but the backlog rose by 14 % q-o-q - a good sign for Q2... | ||||
| 04.05.2005 | West LB | Wolfgang Fickus | Hold | Details |
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| 04.05.2005 | BW-Bank | Volker Stoll | Outperform | Details |
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| 04.05.2005 | MM Warburg | Eggert Kuls | Hold | Details |
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| 03.05.2005 | Citigroup | Claus Roller | Buy | Details |
| Pfeiffer reported 1Q results in line with our expectations with EBIT up 18% to EUR 7.6m or 20% of sales. Pfeiffer aims to grow sales twice as fast as the market, which it expects to grow 3-4% in 2005. Order income was at previous year´s level of EUR 41.4m despite the exit from DVD systems (EUR 1.9m) and the cyclical downturn. Orders in high margin turbo and backing pumps were up 18% to EUR 24.3m. Pfeiffer stated that this positive development continued in April with a book to bill ratio above 1.1. The investments in solutions for industrial customers are paying off with sales up 34% to EUR 9.4m contributing 25% to sales. Sales to semiconductor customers fell 28% to EUR 4.5m or 12% of sales. Sales to optical fell 68% to EUR 4.5m bearing in mind that last years results included EUR 1.6m DVD systems sales. We leave our forecasts unchanged and reiterate our Buy/ Medium Risk rating with a EUR 46 price target... |
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| 03.05.2005 | Fairesearch | Heinz Steffen | Buy | Details |
| Excellent earnings in Q1 Sales declined 3.6% to EUR 37.6m and EBIT +17.7% to EUR 7.6m in Q1 In the first quarter 2005 ending March sales declined 3.6% to EUR 37.6m. Adjusted sales excluding the DVD business of EUR 1.6m remained stable. Order intake increased 0.2% to EUR 41.4m and order backlog 2% to EUR 30.1m. Due to the closure of the loss-making DVD business in 2004 EBIT increased 17.7% to EUR 7.6m. EBIT margin improved from 16.5% to 20.2%. Net income increased 18.4% to EUR 4.9m with a net margin of 13.1% compared 10.7% in the first quarter 2004. EPS reached EUR 0.57 compared to EUR 0.48. Industrial customers were the main growth driver in the first quarter. Revenues to industrial customers increased 33.9% to EUR 9.4m representing 25% of total revenues compared to 18% in Q1`04. This strong increase will help the company to reduce cyclicality. Sales to the semiconductor industry declined 27.7% to EUR 4.5m (share 12%). Due to the closure of the DVD business sales of data storage declined 67.9% to EUR 1.1m (share 3% compared to 9% in 2004). In addition demand for vacuum pumps from the DVD industry plummeted because of weak demand... |
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| 03.05.2005 | Deutsche Bank | Benjamin Kohnke | Hold | Details |
| Strong ... as expected As expected, Q1revealed the high profitability of Pfeiffer Vacuum's vacuum pump business, following the disposal of the DVD unit. The group's operating margin rose to 20.2% versus 16.5% in Q12004 (incl. the highly loss-making DVD business). This compares to EBIT margin guidance of 19% for FY2005, which management gave at the FY2004 analyst meeting at the end of March. However, we believe the market had already expected Pfeiffer's outlook to be conservative, hence a re-rating of the stock is unlikely (DBe 20.7%). Vacuum pumps perform well In our view, Pfeiffer Vacuum has been very successful in a) reducing its dependency on the semi-conductor industry and b) diversifying its business across geographical regions, which should reduce the cyclicality of the business to a certain degree. These strategic steps, in combination with the disposal of the DVD unit and good cost containment, led to strong Q1 results: while sales stayed roughly flat y-o-y (Euro 37.6m versus Euro 37.4 in Q12004), EBIT rose by 17.7% to Euro 7.6m. EBIT margins increased by 370bps y-o-y to 20.2%... |
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| 03.05.2005 | Cazenove | Ralph Jainz | In LIne | Details |
| Pfeiffer Vacuum - Strong Q1 2005 results. IN-LINE (EUR 36.86) Pfeiffer Vacuum today announced strong Q1 2005 results. The Q1 2005 results are dominated by a strong increase in profitability, driven by strict cost control, a further reduction in cost of goods sold and optimized production processes. The key points were as follows: Sales in Q1 2005 declined 3.6% YoY to EUR 37.6m. However, accounting for the contribution of the company?s DVD operations Q1 2004, which have since been terminated, sales in Q1 2005 actually increased by 1%. Of the EUR 37.6m of sales 25% was accounted for by sales to industrial customers (up from 18% in Q1 2004) while sales to customers in the analytical industry also rose from 22% in Q1 2004 to 23% this quarter. This compensated for weakness in demand from the semiconductor industry. The company said it expects further growth in the analytical segment during the course of the year ... |
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| 03.05.2005 | SES Research | Malte Schaumann | Market Performer | Details |
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| 03.05.2005 | Equinet | Uwe Schupp | Accumulate | Details |
| Q1 2005: Reported EBIT came in better than expected at EUR 7.6m on the back of in-line sales of EUR 37.6m. This represents a margin of 20.2% (PFV guidance for 2005: 19%). Q1 2004 included sales from DVD of some EUR 1.6m and a loss in a similar region according to our forecast. Outlook: As expected the company did not become more precise in terms of the full-year outlook. While the book-to-bill came in at 1.1 in for the March quarter and with April obviously equally strong the company is hesitant to deduct any meaningful full-year growth assumption. However, note that order intake serves only as a limited leading indicator for PFV due to short lead times. With our full-year net profit forecast of EUR 22.1m we feel there is no immediate need to change our forecast despite better than expected figures... |
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| 26.04.2005 | Bankhaus Metzler | Sven Kürten | Buy | Details |
| Pfeiffer Vacuum's risk structure is excellent - thanks to the marked diversification of the end markets in terms of sector, region and customer size. Buoyed additionally by the ongoing cyclical recovery, sales and earnings growth will in our view expand strongly within the next three years by 8% p.a. We expect the management of Pfeiffer Vacuum to raise its own profitability forecast of an EBIT margin of 19% for 2005. The main reason for this is the greatly improved group profitability following the discontinuation of the DVD business activities. This would be a further factor boosting the share price development. Our valuation models show the company to be clearly undervalued. Our price target of EUR 53 per share signals upside potential of 43%... |
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| 21.04.2005 | GSC Research | - | Buy | Details |
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| 12.04.2005 | Commerzbank | Saul Rans | Hold | Details |
| 2004 results confirm for us that Pfeiffer Vacuum is one of Germany's finest small cap manufacturing businesses. The pumps business generated an EBIT margin of 23 % last year and the exit from DVD in Q1 clears the way for ROCE to exceed 50 % in 2005... | ||||
| 06.04.2005 | Bankhaus Lampe | Christoph Schlienkamp | Hold | Details |
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| 06.04.2005 | Citigroup | Claus Roller | Buy | Details |
| In 2004, Pfeiffer increased its net cash position by EUR 17m, to EUR 56m, which was significantly better than our forecast of EUR 42m. This highlights the strong underlying performance with a 22.5% EBIT margin excluding DVD systems. Increasing the dividend from 70c (or EUR 6.2m) for 2003 to 90c (or EUR 7.9m) for 2004 will hardly affect the cash pile, which we forecast to reach E71m at the end of 2005. After the exit from its troubled DVD systems, Pfeiffer´s management is now in a strong position to look for earnings-enhancing acquisitions of other pump or instrument suppliers. Despite the current weak semiconductor and optical storage demand, Pfeiffer gave a positive outlook for 2005 thanks to its strengthened product portfolio and based on new design wins with major customers. We expect 8 % organic growth in sales and EBIT in 2005... |
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| 04.04.2005 | CA Cheuvreux | Yasmin Majewski | Underperform | Details |
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| 01.04.2005 | Fairesearch | Heinz Steffen | Buy | Details |
| Strong earnings improvement DVD business with strong impact on final results In 2004 management closed the whole DVD business. This business unit contributed negatively EUR 15.9m to overall performance. Operating losses were EUR 7m and additional restructuring charges summed up to EUR 8.9m in 2004. Excluding the DVD business (EUR 4.7m iin 2004) sales increased 9.3% to EUR 151.5m compared to adjusted EUR 138.6m in 2003. EBIT-margin would have reached 22.4% or EUR 34m instead of EUR 18.1m in 2004. Therefore management is confident to reach at least an EBIT-margin of 19% in the current year. In the first two months book-to-bill ratio stands around 1.12. We leave our BUY recommendation unchanged with a new target price of EUR 44. The closure of the DVD-business will considerably enhance profitability. The EBIT-margin guidance of 19% is a conservative estimate and can be reached easily. In addition sales should grow well above industry average between 3% and 5%... | ||||
| 01.04.2005 | Dresdner Bank | Michael Francz | Add | Details |
| Still scope to increase shareholder rewards Refocused on its core business, Pfeiffer Vacuum is in great shape to please investors with strong & improving fundamentals. Despite a 29% dividend increase, payouts have still room to close the gap to the strong free cash flows. While the charges to exit the loss-making DVD endeavours largely masked a very strong operating result in its core vacuum pump business, we remain confident that Pfeiffer will return to >20% EBIT margin in '05... |
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| 31.03.2005 | AC Research | - | Accumulate | Details |
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| 30.03.2005 | Dresdner Bank | Michael Francz | Add | Details |
| Results are largely in line, with losses from the discontinued DVD operations masking a strong performance in the core business. Dividend increases 29%, but remains below high end of consensus. In line with prelims in February, Pfeiffer's '04 sales increased 8.5% Y/Y to EUR 156.2m. Solid growth was recorded in Germany, up 16%, and Asia with 19%. US sales increased only 1% due to the weaker dollar (11.5% at fixed exch. rate). On the product side, the high-margin turbo pump segment increased 11% to 38.1% of sales (37.2% in '03). Other segments: Analytics & Components 27.2% (24.4%), Service 16% (18%), Backing pumps 12.6% (12.5%), Systems 6.1% (7.8%)... |
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| 30.03.2005 | Equinet | Uwe Schupp | Accumulate | Details |
| FY2004 results: Both sales and EBIT were matching the pre-announcement from early February. As indicated previously, EBIT was burdened by significant one-offs (operating losses of the DVD business, which has been closed down in the meantime, amounted to EUR 7.6m and another EUR 8.9m is the total impact related to the DVD shutdown). Net profit, however, was slightly worse than expected at EUR 11.6m vs. our forecast of EUR 1.48 and consensus of EUR 1.46, probably due to a higher tax rate in Q4. Dividend: Including a special payment of EUR 0.5, Pfeiffer will pay a total dividend of EUR 0.9. Our forecast was EUR 0.8. So far, the guidance was for a "significant increase" in the dividend versus last year´s level of EUR 0.7... |
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| 30.03.2005 | Berenberg-Bank | Roland Rapelius | Buy | Details |
| Topic: release of full 2004 results, DPS of EUR 0.90 in 2004 and outlook of 19% EBIT margin in 2005 in line with expectations, conference call today at 5 pm CEST. Adjusted for one-off costs due to the discontinuation of the DVD systems activities, the EBIT would have been EUR 8.9m higher than reported, translating into an adjusted EBIT margin of 17.3% in 2004. Working capital needs have been reduced due to the discontinuation of the DVD systems activities, lowering inventories by approx. EUR 5m - approx. one fourth of inventories - and accounts receivables by approx. EUR 3m. Dividend of EUR 0.90 per share is in line with our expectations. Action: we adjust our figures to reflect the release of the full results, assuming lower working capital needs from ´05 on. In view of the high net cash position we increase our DPS estimates from 2005 on now assuming a 50% payout ratio... |
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| 23.02.2005 | LBBW | Alexandra Hauser | Hold | Details |
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| 17.02.2005 | Commerzbank | Achim Matzke | Buy | Details |
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| 11.02.2005 | BW-Bank | Volker Stoll | Buy | Details |
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| 10.02.2005 | Deutsche Bank | Benjamin Kohnke | Hold | Details |
| Pfeiffer Vacuum´s prel. FY2004 results included a mixed bag of new information, in our view. Stripping-out total costs associated with the DVD business (Euro 8.9m of write-downs and Euro 7.6m of operating costs), the group achieved an impressive EBIT margin of 22% in its core business. We believe that the company managed very well to reduce its dependency on the semiconductor industry, without endangering its favourable product mix. In addition, Pfeiffer announced a "significantly higher" dividend compared to FY2003 (Euro 0.70 per share)... | ||||
| 10.02.2005 | Dresdner Bank | Michael Francz | Add | Details |
| Reflecting better margin trend Preliminary 2004 results revealed encouraging margins for the group ex DVD systems, making us feel optimistic that Pfeiffer is able to beat our original margin expectations going into 2005. We increase our earnings estimates by 10-14%... |
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| 10.02.2005 | AC Research | - | Accumulate | Details |
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| 09.02.2005 | SES Research | Michael Francz | Market Performer | Details |
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| 09.02.2005 | DZ Bank | Harald Schnitzer | Buy | Details |
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| 09.02.2005 | Fairesearch | Heinz Steffen | Buy | Details |
| Sales increased 8.5% and EBIT declined 7.2% Sales in 2004 increased 8.5% from EUR 144m to EUR 156.2m (fairesearch estimate EUR 161.3m). Due to the loss-making DVD business unit and additional restructuring charges EBIT margin declined from 13.5% to 11.6%. EBIT declined 7.2% from EUR 19.5m to EUR 18.1m. However without the additional restructuring charges of EUR 8.9m (closure of the DVD business) EBIT margin increased from 17.6% to 22.8%. Order intake increased 3.4% from EUR 150.2m to EUR 155.3m... |
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| 09.02.2005 | Equinet | Uwe Schupp | Accumulate | Details |
| PFV just released preliminary figures for FY2004 While sales of EUR 156.2m were in-line with our forecast (equinet: EUR 157.9m), EBIT of EUR 18.1m came in slightly weaker than our EUR 19.3m forecast. As indicated previously, EBIT was burdened by significant one-offs. Operating losses of the DVD business, which has been closed down in the meantime, amounted to EUR 7.6m in 2004. Moreover, EUR 8.9m is the total impact related to the DVD shutdown... |
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| 09.02.2005 | Cazenove | Ralph Jainz | In Line | Details |
| Pfeiffer Vacuum - Preliminary 2004 results slightly below expectations, weak order inflow - In-Line The German engineering company Pfeiffer Vacuum today announced preliminary full year 2004 results, which were on the weak side. Group revenue grew by 9% to EUR 156m. This was EUR 5m short of our expectation of EUR 161m, partly linked to the US dollar weakness in the fourth quarter... |
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| 09.02.2005 | Sparkasse Köln | - | Outperformer | Details |
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| 09.02.2005 | Berenberg-Bank | Roland Rapelius | Buy | Details |
| 2004p exceed expectations, adj. for DVD one-offs, PT up Pfeiffer´s preliminary 2004 EBIT slightly exceeded our expectations adjusted for one-off costs due to the DVD line activities... |
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| 09.02.2005 | Dresdner Bank | Michael Francz | Add | Details |
| Results for FY. Solid margins revealed While Q4 revenues were weaker than expected, adjusting for the discontinued DVD operations reveals promising margins for Pfeiffer's core business... |
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| 04.02.2005 | MM Warburg | Eggert Kuls | Hold | Details |
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| 27.01.2005 | Equinet | Uwe Schupp | Buy | Details |
| Yesterday PFV reported the long-awaited termination of its DVD venture. Initially, the company´s internal goal was to get rid of DVD by the end of last year. We estimate one-off cost (mainly extraordinary goodwill mortisation and inventory depletion) to the tune of EUR 8m - EUR 9m. This is higher than our initial expectation of up to EUR 5m. Main reason behind appears to be that the sale to a third-party buyer did not play out as expected by us. Instead, PFV is to close down this business... |
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| 26.01.2005 | Dresdner Bank | Michael Francz | Add | Details |
| DVD endeavours will be ceased. Price target raised While Pfeiffer Vacuum's exit from the DVD line business will be a drag on 2004 earnings, it should pave the way for the return to >18% operating margins going forward. We adjust our estimates and increase our PT slightly... |
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| 26.01.2005 | Citigroup | Claus Roller | Buy | Details |
| Effective December 2004, Pfeiffer exited its troubled DVD Systems business. We estimate that Pfeiffers DVD business lost some EUR 8m on EUR 5m sales in 2004 after operating losses of EUR 6m in both in 2002 and 2003. Furthermore, Pfeiffer incurred an EUR 8m restructuring charges, which included the social plan for 50 staff and write-downs on inventories, fixed assets and goodwill... | ||||
| 26.01.2005 | SES Research | Malte Schaumann | Market Performer | Details |
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| 26.01.2005 | AC Research | - | Accumulate | Details |
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| 26.01.2005 | Berenberg-Bank | Roland Rapelius | Buy | Details |
| DVD systems division closed, estimates and PT up Pfeiffer today announced the closure of its DVD systems division. Pfeiffer never succeeded in entering the market for DVD lines as the dominant global leader Singulus (60% share) has successfully kept new entrants outside... |
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| 25.01.2005 | Bankhaus Lampe | Christoph Schlienkamp | Hold | Details |
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