Pfeiffer Vacuum A Passion for Perfection

Analysts Research Reports- Archive 2008

Date Bank Author Recommendation Downloads
09.12.2008 BHF-Bank Stefan Bauer Strong Buy Details
"- Q-Cells, the major customer of Pfeiffer Vacuum, issued a profit warning this morning. The company cuts its production volume forecast for solar cells for 2008F and 2009F.

- However, management of Pfeiffer Vacuum expects no default risk for the recently received order from Q-Cell's subsidiary Solibro. Furthermore, Q-Cells announced, Solibro would not be affected by capacity reductions.

- We stick to our Strong Buy rating and keep our target price of EUR 57.00..."
04.12.2008 Solventis Ulf van Lengerich Buy  
27.11.2008 BHF-Bank Stefan Bauer Strong Buy Details
"We had a meeting with Pfeiffer Vacuum's CEO, Mr Bender. Our impression was that business is running
on a satisfying level. For the time being, management sees no cancellations or postponements of orders.

- Excluding the major Solibro order for thin-film coating modules, CEO Bender expects revenues in the upcoming year to stay flat.

- We view the current share price level as an excellent investment opportunity. We reiterate our Strong Buy rating with a target price of EUR 57.00..."
26.11.2008 Berenberg-Bank Sven-Erik Hintz Buy  
24.11.2008 Bankhaus Lampe Gordon Schönell Hold  
17.11.2008 Equinet Adrian Pehl Reduce  
05.11.2008 DZ-Bank Harald Schnitzer Upgrade from Sell to Buy  
05.11.2008 Commerzbank Norbert Kretlow Hold  
05.11.2008 Citigroup Gerhard Orgonas Hold  
05.11.2008 Dresdner Bank Yasmin Majewski Add  
05.11.2008 LBBW Alexandra Hauser Buy Details
New Target Price 56 Euro
05.11.2008 Cheuvreux Craig Abbott Outperform Details
"- Quality of earnings better than at first glance
- Depth/quality of order book good
- Positive outlook for dividend
- Reiterate 2/OP rating ..."
05.11.2008 Nord LB Thomas Wybierek Buy  
05.11.2008 Fairesearch Heinz Steffen Buy Details
"EBIT margin declined to 23.5% ..."
04.11.2008 Deutsche Bank Benjamin Kohnke Hold Details
"Q3 results review: In line with our investment case ..."
04.11.2008 BHF-Bank Stefan Bauer Strong Buy Details
"Pfeiffer Vaucum's 3Q08 results were somewhat disappointing in terms of sales and EBIT. On the positive side, order intake came in considerably higher than forecasted by us. Management expects 2008F revenues being slightly below the lower end of the originally given sales guidance.
- So far management sees no slow-down in order intake activity which is kind of surprising given the tough economic environment.
- We keep our Strong Buy rating and our target price of EUR 57.00 ..."
04.11.2008 Cazenove K. Khemani Inline Details
"Q3 '08 review: Pfeiffer warns, we downgrade ..."
30.10.2008 BHF-Bank Stefan Bauer Strong Buy Details
"Due to the worldwide toughening macroeconomic conditions, we cut our sales and earnings forecasts for Pfeiffer Vacuum... Despite the company's broad customer base both in terms of regions and industries, we believe Pfeiffer Vacuum cannot abscond from the economic slowdown... We cut our target price from previously EURO72.00 to EURO57.00 but maintain our Strong Buy rating..."
29.10.2008 Commerzbank Norbert Kretlow Hold Details
"We forecast stagnating sales for Q3 based on industry data and a further deterioration of the USD. Since the negative effect from the USD kicks directly into EBIT, we expect the EBIT-margin to come in at 25.1% and at the lower end of the company's 25% to 27% guidance. We believe Pfeiffer's full year sales guidance is now ambitious and maintain our Hold recommendation."
28.10.2008 Cheuvreux Craig Abbott Outperform Details
"More challenging environment ahead. Economic headwinds... Estimates adjusted... EPS lowered... Still a great company at an attractive price..."
28.10.2008 Kepler Capital Markets Tobias Loskamp Buy Details
"Applying a more conservative economic growth scenario leads us to cut our estimates... 2009 operating performance should be relatively strong and provide some flexibility... Q3 results on 4 November likely to point to strong year-end business... We stick to Buy amid defensive qualities but cut target price from EUR70to EUR53..."
27.10.2008 Dresdner Bank Yasmin Majewski Add Details
"Preview for Q3. Confirmation of guidance expected - est adj to reflect deteriorating economy - we keep Add. We expect flat sales of EURO46.0m attributable to higher proportion of backing pump sales. Assuming higher energy costs and deterioration of the product mix, we forecast gross margin down by 371.1bp to 46.7%. We expect net income increase of 7.0% YoY attributable to significantly lower tax rate. We expect order intake to remain flat YoY at EURO44.5m. We keep Add but reduce our target price to EURO50...."
27.10.2008 Deutsche Bank Benjamin Kohnke Hold Details
"Good visibility in 2009 - but what about 2010? Earnings and TP downgrade on subdued macro outlook... Q-Cells order win provides nice visibility into 2009... No slowdown in demand yet ? we expect a solid Q3 (due on 4 November)... Good visibility for 2009 seems priced in..."
27.10.2008 HSBC Christian Rath Overweight Details
"Mixed set of Q3 results ahead but we expect strong order intake driven by the solar industry... We are lowering EPS for 2009e by 16% to EUR3.77 and for 2010e by 20% to EUR3.83; our new estimates are roughly 18% and 20% below consensus expectations, respectively... We are reducing our target price to EUR56 from EUR75 but maintaining our Overweight rating and adding a volatility flag..."
09.10.2008 BHF-Bank Stefan Bauer Strong Buy Details
"- Pfeiffer Vacuum sees no cancellations of orders or a slow-down in order activity for its standard products, i.e. turbo pumps and backing pumps.

- The recent share price decline of Pfeiffer Vacuum is fundamentally unjustified, in our view. We believe that the current stock price level offers an interesting buying opportunity.

- Pfeiffer Vacuum's strong order backlog should ensure top- and bottom-line growth for the upcoming quarters. The company's growth story continues..."
05.09.2008 Berenberg-Bank Sven-Erik Hintz Buy Details
"Topic: Pfeiffer Vacuum announced the long awaited follow up order of complete vacuum systems to the thin-film producing solar industry. This is positive news as it underscores Pfeiffer's growth potential for 2009. Estimates & PT up to EUR 77.50 (from 76.00)..."
05.09.2008 Kepler Capital Markets Tobias Loskamp Buy Details
"Pfeiffer Vacuum publishes anticipated follow-up order from Q-Cells's Solibro

Published terms of the contract point to strong fiscal-year 2009

We raise estimates and lift target price to EUR70..."
04.09.2008 Commerzbank Norbert Kretlow Kaufen Details
"The sun always shines on PV
Pfeiffer Vacuum was awarded several bulk orders from the solar industry summing up to an estimated 105MWp. At first glance, we estimate the incremental sales volume relative to our original 2009 forecasts to be c. EUR22m or c. 10% of group sales. However, in light of an over-extended valuation, we reiterate our Hold recommendation..."
04.09.2008 BHF-Bank Stefan Bauer Strong Buy Details
"Pfeiffer Vacuum received a major follow-up order from Solibro which was significantly higher than expected by us.

Furthermore, the company announced that business with clients from the photovoltaic industry will account for up to 20% of total sales at year-end 2009F.

Based on lifted estimates we have increased our target price from previously EUR 70.00 to EUR 76.00. Our recommendation remains Strong Buy..."
04.09.2008 West LB Tarkan Cinar Add Details
"Pfeiffer Vacuum has received a large order for vacuum pump systems from a Q.Cells subsidiary to expand its existing solar cell capacities to 45MWp by mid-FY09. As Q.Cells has guided that it expects its recent and total capacities of 125MWp to >400MWp until FY10E, we are expecting further large orders. Furthermore, Pfeiffer Vacuum has received additional orders from the solar industry. We raise our EPS estimates by 5% (09E) and 6.5% (10E). We keep our Add rating unchanged and set a new target price of EUR71.3 (EUR67.5)..."
04.09.2008 Cheuvreux Craig Abbott Overweight Details
"EPS est./TP raised after solar contract win

Sales/EPS raised after major contract win
Conservative assumptions for non-solar sales growth
Target price raised to EUR71 (EUR68)
Positive catalysts/attractive val/reiterate 2/OP..."
04.09.2008 MM Warburg Eggert Kuls Buy Details
"Upgrade from Hold to Buy, target price raised from 60 to 70 Euro..."
04.09.2008 HSBC Christian Rath Overweight Details
"Germany - PFV GR, Germany, Overweight, Current: EUR63.45, Target: EUR75, Market cap: EUR561m

Valuation: We like Pfeiffer because of its strong balance sheet, its diversified customer base, its strong margins and the dividend yield of c5%. Given its low capital requirements and EBIT margin of around 26%, we expect Pfeiffer to continue to generate high average FCF of c7% and ROICs of around 48% through 2008e-10e. Based on our adjusted estimates, our DCF model (assumptions: WACC of 8.1%, based on a risk-free rate of 4.0%, an equity risk premium of 4.5% and a beta of 0.9) leads to a 12-month target price of EUR75. We reiterate our Overweight rating on the stock..."
04.09.2008 AC-Research Hold  
03.09.2008 Dresdner Bank Yasmin Majewski Add Details
"Follow-up order from the solar industry gives management confidence on 2009
Company received follow-up order to delivery vacuum equipment for anew thin film solar plant with in total up to 90 MWp capacities. Ramp-up of plants should be finalised end of 2009. Based on these new orders, management expects 'significant' sales growth in 2009. Overall news should bode well for shares, as many investors feared economic downturn to have an adverse impact on Pfeiffer's top-line in 2009..."
08.08.2008 Solventis Ulf van Lengerich Buy  
04.08.2008 Bankhaus Lampe Gordon Schönell Hold  
31.07.2008 Fairesearch Heinz Steffen Buy Details
"Results meeting expectations Revenues increased 6.4% to Euro 46.8m In the second quarter 2008 ending June revenues increased to Euro 46.8m (estimate: Euro 46.4m). Revenues of turbo pumps declined 3.8% to Euro 18.9m in the second quarter. Management reiterated guidance for 2008 however order backlog declined from Euro 44.7m to Euro 41.3m. We leave our "BUY" recommendation and target price unchanged...."
31.07.2008 Deutsche Bank Benjamin Kohnke Hold Details
"Good visibility for H2 but downgrade on valuation Inefficient balance sheet triggers downgrade to Hold. Q2 results slightly weaker than expected... ...but good visibility for H2 - which shows resilience of the business model. "Un-levered" DCF yields target price of Euro 61; downgrade to Hold..."
30.07.2008 Nord LB Thomas Wybierek Buy  
30.07.2008 West LB Tarkan Cinar Add Details
"Target price reduced due to weak turbo pump business Pfeiffer Vacuum published Q2 08 results which were in line with West LB estimates and slightly below dpa-AFX consensus estimates. Revenues and EBIT increased by 6% y-o-y and 11% y-o-y, respectively. However, while the revenues of measurement & analysis equipment, backed pumps and vacuum pump systems compensated for the weak turbo pump business, we expect further downturn in the USA during H2 08E and FY09E. This is likely to have a negative impact on the turbo pump business, which contributed c. 40% to group revenues in H1 08. We have therefore reduced our earnings estimates by 0.5% (FY08E) and 2.1% (FY09E) and arrive at a new fair value of Euro 67.5. We recommend the stock as an Add..."
30.07.2008 Commerzbank Norbert Kretlow Hold Details
"Q2 brighter after a closer look
At a closer look and after listening to the earnings call, Q2 figures look somewhat better than originally assumed with the drop in the EBIT margin triggered by SG&A rather than the gross margin. The outlook for increasing underlying sales growth in H2 2008 was fed by additional information. We believe that impetus from pumping stations is likely, but visibility for this remains low. We reiterate our Hold recommendation..."
30.07.2008 Metzler Eerik Budarz Buy Details
"Pfeiffer Vacuum published Q2/2008 figures on Tuesday, July 29, 2008. Q2 sales were 6% higher y-o-y at EUR 46.8 m while EBIT increased slightly to EUR 11.4 m. Net income of EUR 8.4 m translated to EPS of 0.95. Though H1/08 orders were some 6% short of H1/07 levels, this has mainly to do with a large order from Solibro that had come in during H1/07. The fact that US sales were down some 21% and Asia was more or less flat could easily be compensated by German and European business (which make up more than two thirds of sales and grew some 18%). The company is still confident of its guidance for the full year (sales EUR 202-207 m; EBIT margin 25-27%) ? as are we. We reiterate our BUY recommendation. Our updated price target of EUR 69.50 constitutes an upside potential of some 25%..."
30.07.2008 Cheuvreux Craig Abbott Outperform Details
"- PFV's confidence in reiterating its FY guidance based on strong recent order book performance
- Product mix in H2 should again be higher-margin (higher share of turbo pumps)
- The growing diversity of applications for its end products proving a major comp. advantage/valuation attractive..."
30.07.2008 MM Warburg Eggert Kuls Hold  
29.07.2008 Landsbanki Kepler Tobias Loskamp Buy Details
"- Q2 results below our estimates as cost pressure increases
- Solid order intake and looming large order should accelerate growth in H2
- Acquisition of previously announced targets has not materialised
- We clearly stick to Buy and cut our target price from EUR70.00 to EUR64.50..."
29.07.2008 AC Research Accumulate Details
29.07.2008 Dresdner Bank Yasmin Majewski Add Details
"Numbers weaker than expected: Sales up 6.4% YoY to EUR 46.8m ahead of estimates, but EBIT margin of 24.4% is almost 300bp below our forecast. Order intake of EUR 48.7m represents a solid 1x book/bill. We expect shares to trade down today, despite the confirmation of its 2008 guidance of EUR 202-207m sales growth an EBIT margin in the ballpark of 25-27%. We keep our Add rating and EUR 70 (DCF) price target..."
29.07.2008 BHF-Bank Stefan Bauer Strong Buy Details
"- Pfeiffer Vacuum's 2Q08 figures came in below our estimates and consensus. However, the company reported a strong order intake which confirms that business is on track. Management reconfirmed its FY08F guidance.
- Regarding acquisitions Pfeiffer Vacuum announced that it is not in negotiations with any of the two potential acquisition targets anymore.
- We maintain our Strong Buy recommendation with a slightly reduced target price of EUR 70.00 (previously EUR 74.00)..."
29.07.2008 Berenberg-Bank Sven-Erik Hintz Buy Details
"Topic: Pfeiffer Vacuum published Q2 figures this morning - slightly below estimates. Free cash flow at EUR 11.6m strong. Gross margin a major disappointment. Guidance confirmed..."
29.07.2008 Citigroup Gerhard Orgonas Hold Details
"- EBIT Margin Negatively Impacted by Product Mix and Exchange Rate Effects
- Decline in Order Income and Backlog
- Acquisition Talks Terminated
- We Slightly Revise Our Sales Growth Forecast
- Maintain Hold Rating..."
29.07.2008 HSBC Christian Rath Overweight Details
"- Q2 figures below expectations due to ongoing weak US business (-13% yoy) and lower turbopumps (-4% yoy) sales
- We lower our top line estimates by roughly 2% and bottom line by c4% on average mainly due to a changed product mix
- Current share price level offers attractive potential return of c34% to our new target of EUR75 (from EUR77): Overweight..."
09.06.2008 WestLB Wolfgang Fickus Buy Details
"We reiterate our Buy rating for Pfeiffer Vacuum, which remains our preffered German mid cap engineering stock after its FY2009 guidance statement. We estimate a -5% sales and -10% EBIT CAGR 2008-2010E, which compares favourably with a -11% sales and -23% EBIT CAGR 2008-2010E of our engineering universe. Our valuation indicates a €59.7 to €71.2 DCF-based fair value range and peer group upside to €85. We upgrade our target price from €56.4 to €62.5. Buy..."
06.06.2008 Berenberg-Bank Sven-Erik Hintz Buy Details
"Solar sun shines - rolling valuation - est./PT up

Topic: Feedback on last week's roadshow to Brussels and Luxembourg with CTO Dr. Wiemer. PT up to EUR 81 (old PT: EUR 73) on higher systems sales est./rolling valuation to 2009..."
04.06.2008 Dresdner Bank Yasmin Majewski Add  
03.06.2008 AC Research Accumulate  
02.06.2008 Close Brothers Buy  
02.06.2008 Fairesearch Heinz Steffen Buy  
30.05.2008 DZ-Bank Harald Schnitzer Sell  
29.05.2008 MM Warburg Eggert Kuls Upgrade from Hold to Buy  
29.05.2008 West LB Tarkan Cinar Add  
29.05.2008 Commerzbank Norbert Kretlow Hold  
29.05.2008 Cheuvreux Craig Abbott Outperform  
29.05.2008 Landsbanki Kepler Tobias Loskamp Buy  
29.05.2008 LBBW Alexandra Hauser Buy  
28.05.2008 Bankhaus Lampe Gordon Schönell Hold  
22.05.2008 West LB Tarkan Cinar Add Details
"Upgrade from Hold to Add, price target 72,80 Euro..."
07.05.2008 HSBC Christian Rath Neutral Details
"Solid Q1 results, but negative impact from weak USD

Decision on 10% share buyback or acquisition on 28 May should be the next trigger for the shares

We increase our target price to EUR70 (from EUR64), but maintain our Neutral rating on the stock..."
07.05.2008 MM Warburg Eggert Kuls Hold Details
"Acquisition in vacuum technology announced, or alternatively share repurchase

US business clearly under pressure,...

...Q1 results slightly below expectations..."
07.05.2008 Cazenove K. Khemani In-Line Details
"Strong Q1 '08 topline growth in Germany driven by the large solar-cell system order

Gross margins suffer in Q1 '08, however as in Q3 '07, Pfeiffer increases EBIT margins by cutting back on SG&A and R&D

Guidance unchanged: none provided for FY '08E at present, however one likely to be issued at the end of May '08

The much awaited acquisition or share buy-back..."
07.05.2008 Berenberg-Bank Sven Erik Hintz Buy Details
"Key takeaways:
- top line negatively impacted by the US$ and lower US demand, especially turbo pumps
- 2008 gross margin burdened by modernization of production (some repairs treated as costs - not capex)
- 2008 tax rate overrated in Berenberg est. and taken down from 33% to 32%
- possible acquisition is in related vacuum business (pumps and components) and could enable access to new technology, new customers and optimized regional mix - potentially adding EUR 40m to top line..."
07.05.2008 BHF-Bank Stefan Bauer Strong Buy Details
"Pfeiffer Vacuum's 1Q08 results were overall in line with our estimates. EBIT margin was again excellent. Strong order intake in the quarter was driven by backing pumps.

The potential acquisition of another sector company is in the cards.

We reiterate our Strong Buy recommendation and set a new target price of EUR74.00
(prev. EUR78.00) ..."
06.05.2008 Commerzbank Norbert Kretlow Hold Details
"Sales were in line with our expectations. However, the contribution from the Q-Cells order was higher than expected, the underlying growth (excluding Q-cells and USD effects) was thus lower than we had predicted. EBIT was 3% below our forecast and 1% below consensus. Pfeiffer announced a potential acquisition and, as an alternative, a share buyback of up to 10%. The Pfeiffer share has reached our target price, thus we cut our recommendation to Hold from Add..."
06.05.2008 Deutsche Bank Benjamin Kohnke Buy Details
"Pfeiffer Vacuum reported Q1 results slightly above our forecasts but in-line with consensus estimates. Positively impacted by the contribution of large order from Q-Cells, sales grew by 4.8% year-over-year to Euro 49m; EBIT came in at Euro 13.3, implying a continuously impressive margin of 27.1% (DBe 26.5%)..."
06.05.2008 Dresdner Bank Yasmin Majewski Add Details
"Conference call did not provide major pieces of news as mgt remained very vague on potential acquisition target. We adjust our sales, EBIT and EPS estimates by on average 4%. Based on our new estimates, we reduce our TP to EUR70 (DCF based on 8.5% WACC and 2% terminal growth). Given less upside and given increased uncertainties from potential acquisition we change our rating from Buy to Add..."
06.05.2008 Cheuvreux Craig Abbott Outperform Details
"Q1 results - first take
- Modest top-line (+4.9%) but solid earnings (EPS +16%)
- FY guidance vague but still optimistic, supported by backlog
- Potential M&A or share buy-back on the horizon..."
06.05.2008 Landsbanki Kepler Tobias Loskamp Buy Details
"Q1 results below our estimates but hit by one-offs

Strong order backlog (+17.3% YOY) bodes well for a good Q2

Earnings-enhancing acquisition in Asia ahead (EUR40m revenue)

We reiterate our Buy rating and target price of EUR70..." [...]
23.04.2008 Solventis Ulf van Lengerich Buy Details
"Solventis intitiates coverage of Pfeiffer Vacuum with a BUY Rating, target price 67 Euro..."
16.04.2008 Cheuvreux Craig Abbott Outperform Details
"Quality business model at an attractive price
Pfeiffer offers many attractive characteristics: it is a highly profitable company with world market-leading positions in its key product areas (turbo-molecular vacuum pumps), good medium-term growth potential driven by new applications, a solid balance sheet (excess cash of ~EUR8.3 per share/15% of share price), and an attractive valuation.

Attractive valuation
We find the shares attractively valued, trading at 12.3x earnings, or 11.1x adj. for excess cash, 6.8x EV/EBITDA and a dividend yield of 6.3% (all for 2009E). Based on a peer group comparison and a DCF valuation (basis for TP of EUR68, +22%), the stock appears undervalued..."
02.04.2008 Fairesearch Heinz Steffen Buy Details
"Due to the present weakness of the US-$ currency management was not willing to give a revenue guidance for the current year. However EBIT margin is expected to range between 25% and 27%. The present order intake of EUR200.2m (turbo pumps +6.8% and fore vacuum pumps +4.8%) will certainly help to increases revenues in the current year. We expect an increase of nearly 6% to EUR203.5m. Growth will be mainly driven by the photovoltaic industry. In 2007 the coating business experienced strong growth of around 45.9% from EUR27m to EUR39.4m. The photovoltaic industry already contributed 10% to total revenues or EUR19.2m (nearly 50% of the coating business)..."
02.04.2008 Close Brothers Buy Details
"Due to the present weakness of the US-$ currency management was not willing to give a revenue guidance for the current year.

Order backlog increased 32% from EUR25.6m to EUR33.8m and the book-to-bill ratio improved from 0.98 to 1.04.

We leave our 'BUY' recommendation unchanged but reduced our target price from EUR85 per share to EUR75 mainly due to the weakness of the US-$ and Yen..."
01.04.2008 Cazenove K. Khemani In-Line Details
"Pfeiffer Vacuum, despite currency headwinds in FY '07, achieved solid earnings growth in FY '07.
Pfeiffer is a tight ship, and it showed in FY '07 as EBIT margins rose despite slowing sales
Due to potential currency headwinds, CEO Bender gives a general guidance for growth in FY '08E
We are +4% and +5% ahead of Reuters consensus expectations for FY '08E sales and EBIT, respectively. At the Q1 '08 reporting stage (early May of this year) we will adjust our FY '08E and FY '09E forecasts to reflect for currency developments (if the need be). We do believe our forecasts are subject to downgrade risk given current macroeconomic conditions. As we do not see any material upside catalysts to the investment case at present, we retain our IN-LINE recommendation..."
01.04.2008 Dresdner Bank Yasmin Majewski Buy Details
"Following announcement of final results, we very slightly increased our EPS estimates by on average 3% and moved our pay-out ratio forecast from 70% to 75%. However, to reflect investor's declining risk appetite and multiple contractions, we adjusted our DCF input parameters (WACC up 50bp to 8.5%, terminal growth unchanged at 2%). Thus our DCF based price target remained unchanged at EUR75. Buy..."
31.03.2008 Nord LB Thomas Wybierek Upgrade to Buy Details
Target price 65 Euro
28.03.2008 Landsbanki Kepler Tobias Loskamp Buy Details
"Yesterday's earnings release affirmed our preliminary order intake, sales and EBIT estimates. Reported EPS of EUR4.19 came in higher than our estimate of EUR4.05 on higher profits from financial income and forex gains. Management sticks to the expected payout ratio of 75% and now plans to propose a dividend of EUR3.15 (current dividend yield is 5.4%) to the AGM on 28 May. Both announcements surprised us positively, despite the fact that we were already at the high end of consensus..."
28.03.2008 Commerzbank Norbert Kretlow Add Details
"Final 2007 figures

Pfeiffer Vacuum's final 2007 EBT and net income were above our expectations, sales and EBIT had been released preliminary. Pfeiffer Vacuum does not give guidance for sales, however, the outlook is optimistic indicating sales growth in line with 2007 (up 7%). The guidance for the EBIT margin of 25% to 27% looks conservative. We expect positive Q1 figures. On the back of the momentum, we raise our target price to EUR62 and reiterate our Add recommendation..."
27.03.2008 AC Research Henning Wagner Add  
27.03.2008 Berenberg-Bank Sven-Erik Hintz Buy Details
"On today's numbers: top line is up 7% yoy to EUR 192m, EBIT is up 17.6% yoy to EUR 53m and net profit is up 25% yoy to EUR 37m. The disproportionate bottom line growth proves Pfeiffer's success in controlling costs. Also the stable gross margin implies that Pfeiffer is able to pass on material cost increases to its customers (despite the product mix shifting more towards lower-margin backing pumps, which makes this development even more impressive)

Valuation is up on higher net cash than expected. PT is up to EUR 75.00 (from old EUR 72.50) still based on CFRoEV2008. Reiterate BUY..."
27.03.2008 West LB Tarkan Cinar Buy Details
"Excellent FY07 results - BUY case unchanged

Based on excellent FY07 results we leave our Buy case unchanged and reiterate our target price of EUR64.6. Pfeiffer Vacuum exceeded its target of an EBIT margin of 25% by 2.5 percentage points. The order backlog of EUR33.8 ensures a strong set of Q1 2008 results, in our view. Consequently we reiterate our Buy rating and leave our target price of EUR64.6..."
06.03.2008 Landsbanki Kepler Tobias Loskamp Buy Details
"Pfeiffer Vacuum is a leading producer of vacuum technology. Growth should remain strong as a result of market share gains with backing pumps and an accelerating systems business. Management has initiated promising measures for a further increase in profitability. We initiate with Buy and target price of EUR70.00..."
18.02.2008 HSBC Christian Rath Hold Details
"Preliminary 2007 figures: sales slightly below but earnings above consensus; main growth drivers were the strong German business (+17.2% y-o-y) and the solar sector

2008e: We are cautious, given economic developments, but expect a positive impact from FX effects

We resume coverage with a target price of EUR64 per share and a Neutral rating..."
18.02.2008 Citigroup Claus Roller Hold  
14.02.2008 Fairesearch Heinz Steffen Buy Details
"Excellent performance in 2007

We leave our 'BUY' recommendation and target price of EUR 85 per share unchanged. We expect management to increase the dividend from EUR 2.50 per share to EUR 2.80. The high dividend yield of 4.8% will also attract new investors. The final results and the new guidance for the current year will be presented on the annual press conference in March, 27th..."
13.02.2008 Nord LB Thomas Wybierek Hold  
13.02.2008 West LB Tarkan Cinar Upgrade to Buy Details
"We upgrade the rating for Pfeiffer Vacuum to BUY (Add) and raise our price target to EUR 64.6 (EUR 48.5) following the release of a strong set of preliminary FY07 results including a 32% rise in he order book. Consistently we raise slightly our EPS forecast for 2008e and 2009e. We still apply a 20% discount in our DCF valuation model. We expect that positive newsflow should generate additional momentum. Buy, EUR 64.6..."
12.02.2008 DZ-Bank Harald Schnitzer Buy Details
"Very strong earnings. Impressing to us is the fact that PV obviously has strong margins due to its excellent product portfolio with its turbo pumps.We expect further growth in 2008 by 8% in sales but expect EBIT margin not to maintain this high level, but still in the region of above 25%! We maintain buyers of the stock! PV recently mentioned that order intake in January was quite good..."
12.02.2008 Berenberg-Bank Sven-Erik Hintz Buy Details
"Topic: Pfeiffer Vacuum released preliminary FY 2007 figures today. Sales and EBIT were disclosed - in line with Berenberg estimates. Order intake/backlog slightly weaker than expected.

As expected, Pfeiffer was able to considerable speed up sales in Q4, catching up with its growth development of the past years. While the first nine months were lagging, Q4 was likely helped by the Q-Cells order (German sales were up 30% yoy in Q4) and a recovery of measurement components. Hence, FY 07 came in as expected at EUR 192m, up 7% yoy. This is remarkable given the negative currency impact. On a constant currency base, Pfeiffer has grown 9.3% in the US..."
12.02.2008 LBBW Alexandra Hauser Buy Details
Fair value 80 Euro
12.02.2008 Commerzbank Norbert Kretlow ADD Details
"Pfeiffer Vacuum released preliminary 2007 figures. Q4 sales were 1% below our forecast, Q4 EBIT was 6% above. We believe the positive development was driven by both favourable market conditions in Q4 2007 and company specific improvements. Pfeiffer generally has not given an outlook with the preliminaries, however, it reiterated it sees no sign of recession. We reiterate our Add recommendation..."
12.02.2008 Dresdner Bank Yasmin Majewski Buy Details
"Sales was up 7% YoY to EUR 192m at the lower end of initial guidance of EUR 192-197m. EBIT increased by 17.3% YoY to EUR 52.8m. EBIT margin of 27.5% was significantly above initial EBIT margin guidance of 'significantly' higher than previous forecast of 25%. We keep our Buy and EUR 75 price target (DCF) and recommend long-term oriented investors to have a look at Pfeiffer following sharp share price decline..."
07.02.2008 Deutsche Bank Benjamin Kohnke Buy Details
"Too much negative priced in

Pfeiffer Vacuum (PV) shares lost > 20% from their peak on the back of macro concerns into H2. However, we reiterate our Buy rating on the stock prior to the release of prel. FY07 results on 12 Feb, which should be supportive. In our view, the market is too pessimistic regarding the resilience of PV's business model, which renders valuation very attractive: Even in "trough" years PV traded on 10-12x EV/EBIT, which compares to 6.8x FY08E, despite a higher-quality business mix and solid growth opportunities..."
04.02.2008 Dresdner Bank Yasmin Majewski Buy Details
"Prelims on 12 Feb (final 27 Mar): We expect sales of EUR 190.9m and EBIT of EUR 48.9m (EBIT margin of 25.6% up 60 bp). Thus we are slightly below mgt's guidance of EUR 192-197m sales and EBIT margin 'significantly' higher than previous forecast of 25%. We keep our Buy and EUR 75 price target (DCF) and recommend long-term oriented investors to have a look at Pfeiffer following the sharp share price decline..."
01.02.2008 Commerzbank Norbert Kretlow ADD Details
"The share came under heavy pressure recently due to recession fears. However, we expect a return to strong sales growth in Q4 2007 based on positive order intake figures for the vacuum industry in October and November last year. While valuations in the mechanical engineering industry have declined lately, we believe that positive short-term prospects suggest a trading buy opportunity for the Pfeiffer share. We reiterate our Add rating..."
24.01.2008 WestLB Achim Henke Accumulate  
22.01.2008 Deutsche Bank Benjamin Kohnke Buy Details
"In line with the German TecDAX, Pfeiffer Vacuum (PV) shares lost approx. 25 % since the beginning of the year, which we believe is completely overdone, given the group's prospects for FY2008E and beyond..."
22.01.2008 Berenberg-Bank Sven-Erik Hintz Buy Details
"Quality and value too cheap to ignore these days. Feedback on a call with the company. Optimistic view prevails. Three main top line drivers should help Pfeiffer to show strong momentum also in 2008. Too cheap to ignore such quality with 66 % upside. In 2008, Pfeiffer looks to show 8.8% free cash flow yield, and returns in excess of 30 % (cash adjusted 60 %)..."
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