Analysts Research Reports - Archive 2009
| Date | Bank | Author | Recommendation | Downloads |
|---|---|---|---|---|
| 21.12.2009 | Cheuvreux | Craig Abbot | Underperformer | Details |
| "Following the stock's strong recent outperformance we move to a 3/Underperform rating on valuation grounds and recommend investors to take profits. PFV undoubtedly remains one of the highest quality businesses in our universe, but its multiples are high (18.1x P/E, 10.9x EV/EBITDA, both 2010E) and visibility remains low..." | ||||
| 09.12.2009 | BHF Bank | Stephan Bauer | Buy | Details |
| "- Pfeiffer Vacuum acquired vacuum component manufacturer Trinos Vakuum-Systeme GmbH. - We clearly appreciate the takeover since it broadens the company’s product portfolio. Moreover, due to the use of Pfeiffer Vacuum’s global sales network, we expect increasing revenues synergies going forward. - We have adjusted our forecasts accordingly. Our target price is lifted from €50.00 to €58.00 while we keep our Buy recommendation..." |
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| 04.12.2009 | LBBW | Nenad Raic | Buy | |
| 03.12.2009 | Bank of America/Merrill Lynch | Gerhard Orgonas | Buy | Details |
| "Re-iterating our BUY recommendation We believe that following this acquisition and the optimisation of its production facility, which increased production capacity to €300m sales p.a., Pfeiffer is well placed to reap the benefits of a cyclical upturn, which we expect to start to see in the company's order income from Q4. We re-iterate our BUY rating and €60 PO..." |
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| 03.12.2009 | equinet | Adrian Pehl | Reduce | Details |
| "Our assumptions for the Trinos portion of our updated model are highly speculative both regarding P&L and purchase price as only very limited information was provided. Nevertheless, we rate the deal positive – albeit EBIT margins of PFV will be diluted probably by > 50bp – as PFV has transferred some of its excess cash to a reasonable purpose. We raise our PT to EUR 46 (44). We nevertheless stick to our ‘Reduce’ recommendation as even after accounting for higher EPS as a result of the deal, PFV remains an expensive investment with a current P/E’11 of 17.4x (cash adj. 16.2x)..." | ||||
| 03.12.2009 | B. Metzler | Eerik Budarz | Buy | Details |
| "Pfeiffer Vacuum has announced the purchase of a small German specialist vacuum chamber producer named Trinos +++ The products are complimentary to PFV’s portfolio and should benefit from its sales channels +++ We regard this as a good step to reduce cash and expand business +++ Price target raised..." | ||||
| 24.11.2009 | Bankhaus Lampe | Gordon Schönell | Buy | |
| 12.11.2009 | LBBW | Nenad Raic | Hold | Details |
| "Financial quick check -> positive. Pfeiffer Vacuum has a solid balance structure with an equity ratio of 86%, no debt and a cash position of EUR 54m, equating to 12% of the market cap. Historically, Pfeiffer Vacuum was always profitable and showed a constant EBIT margin improvement from 12% in 2004 to 28% in 2008. In addition, the company is one of the strongest dividend payers in Germany with a FY’08 dividend yield of 7.1% translating into an EPS payout ratio of 75%. Concerning the valuation we notice P/E’s of 16x and 15x for 2009E and 2010E, which are below the historical (1998-2008) median multiple of 18x. ... No significant upside trigger visible at the moment. Looking at the FY’10, we expect sales to decline slightly by 2.5% yoy to EUR 181m. In September, VDMA sector order intake increased by 96% yoy (inflation adjusted) due to a positive order momentum from abroad. Hence, we have probably seen the trough and we therefore do not completely share the sector (“compressor, compressed air and vacuum technology”) outlook for FY’10, published by the VDMA in autumn (VDMA sector -> sales of -16% yoy)..." |
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| 05.11.2009 | Cazenove | Will Wyman | in-line | Details |
| "Revenues continued to fall across all divisions (excluding systems) in Q3, and the pace of decline accelerated to 20% in turbopumps, the largest division accounting for 40% of group sales. However sharply lower revenue recognition against Pfeiffer Vacuum’s systems project for Solibro (a Q-Cells subsidiary) was the principal cause of the revenue miss. Following some delays in Q3, this project appears to be back on track, and higher revenue recognition should contribute to higher revenues and profitability in Q4. ... The valuation represents a premium compared to a peer group of mid-cap European capital goods companies, which we believe is warranted by the company’s leading market position, by resilient cash generation and the solid balance sheet position. Assuming the dividend is held flat in 2009E, the yield would be 6%, although we believe earnings would be close to trough and the dividend would not be fully covered on our forecasts. Upgrading to IN-LINE..." | ||||
| 05.11.2009 | WestLB | Wolfgang Fickus | Buy | Details |
| "Management gave a confident impression during the Q3 09 earnings conference call. Confidence is driven by the view that Q3 09 likely marked the trough for Pfeiffer Vacuum margins and top-line. Core markets like industrial, analytical and R&D improved sequentially. ... We view Pfeiffer Vacuum as unique in our German engineering universe. The company boasts a strong competitive lead, management boasts strategic vision and the company boasts a superior financial model with EBIT-margins and RoE above 20% in any single year since 2003 as well as very strong cash returns allowing for a high dividend yield and share buy back potential. A margin weakness in one quarter does not change this view. We therefore upgrade our recommendation from ADD to BUY as valuation will follow the uniquely strong business and financial model again...." | ||||
| 04.11.2009 | equinet | Adrian Pehl | Reduce | Details |
| "We keep our ‘Reduce’ rating on the stock after a disappointing set of results. We believe that the FY09 EBIT margin guidance of 20% appears to be ambitious despite the fact that PFV might see improved revenues sequentially. We have slightly lowered our FY09 top line assumption and our earnings projections for the current fiscal year and consecutive periods as PFV exhibited a 1,000bp meltdown of its EBIT margin from 1Q09 to 3Q09. At the moment, we can hardly believe in a quick margin recovery to past levels as pricing pressures must still be high. We lower our PT by EUR 1 to EUR 44. P/E’10 stands at c. 17.7x (cash adj. 16.5x) which we rate as unattractive..." | ||||
| 04.11.2009 | Solventis | Ulf van Lengerich | Hold | |
| 04.11.2009 | NordLB | Thomas Wybierek | Hold | |
| 03.11.2009 | Bank of America Merrill Lynch | Gerhard Orgonas, Claus Roller | Buy | Details |
| "Pfeiffer reported 3Q EBIT down 49% to €5.9m on the back of a 16% decline in sales, to €38.9m. This compares to our forecast of €40.9m (€43m consensus) sales and €9.0m (€8.0m consensus) EBIT. 3Q gross margin was down 480bps YoY (and down from 41.9% in Q2) to 40.7%, as the company experienced further costs from the renovation and reorganisation of its production halls (3Q direct cost of €500k or 130bps) and a less-favourable product mix toward smaller turbo pumps. ... We decrease our 09E EPS estimate by 13%, reflecting the lower-than-expected gross margin. For 2010E and 2011E, we now factor in a lower contribution from solar orders, but still expect a follow-on order from Q-Cells, which is planning to invest €30-40m in thin film technology in 2010. We maintain our Buy rating and €60 price objective..." | ||||
| 03.11.2009 | WestLB | Wolfgang Fickus | Add | Details |
| "Don’t panic, purchase! Pfeiffer Vacuum delivered a Q3 09 set of results, which was in line with our expectation, but fell significantly short of Reuters consensus. Essentially a number of negative drivers for Pfeiffer Vacuum’s gross margin coincided in Q3 09 such as negative operating leverage, refurbishment cost for the turbo molecular pump business as well as negative mix effects due to the lower margin Q-Cells business. We integrated all those factors into our Q3 09 estimates. Given our belief that all of those factors won’t reoccur or will gradually disappear over the coming quarters, we don’t take neither the weak 40.7% Q3 09 gross margin nor the weak 15% EBIT-margin (at Pfeiffer’s standards!) as a reason to panic. ..." | ||||
| 03.11.2009 | Commerzbank | Norbert Kretlow | Hold | Details |
| "Pfeiffer Vacuum released figures which are roughly in line with our estimates but considerably below consensus. Q3 sales were 2% below our estimate but 9% below consensus. EBIT came in line with our estimate but 23% below consensus. We expect a negative share price reaction in today’s training and see downside to both our 2009 estimates and consensus. We reiterate our Hold rating..." | ||||
| 03.11.2009 | Close Brother Seydler | Hold | Details | |
| "In the third quarter 2009 ending September revenues declined 15.8% to €38.9m (estimate:-4.3% to €44.2m). Gross margin reached 40.7% (estimate: 43%) compared to 45.9% in 2008. EBIT plummeted 53.2% to €5.9m (estimate: -34.4% to €8.2m). EBIT margin declined from 27.1% to 15% (estimate: 18.6%). Net income dropped 52.7% to €4.1m. Order intake declined 53% to €37.3m and order backlog reached €40.8m. The book-tobill ratio reached 1 which is still on a healthy level. ... We changed our recommendation from “SELL” to “HOLD” and reduced our target price from €57 to €53 per share. The dividend yield of 6.5% still looks attractive...." | ||||
| 30.10.2009 | Credit Suisse | Karsten Iltgen | Outperform | Details |
| "Estimates reduced ahead of Q3 results: We reduce our EPS festimates or 09/10/11 by 6.8%/5.3%/2.1% respectively to account for expected weakness in Q3 09. However, we think the Q3 weakness is priced into the Pfeiffer stock following the market decline in recent days. We therefore keep our Outperform rating..." | ||||
| 22.10.2009 | WestLB | Wolfgang Fickus | Add | Details |
| "Pfeiffer Vacuum will publish Q3 09 results on the 3rd of November. We forecast a tough Q3 09 and use the Q3 09 preview to update our earnings model and reduce our recommendation to Add from Buy. In Q3 09 we expect headline figures to show significant declines y-o-y with sales down 15.5% and EBIT down 44%. After an almost stable H1 09 performance with sales growth of 3% and a moderate EBIT decline of 11%, Q3 09 might surprise investors, who thought Pfeiffer is isolated from the recession. A key point for the changed momentum in Q3 09 is that a large solar order from Q-Cells is coming to its end in our view, though that should be expected by the market. Despite unchanged guidance, we therefore do not view Q3 09 as a positive share price trigger. We also adjust our FY2009 to FY2011 earnings model and initiate FY2012 with EPS of €4.62. Based on the significant US$ weakness, which hits Pfeiffer Vacuum’s US sales and earnings, we reduce our FY2009 to FY2011 EPS by between 5% and 17%. We leave our target price unchanged as we calculate a DCF-based fair value range of €59.3 to €70.9. We also highlight that we continue to see Pfeiffer Vacuum as a key pick in our German Mid Cap Engineering universe due to its unique financial model and outstanding competitive position. Therefore, while we might see volatile trading around the Q3 09 set of results, we believe investors should exploit any share price weakness to build positions..." | ||||
| 22.10.2009 | HSBC | Christian Rath | Underweight | Details |
| "We believe Pfeiffer offers strong fundamentals (eg low capex requirements, capital strength, strong market position, solid FCF yield). However, trading at 15x 2010e PE and 9x 2010e EV/EBITDA with no top-line growth expected in 2010 and a late-cyclical business profile, we believe the stock looks expensive. Our unchanged target price of EUR50 indicates a potential total return of –10%, hence we downgrade the stock from Neutral (V) to Underweight (V)..." | ||||
| 05.08.2009 | LBBW | Nenad Raic | Hold | Details |
| "New PT of EUR 54 indicates a limited upside potential - downgrade to Hold. We value Pfeiffer on a historical average EV/EBIT multiple of 10.2x, leading us to an implied share price of EUR 54 based on our 2010E EBIT forecast. Thus, upside potential (+4.3%) is rather limited. As a consequence, we downgrade the stock from Buy to Hold...." | ||||
| 29.07.2009 | equinet | Adrian Pehl | Reduce | Details |
| "We cannot identify upside triggers at the moment. As we had speculated for a while, the business development of PFV has turned out to be rather late-cyclical as Solibro business upheld quarterly sales. However, some underlying industry trends are still negative and could continue to stay muted. We recommend to reduce holdings. Our new price target EUR 45 (48) and EPS forecast puts target P/E’10 at 14.1x. Current P/E’10 stands at around 15.6x." | ||||
| 29.07.2009 | M. M. Warburg | Eggert Kuls | Hold | Details |
| "- Orders stabilising - Likely weaker H2 should be reflected in share price - Stock upgraded from sell to hold after clear underperformance..." |
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| 29.07.2009 | Cheuvreux | Craig Abbott | Outperform | Details |
| "New orders broad-based across products/segments Encouraging takeaways from yesterday’s conference call include the fact that incoming orders in Q2 were broad-based across most end-markets and reflected improved demand (vs. Q1) for turbo- and backing-pumps but no major new systems orders (lower margin). According to the company, no price concessions were conceded in winning the new orders. No major order cancellations or payment delinquencies have been reported. TP raised to EUR55 (EUR52); strong yield support We raise our TP to EUR55 (EUR52) - taking the average of applying the median forward P/E multiple of 15.5x for the past 6 years (EUR57) and our DCF value (EUR52) - and reiterate our 2/Outperform rating. Net cash accounting for 11% of the market cap and a dividend yield of 6.7% also provide valuation support." |
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| 29.07.2009 | B. Metzler | Eerik Budarz | Buy | Details |
| "After making small adjustments to our model reflecting EUR 7 m higher sales in 2009e achieving a 23% EBIT margin and reducing our capex figures according to CEO Bender’s comments (slightly below EUR 9 m in 2009e and around EUR 10 m in 2010e), we arrive at a new price target of EUR 54.00. We reiterate our BUY recommendation..." | ||||
| 29.07.2009 | NordLB | Thomas Wybierek | Kaufen | |
| 29.07.2009 | Commerzbank | Norbert Kretlow | Hold | Details |
| "Major takes from Pfeiffer Vacuum’s Q2 conference call are that 1) Q-Cells was the main driver in H1 and 2) the trough in orders was in Q1. We agree to both. However, we cut our full-year forecasts on the back of reported Q2 figures. Our core assumption is that the ceasing of the Q-Cells order will result in the trough only being reached in H2 despite an expected stabilisation in the pumps business. We reiterate our Hold recommendation since we see no upside catalyst short term." | ||||
| 28.07.2009 | DZ Bank | Harald Schnitzer | Sell | Details |
| "- EBIT margin development is quite disappointing bearing in mind the standards PV has set in the past. - Consensus estimates are appreciably higher than ours so that further downside potential exists. - PV feels the flagging of demand later than other firms. - We reiterate our sell recommendation..." |
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| 28.07.2009 | Merrill Lynch | Gerhard Orgonas | Buy | Details |
| "Strong Cash position, attractive 6.7% dividend yield After paying a €28.5m dividend for 2008, Pfeiffer still had €47.4m net cash. In 2009, we expect Pfeiffer to generate €28m free cash flow and maintain its dividend. We reiterate our BUY recommendation..." |
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| 28.07.2009 | Credit Suisse | Karsten Iltgen | Outperform | Details |
| "...we like Pfeiffer as a defensive derivative play on solar..." | ||||
| 28.07.2009 | BHF Bank | Stephan Bauer | Buy | Details |
| -" Pfeiffer Vacuum reported 2Q09 figures slightly below our forecasts. Except for systems, demand for all other product types decreased significantly compared to the year-earlier quarter. - Management confirmed its previous statement that demand has reached the bottom and expects order intake to remain on current levels. - We leave our 2009F and 2010F estimates unchanged and stick to our Buy rating. Target price remains €54.00." |
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| 28.07.2009 | Close Brothers | Buy | Details | |
| "- Guidance reiterated. Management is expecting a difficult year. However even if revenues will decline between 10% and 15% management is still confident to reach an EBIT margin above 20%. - We leave our “BUY” recommendation and the price target of €57 per share unchanged..." |
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| 24.07.2009 | WestLB | Wolfgang Fickus | Buy | Details |
| "Pfeiffer Vacuum guides in a worst case scenario for a 10% to 15% sales decline with an EBIT-margin above 20%. We believe Pfeiffer Vacuum will reiterate this guidance statement. A recent roadshow makes us believe that the fundamentals and the momentum of Pfeiffer Vacuum’s business have not changed profoundly over the past 3 months. We also highlight that Solibro is an exception to Q-Cells announced Capex cut, which should lead to continued strong business in the solar market over at least the up coming two quarters." | ||||
| 07.07.2009 | Merrill Lynch | Gerhard Orgonas | Buy | Details |
| "An investment in Pfeiffer Vacuum offers exposure to a technology-leading German high-tech components supplier with an excellent track record in an attractive niche market that is characterised by a broad application range, high technological barriers to entry and strong pricing power. Thanks to tight cost control and value-adding innovations, Pfeiffer has expanded its EBIT margin from 13.5% in 2003 to over 25% in 1Q09. For 2009, we estimate a dividend yield of over 6%. Pfeiffer constantly develops new applications for vacuum technology, as is shown by recent record orders from the solar industry for vacuum systems for thin film solar cell production. We have a Buy rating and €60 PO...." | ||||
| 08.06.2009 | 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..." | ||||
| 29.05.2009 | Kepler Equities | Tobias Loskamp | Reduce | Details |
| "We continue to highly value Pfeiffer Vacuum’s position in the vacuum technology market due to its strong market position with its turbopumps and promising attack in backing pumps which should let it do better than its competitors. Also, a strong financial position(net cash EUR47m after dividend payout) and lean cost structure are highly valued attributes. Nonetheless, after a 56% run on the share price since mid-March, current valuation levels are no longer compelling in our view. Coupled with overly optimistic consensus estimates for 2010 and an actual share price above our target price of EUR51 we no longer see any upside and thus downgrade our rating from Buy to Reduce..." | ||||
| 28.05.2009 | BHF Bank | Stephan Bauer | Buy | Details |
| "Following the annual general meeting, we gained the impression that management has a more pessimistic view on the business development in the current year. We have lowered our 2009F as well as 2010F sales and earnings estimates. Therefore, our target price is reduced from previously €56.50 to €54.00. We stick to our Buy recommendation. However, after the strong share price performance we see only limited further upside potential..." | ||||
| 27.05.2009 | Commerzbank | Norbert Kretlow | Hold | Details |
| "Pfeiffer Vacuum gave vague guidance for 2009 at yesterday's AGM. Sales could drop by up to 10% to 15% in 2009 but prior guidance for flat sales remain unchanged, opening a guidance range for sales from 0% to minus 15%. Margins are to remain on a high level with major input factors being hard to predict. The guidance is more cautious then previously stated, which we rate as a negative, but not enough for us to change our c. 10% blow consensus earnings forecast. Hold reiterated..." | ||||
| 26.05.2009 | Deutsche Bank | Uwe Schupp | Hold | Details |
| "At today's AGM the company issued below-consensus guidance for FY09 which mertis profit taking post the recent share rally in our view. According to CEO Bender's speech, the company sees 'revenues down by 10-15% yoy at a maximum'..." | ||||
| 13.05.2009 | Bankhaus Lampe | Gordon Schönell | Buy | Details |
| Bankhaus Lampe maintain their "BUY" recommendation and raise the target price to € 55. | ||||
| 11.05.2009 | BHF-Bank | Stephan Bauer | Buy | Details |
| "- Overall Pfeiffer Vacuum’s 1Q09 figures surprised us positively. Management expects that demand has reached the bottom. - We hosted a roadshow with the CEO of the company, Mr Bender. Our impression was that business is on track. - Forecasts remain unchanged. On the back of increased peer multiples we lift our target price to €56.50 (prev. €51.60). After a very nice run of the share we cut our recommendation to Buy (prev. Strong Buy)..." |
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| 07.05.2009 | Commerzbank | Norbert Kretlow | Hold | Details |
| "Q1 orders no reason to worry The share price was impacted by below consensus order intake in Q1. However, we doubt that the 30% drop in orders threatens current consensus forecasts. Based on Q1 results, we increase our earnings estimates. Our 2009 EBIT estimate now is 7% below consensus (was 16%). This yields, together with increasing valuation multiples, a new target price of EUR50. Given the likelihood for declining earnings in 2010 we see only limited upside and reiterate our Hold rating..." |
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| 06.05.2009 | WestLB | Wolfgang Fickus | Buy | Details |
| "Pfeiffer Vacuum delivered a very solid set of Q1 09 results. The outstanding feature of the results was the dramatic shift in the revenue mix, which is the result of strict and visionary management action as well as – in particular - the successful penetration of the solar market. Although we slightly reduce our estimates today, we reiterate our buy recommendation. We look forward to a number of solid quarters, which will be driven by the growing exposure to the solar industry. With unrivalled margins and free cash flow relative to its sector peers as well as further upside relative to a DCF based fair value range of €56.6 and €66.7 we retain our buy recommendation..." | ||||
| 06.05.2009 | NordLB | Thomas Wybierek | Hold | |
| 05.05.2009 | Equinet | Adrian Pehl | Hold | Details |
| "Better than expected results Conclusion & Action: Strong results on the first glance. We will scrutinise the 1Q09 report for upgrades..." |
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| 05.05.2009 | Commerzbank | Norbert Kretlow | Hold | Details |
| "Q1 earnings top – Orders drop Pfeiffer Vacuum's Q1 sales came in 4% above our forecast and 6% above consensus. Q1 EBIT was 3% above our and 6% above consensus. Order intake was the negative side of the picture, being down 30%, 2% below our and 14% below consensus. As expected, no guidance was given but we expect the management’s remarks (“reached the bottom in Q1”) to support the shares. Hold reiterated..." |
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| 05.05.2009 | Crédit Suisse | Dr. Karsten Iltgen | Outperform | Details |
| "First take: Strong Q1 & confident outlook As a reminder, we initiated Pfeiffer 2 month ago as derivative play on solar equipment with a strong dividend yield. The dividend of € 3.35 per share is due on May 27. We keep our OP rating..." |
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| 05.05.2009 | Close Brothers | Hold | Details | |
| "- Swimming against the stream - Strong performance in Q1 We changed our recommendation from “BUY” to “HOLD” and increased our target price from €50 to €57 per share..." |
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| 05.05.2009 | Deutsche Bank | Uwe Schupp | Hold | Details |
| "Q1-09 results - first cut As expected there was no financial outlook statement in the press release, and we do not expect anything of substance in today's call. However, management indicates that, while unwilling to be overly positive on FY09, that the worst could be behind for the business development. Our best guess regarding initial financial guidance would be that there may be some details at the AGM later this month. The conf call will be today at 5pm CEST at +49 69 403 596 15..." |
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| 05.05.2009 | Berenberg-Bank | Sven Erik Hintz | Hold | Details |
| "Topic: Pfeiffer Vacuum released first quarter results this morning – operating profit and net profit in line with expectations. The order intake is a negative surprise and foreshadows weaker quarters ahead. PT is cut to € 61.50 (old: € 64.50). Rating is cut to HOLD (from Buy). Time to take profits..." | ||||
| 22.04.2009 | Berenberg-Bank | Sven-Erik Hintz | Buy | Details |
| "Topic: Preview on Pfeiffer’s Q1 09 numbers due May 5th. A solid set of figures can be expected. Order intake will be the factor to watch, which might come in below exp. Pfeiffer’s very broad customer base and exposure to largely non-cyclical end markets (analytics, pharma, coating and R&D) should have allowed for still solid top line performance, estimated up 2.6% yoy to € 50.3m in Q1 09. Especially helpful has been the first significant PoC contribution from the Q-Cells’ Solibro systems order..." |
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| 21.04.2009 | HSBC | Christian Rath | Neutral | Details |
| "- We expect Q1 EBIT to drop -10% y-o-y due to a less favourable product mix and resulting gross margin pressure - We forecast a 2009 EPS of EUR3.73, which is c8% below Bloomberg consensus - Downgrade to Neutral (V) from Overweight (V) as we see only limited upside potential following the strong share price rally; we maintain our EUR50 target price..." |
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| 30.03.2009 | Close Brothers | Buy | Details | |
| "... Management published final 2008 results. Revenues increased 3.1% to €198.1m. Management already indicated in November that revenues will be lower ranging between €202m and €207m. EBIT declined marginally from €52.8m to €51.5m. EBIT margin reached 26% (estimate: 24.8%) compared to 27.5% in 2007. This EBIT margin is in line with the company guidance (25% to 27%). Order intake increased 12.5% to 225.3m. The book-to-bill ratio reached 1.14 compared to 1.04 in 2007. The present order backlog of €61m (2007: €33.8m) will guarantee a solid development at least in the next four months. So far management has not experienced order delays or cancellations... ...We changed our recommendation from “HOLD” to “BUY” and increased our target price from €42 to €50 per share. The solid financials ratios, the high dividend yield and the stable outlook for the current year should support a share price increase..." | ||||
| 27.03.2009 | Nord LB | Thomas Wybierek | Buy | |
| 26.03.2009 | HSBC | Christian Rath | Overweight | Details |
| "We believe Pfeiffer Vacuum offers strong fundamentals that should help the stock to outperform its sector in the current difficult market environment. Given the company's low capex requirements, its leading position in turbopumps and above-average margins, we expect Pfeiffer to continue to generate high average FCF of c7% and average ROICs of around 40% even in this trough period. In addition, Pfeiffer has a very solid balance sheet with a year-end net cash position of cEUR75m, an equity ratio of c81% and a strong dividend yield of c8%. Based on our estimates, our DCF model yields an unchanged 12-month target price of EUR50. Pfeiffer currently trades at 2009e and 2010e PEs of 11.2x and 10.9x, respectively. Given a potential return of approximately 19%, we maintain our Overweight (V) rating..." | ||||
| 26.03.2009 | Bankhaus Lampe | Gordon Schönell | Upgrade from Hold to Buy | |
| 25.03.2009 | Credit Suisse | Karsten Iltgen | Outperform | Details |
| "Solid as expected With respect to its full year outlook the company is most optimistic in Coating/Solar (where it sees strong growth), followed by Analytical and Chemical/Process technology (small growth), followed by Industrial and R&D (flattish). Semi is expected to decline. We have marginally adjusted our EPS estimates to account for the slightly higher share count...." | ||||
| 25.03.2009 | Deutsche Bank | Uwe Schupp | Hold | Details |
| "...Superb 2008, but we are incrementally more negative on 2009, ...Final 2008 results – a non-event, ...No guidance, but management expectations, ...Hold this late-cyclical name with a target price of E40 (E45) on lower EPS,..." | ||||
| 25.03.2009 | Kepler Equities | Tobias Loskamp | Buy | Details |
| "Opinion: We clearly stick to our Buy rating and EUR51 target price on the back of a solid start to 2009 and the many qualities (market/technology leadership, strong balance sheet, high dividend yield) the company offers...." | ||||
| 25.03.2009 | Citigroup | Gerhard Orgonas | Hold | Details |
| "Surprising Dividend Raise and Cautiously Optimistic Outlook - Another Dividend Raise..., Management cautiously optimistic on 2009..., Downside Risks Remain..., Hold Rating..." | ||||
| 25.03.2009 | Commerzbank | Norbert Kretlow | Hold | Details |
| "...No surprise at Pfeiffer Vacuum - Sales, EBIT and orders were already released preliminary on 10 February. Q4 net income is some 5% above our expectations and consensus. Pfeiffer Vacuum announced a dividend of €3.35 per share which is mildly above expectations. As usual, Pfeiffer will give an outlook at the AGM (26 May) but declines to comment now..." The outlook is limited to remarks on moderately declining orders and hopes for orders in new products in H2 2009. Hold reiterated..." | ||||
| 25.03.2009 | Equinet | Adrian Pehl | Hold | Details |
| "... Our analysis: No surprises so far. The statements about the weaker order intakes confirm our rather cautious approach. Nevertheless, the dividend pay-out renders... ... Conclusion & Action: On the first glance, the need for model adjustments is rather limited. We stick to our “Hold” recommendation and price target of EUR 42 the investment attractive..." | ||||
| 24.03.2009 | BHF Bank | Stephan Bauer | Strong Buy | Details |
| "So far Pfeiffer Vacuum has been able to decouple itself almost entirely from the overall weak macro-economic environment. Nevertheless, the share has lost more than 40% of its value since last September, which is fundamentally unjustified, in our view. - The company convinces with a balance sheet that is hard to match by its German engineering peers. Pfeiffer Vacuum is free of debt, has an equity ratio of more than 80% and liquid funds of €65m. - Since early 2008, management is putting more emphasis on its business with backing pumps which in the past few years has been overshadowed by the more profitable turbo pump segment. Next to an improvement of its gross margins, the company targets a higher market share in this segment. - Our rating is Strong Buy with a target price of €51.60..." |
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| 10.03.2009 | Credit Suisse | Karsten Iltgen | Outperform | Details |
| "We initiate coverage on Pfeiffer Vacuum with an Outperform rating and a target price of € 53. We view the company, which currently benefits from its diversified end-market structure, as a derivative play on the solar, semi and engineering sectors." | ||||
| 03.03.2009 | Berenberg-Bank | Sven-Erik Hintz | Buy | Details |
| "Even as short-term momentum is likely to be negative, why is Pfeiffer still a BUY? In Pfeiffer's expected trough year 2010, the company should still manage to generate ROCEs north of 25%. On top, the company is net cash, pays out a high dividend, and has hardly any capex needs. After bottoming out, it is a MUST-HAVE stock..." | ||||
| 18.02.2009 | Cheuvreux | Craig Abbott | Outperform | Details |
| "Summary - Yesterday's results showed a solid operating performance in Q4 but a slowing trend in incoming orders - We have therefore lowered our estimates by 10% and 12% for 2009E/2010E - Valuation attractive due to large cash pile (16% of market cap) and high dividend yield (7.8%)..." |
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| 17.02.2009 | HSBC | Christian Rath | Overweight | |
| 17.02.2009 | Citigroup | Gerhard Orgonas | Hold | |
| 17.02.2009 | DZ-Bank | Harald Schnitzer | Buy | |
| 17.02.2009 | Commerzbank | Norbert Kretlow | Hold | Details |
| "Pfeiffer Vacuum reported preliminary Q4 sales of € 56m, in line with our EUR 56.8m forecast and the € 56.5m consensus. Q4 EBIT came in 7% above our forecast and 13% above consensus. Order intake was down 7% to € 42.6m (while we had predicted € 45m). As expected, no guidance for 2009 was provided as this is typically done at the AGM in May. We maintain our Hold recommendation..." | ||||
| 17.02.2009 | Equinet | Adrian Pehl | Hold | Details |
| "We have adopted a neutral stance after solid 4Q08 preliminaries. Still, our opinion is that the company will face some headwinds from the recession in the coming quarters. Negative industry statistics clearly pointed in this direction. Nevertheless, Pfeiffer Vacuum's order intake for FY08 was at the upper end of our forecast range (EUR 220-225m). Stable developments in analytics, rising chemical/process and coating sales will most likely compensate declines in the remaining industries served. Although we have slightly lowered our estimates to be rather on the safe side, we upgrade our recommendation to "Hold" (Reduce). Our price target comes down however to EUR 42 (43.5)..." | ||||
| 17.02.2009 | BHF-Bank | Stephan Bauer | Strong Buy | Details |
| "- Pfeiffer Vacuum released preliminary key figures for 2008 which overall were in line with our forecasts. - 4Q08 order intake of EUR 42.6m remains on a good level, translating into an excellent order backlog of EUR 61.0m. This should raise visibility in the upcoming months. - We reiterate our Strong Buy recommendation and maintain our target price of EUR 57.00..." |
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| 17.02.2009 | Deutsche Bank | Uwe Schupp | Hold | |
| 17.02.2009 | Close Brothers | Hold | Details | |
| "Better than originally expected Excellent performance in 2008 Revenues increased only 3.1%, but EBIT margin still reached 26% - We leave our "HOLD" recommendation and target price of EUR 42 per share unchanged. The solid fundamentals, the strong order backlog and the attractive dividend yield of 8.3% based on our 2008 dividend estimate should support the present share price performance..." |
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| 17.02.2009 | Bankhaus Lampe | Gordon Schönell | Hold | |
| 17.02.2009 | Nord LB | Nord LB | Buy | |
| 17.02.2009 | Berenberg-Bank | Sven-Erik Hintz | Buy | Details |
| "Topic: Pfeiffer Vacuum released prel. FY 08 figures fully in line with expectations. As expected, order intake came in weak as the book-to-bill excl. the Q-Cells order was below 1. PT comes down to € 70 (from € 72) based on CFRoEV2010. - Nevertheless, results prove again that Pfeiffer remains the price giver even in a weak market environment as Q4 EBIT margins exceeded 28% again..." |
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| 11.02.2009 | Citigroup | Gerhard Orgonas | Hold | Details |
| "Investment strategy An investment in Pfeiffer Vacuum offers exposure to a technology-leading German high-tech components supplier with an excellent track record. Thanks to its tight cost control and value-adding innovations, Pfeiffer expanded its EBIT margin from 14% in 2002 to 27.5% in 2007, and ROCE from 33% in 2002 to 97% in 2007. Pfeiffer is constantly developing new applications for vacuum technology, which is reflected in large recent orders from the solar industry for vacuum systems for thin film solar cell production. However, these positives look to be priced in, hence our Hold/Medium Risk (2M) rating..." |
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| 05.02.2009 | HSBC | Christian Rath | Overweight | Details |
| " - High quality company with strong FCF yield of c7%, solid balance sheet and above-average margins which reduces the risk profile - We do not expect growth in the solar business to offset demand shortfall in 2009 and forecast top line to fall 1.6% y-o-y - We lower our target price to EUR50 (EUR56), but maintain our Overweight (V) rating given the strong fundamentals..." |
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| 26.01.2009 | Kepler Equities | Tobias Loskamp | Buy | Details |
| "Strong dividend play with hint of growth Amid challenging conditions, the company convinces, with a strong market position, high profitability, net cash and a sustainable dividend yield of over 8%. With Q1 indicating a solid start, and an attractive valuation, we stick to Buy..." |
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| 22.01.2009 | Berenberg-Bank | Sven-Erik Hintz | Buy | Details |
| "Topic: Key takeaways from a quick call with CEO Bender regarding Inficon's profit warning and Oerlikon's cut in personnel: - Pfeiffer Vacuum's business still very robust - Q1 09 expected to be strong - No risk of a profit warning for 2008 Berenberg reiterates BUY with a PT of EUR 72 based on CFRoEV2010 using a risk adjusted post-tax hurdle rate of 7.0% (old pre-tax hurdle rate of 10%)..." |
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| 15.01.2009 | Adrian Pehl | Equinet | Reduce | Details |
| "Our analysis: Clearly, we are not surprised by the data set in November that continues to point to weakness. The magnitude of order intake declines has however become worse. We do not doubt that the short term development of Pfeiffer Vacuum remains relatively solid. On the other hand it is still hard to imagine that the company will be fully unaffected from the continuing negative development in the sector..." |
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Pfeiffer Vacuum GmbH
Berliner Strasse 43
35614 Asslar
Germany
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Pfeiffer Vacuum GmbH
Berliner Strasse 43
35614 Asslar
Germany
T +49 6441 802-0
F +49 6441 802-202