Analysts Research Reports- Archive 2010
| Date | Bank | Author | Recommendation | Downloads |
|---|---|---|---|---|
| 10.12.2010 | Berenberg Bank | Simon Goetschmann | Hold | Details |
| "We learnt that targets given by management for the combined Pfeiffer-Adixen business were on a standalone basis, excluding any synergies. We therefore now assume higher margins for 2011-12, raising our CFRoEV 2011-12-based PT from the previous €84.70 to €89.60. However, we maintain our cautious stance regarding the the sustainability of returns, as Pfeiffer’s exposure to the highly cyclical semi industry increased from 10% to 30% with the acquisition of Adixen. As our new PT does not reflect more than 10% upside, we remain on the sidelines, maintaining our Hold rating. With the announcement of the annual report on 22 March 2011, we will have better visibility on Adixen’s profitability and capital structure..." | ||||
| 07.12.2010 | Close Brothers Seydler | Hold | Details | |
| "Pfeiffer Vacuum has entered a new dimension with the acquisition of Adixen. Worldwide the new company will be ranked number two after the UK market leader Edwards. The strong product offering and the regional fit will reduce integration costs and increase synergy effects. On paper the integration looks easy to handle however we still expect some frictions. We have to say goodbye to the high EBIT margins reached in the past and the predictable business model. The capital spending of the semiconductor industry will be the major driver of the operating performance in the near future. To reach the next level however the acquisition of Adixen was necessary..." | ||||
| 19.11.2010 | Solventis | Ulf van Lengerich | Hold | |
| 18.11.2010 | Hauck & Aufhäuser | Roland Rappelius | Buy | Details |
| "Our model is adjusted to reflect the capital increase of 897,059 new shares at € 82.50 per share, a placement of 456,352 treasury shares at a similar level, resulting in assumed total cash proceeds of ca. € 112m which lowers debt levels and interest expenses going forward. In addition, a onetime fee in 2010 is assumed. New price target € 95 (old € 98) based on adjusted FCF yield 2012E. Remains a BUY..." | ||||
| 09.11.2010 | DZ Bank | Harald Schnitzer | Buy | |
| 08.11.2010 | Commerzbank | Norbert Kretlow | Add | Details |
| "Despite the expected slower earnings growth in Adixen, the deal is expected to be highly earnings accretive due to the comparatively low acquisition price of €200m and low interest rates on the financing facility. The targeted sale of up to 0.456m treasury shares and an additional 10% capital increase (Pfeiffer considers an up to 10% capital measure) would result in a 16% dilution..." | ||||
| 08.11.2010 | WestLB | Wolfgang Fickus | Buy | Details |
| "Despite the expected slower earnings growth in Adixen, the deal is expected to be highly earnings accretive due to the comparatively low acquisition price of €200m and low interest rates on the financing facility. The targeted sale of up to 0.456m treasury shares and an additional 10% capital increase (Pfeiffer considers an up to 10% capital measure) would result in a 16% dilution..." | ||||
| 05.11.2010 | Bankhaus Lampe | Gordon Schönell | under review | |
| 04.11.2010 | BoA Merrill Lynch | Gerhard Orgonas | Buy | Details |
| "Pfeiffer has announced that it plans to acquire Alcatel-Lucent’s Vacuum Technology (Adixen) business, which will more than double Pfeiffer’s sales to over €500mn in 2011. We forecast 38% EPS accretion in 2011 already without accounting for synergies and 41% for 2012 EPS. We see this acquisition as a transformational deal, which will improve Pfeiffer’s positioning in backing pumps and provide better access to the semiconductor industry and Asia. We raise our DCF-based PO for Pfeiffer to €100 from €69, implying 16x 2011E P/..." | ||||
| 04.11.2010 | Close Brothers Seydler | Buy | Details | |
| "Due to the strong operating performance in Q3 management increased guidance for the current year. In Q4 management is expecting revenues to reach €51.5m. Total revenues will reach €210m. EBIT margin will at least reach 23% (previously 22%)..." | ||||
| 04.11.2010 | Commerzbank | Norbert Kretlow | Add | Details |
| "Pfeiffer announced the acquisition of Adixen. At first glance, we consider this a positive particularly due to 1) appealing multiples (2010 EV/EBITDA 2010 of 5x for Adixen vs. c. 10x for Pfeiffer), 2) potential sales synergies and 3) a tailwind from increased exposure to the semiconductor equipment business..." | ||||
| 04.11.2010 | equinet | Adrian Pehl | Buy | Details |
| "We have altered our model. PFV appears to be targeting a 20% EBIT margin for the combined entity, which is ambitious, but not out of reach. Including both margin and potential share dilution, we nevertheless end up with a FV of EUR 93 per share. The target P/E’12 stands at 13.6x. New ‘Buy’..." | ||||
| 04.11.2010 | Goldman Sachs | Karan Khemani/Simone Hirschvogl | Buy | Details |
| "Pfeiffer has announced that it plans to acquire Alcatel-Lucent’s Vacuum Technology (Adixen) business, which will more than double Pfeiffer’s sales to over €500mn in 2011. We forecast 38% EPS accretion in 2011 already without accounting for synergies and 41% for 2012 EPS. We see this acquisition as a transformational deal, which will improve Pfeiffer’s positioning in backing pumps and provide better access to the semiconductor industry and Asia. We raise our DCF-based PO for Pfeiffer to €100 from €69, implying 16x 2011E P/..." | ||||
| 04.11.2010 | Kepler | Tobias Loskamp | Buy | Details |
| "For many years, management has sat atop a large cash pile as if waiting for it to hatch. While the acquisition of larger competitor Adixen is a surprise and a big bet on semiconductor capex trends, high earnings accretion could outweigh re-rating effects. Buy, target price up from EUR67 to EUR92..." | ||||
| 03.11.2010 | BHF Bank | Stephan Bauer | Market Weight | Details |
| "Pfeiffer Vacuum intends to acquire its French-based competitor Adixen, a subsidiary of the telecommunications group Alcatel Lucent. Negotiations have been largely finalized, i.e. only a hearing of employee councils of Alcatel Lucent is required before the contract can be signed. … On the positive side, the acquisition would strengthen the company’s position in the backing pump market and help to get a larger footprint in the growing Asian market. On the negative side, given the size of the acquisition, we see the risk of a long-lasting and difficult integration process..." | ||||
| 03.11.2010 | Deutsche Bank | Uwe Schupp | Hold | Details |
| "We value the combined Pfeiffer/Adixen entity on 8x pro-forma FY11E EBITDA, which was the average multiple for stand-alone Pfeiffer over the last five years. Upside risk stems from stronger-than-expected semiconductor demand (one-third of the new company’s sales). Downside risks: increasing competition, a weaker US dollar against the euro and a pronounced slowdown in demand for vacuum pumps..." | ||||
| 29.10.2010 | WestLB | Wolfgang Fickus | Buy | Details |
| "Pfeiffer Vacuum targets 5-7% sales growth over the cycle (cf WestLB est. 2009-12: 12.4%), a moderate target given the (new) focus on Asia and emerging (re)newed success in verticals like solar, industrial, analytical and coating. Pfeiffer Vacuum underpinned its clear strategic vision not to become a systems vendor, but to remain focused on vacuum pumps and solutions in the solar market. We hence do not believe that Pfeiffer Vacuum will become a big vendor of CIGS coaters as the ramp up with Solibro in 2008(09 suggested..." | ||||
| 18.10.2010 | Hauck & Aufhäuser | Roland Rapelius | Buy | Details |
| "Key share price drivers and expected sentiment - Strong Q3 order intake expected - Margins and cash flow to benefit from mix effects - Dividends look set to increase as the company is expected to stick to ist generous 75% payout ratio policy - Capex cycle in the investor’s favour..." |
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| 13.10.2010 | Close Brothers Seydler | Buy | Details | |
| "In October the company held its first capital markets day. The main objective was to explain the product portfolio and the growth strategy. The company is the world market leader in turbo pumps, the most profitable product range. The technology leadership combined with the strong balance sheet will enable management to increase market share further. The product portfolio of backing pumps is still limited..." | ||||
| 06.10.2010 | Bankhaus Lampe | Gordon Schönell | Sell | |
| 06.10.2010 | equinet | Adrian Pehl | Hold | Details |
| "...after the good share price performance, ...we downgrade the stock from ‘Accumulate’ to ‘Hold’ as no big points were released at the investor event and since the current P/E’11 of 15.6x renders the investment not necessarily a bargain (target P/E’11 16.5x)..." | ||||
| 06.10.2010 | Commerzbank | Norbert Kretlow | Add | Details |
| "After attending the company’s Capital Markets Day we increase our EBIT forecasts for both 2010 and 2011 by 4%. While full-year guidance was reiterated, this was a mild disappointment to the market, resulting in yesterday’s share price underperformance. The share price will likely be held back by the current valuation, but upside to consensus should provide some support. We raise our target price to €72 from €64 and reiterate our Add recommendation..." | ||||
| 05.10.2010 | DZ Bank | Harald Schnitzer | Buy | |
| 29.09.2010 | Close Brothers Seydler | Buy | Details | |
| "We leave our “BUY” recommendation unchanged but increased our price target from €75 to €78 per share..." | ||||
| 22.09.2010 | Berenberg Bank | Simon Götschmann | Hold | Details |
| "Pfeiffer Vacuum will hold an Investor Day on 5 October in Asslar, Germany. Having more visibility into 2011 by then, we will potentially reassess Pfeiffer again. Meanwhile, we regard the stock as fairly valued..." | ||||
| 21.09.2010 | Bankhaus Lampe | Gordon Schönell | Sell | |
| 18.08.2010 | Bankhaus Lampe | Gordon Schönell | Hold | |
| 13.08.2010 | Kepler | Tobias Loskamp | Buy | Details |
| We remain cautious on business prospects with Solibro, but see the upside option increasingly supporting our Buy case (TP EUR67). | ||||
| 04.08.2010 | NordLB | Thomas Wybierek | Buy | |
| 04.08.2010 | Close Brothers Seydler | Buy | Details | |
| We leave our “BUY” recommendation unchanged but increased our price target from €70 to €75 per share. Management reiterated guidance for the current year. Revenues are expected to reach the 2008 pre-crisis level and EBIT margin is expected to be above 22% | ||||
| 04.08.2010 | Cheuvreux | Craig Abbott | Outperform | Details |
| Applying higher sales growth and margin assumptions following Pfeiffer's strong Q2 performance and our subsequent management contact, we raise our EPS forecasts for 2010-12E by 4.3% on average and our TP to EUR72 (EUR65) and reiterate our 2/Outperformance rating. | ||||
| 03.08.2010 | equinet | Adrian Pehl | Accumulate | Details |
| Our analysis: Overall, a solid set of figures which were slightly better than consensus and in line with our expectations. We still believe that the outlook of PFV is not aggressive and intend to stick to our more optimistic assumptions (sales of EUR 212m at an EBIT margin of 23%). Conclusion & Action: We confirm our positive stance on the company and keep both rating (‘Accumulate’) and PT of EUR 67 |
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| 03.08.2010 | BHF Bank | Stephan Bauer | Buy | Details |
| - Pfeiffer Vacuum released a solid set of 2Q10 results, being slightly ahead of our estimates. - Order intake momentum continued to be strong. Order intake +9% QoQ. - On the back of the better-than-forecast quarterly results, we have increased our 2010F and 2011F estimates. Therefore, we have raised the target price to €69.00 from €66.00 while we confirm our Buy rating. |
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| 03.08.2010 | BoA 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, high margins and strong cash generation, We believe that following the Trinos acquisition and the optimisation of its production facility, which increased production capacity to EUR300m sales p.a., Pfeiffer is well placed to pre-crisis margins. We have started to see an upturn in order income since 4Q09 and a strong margin recovery since 2Q10. | ||||
| 29.07.2010 | Berenberg Bank | Simon Götschmann | Buy | Details |
| We do not expect Pfeiffer to be a skyrocketing growth story but the company’s financials should make investors prick up their ears, in our view: - Sales declined only 8% for 2009, while competitors’ revenues plunged 20-50% - The company has recorded a gross margin of above 43% and an EBIT margin of above 20% for every year of the past decade – the crisis included - Sustainable ROCE > 30% - Dividend payout ratio >70% Pfeiffer Vacuum is late cyclical in nature. While the share price has seen a decent rebound from its low last year, we still see upside potential, as increasing capex spend in its end markets should materialise in H2 2010 and FY 2011 and increase earnings.Pfeiffer Vacuum is late cyclical in nature. Based on 2011-12E CFRoEV, we derive a fair value of €74.00, giving us upside of c.25% to the current share price. Given the low-risk, high-return profile, we reinitiate on Pfeiffer Vacuum with a Buy rating. |
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| 29.07.2010 | WestLB | Wolfgang Fickus | Buy | Details |
| Pfeiffer Vacuum will release Q2 10 results on August 3, which we expect to be strong with sales growth of 2.3% and EBIT growth of 23.6%. Based on the company's positive assessment of 2010 business prospects we substantially increase our FY2010/2011 estimates today and raise our DCF-based target price to €73. | ||||
| 23.06.2010 | AC Research | Henning Wagener | Hold | |
| 17.05.2010 | Kepler | Tobias Loskamp | Buy | Details |
| - Vacuum markets rebounding more quickly than expected - Trinos pricier than expected = stronger synergies? - Solibro now an upside option - Upgrade from Reduce to Buy ahead of 20 May AGM, TP EUR65 | ||||
| 10.05.2010 | WestLB | Achim Henke | Buy | Details |
| "The company has the best margins within the German Engineering sector, and also a strong balance sheet including a large net-cash position. Sales should rise in 2010 despite a lack of solar energy orders, thanks to the contribution from Trinos Vakuum-Systeme..." | ||||
| 06.05.2010 | Bankhaus Lampe | Gordon Schönell | Buy | |
| 05.05.2010 | Cheuvreux | Craig Abbott | Outperform | Details |
| "- 10/11E EPS raised as indicated by 14.5%/12% following strong Q1 results. New 10E sales +8.6%, EBIT margin 22.7% - Sales growth accelerating due to consolidation/macro recovery but also synergy gains, new products & services - Multiples undemanding given high cash conversion, balance sheet strength, growth potential. Reiterate 2/OP" | ||||
| 05.05.2010 | Commerzbank | Norbert Kretlow | Add | Details |
| "Pfeiffer Vacuum released strong Q1 figures yesterday (EBIT of €11.3m, 6% above our and 9% above consensus estimates). The conference call confirmed our view that the pick up in Q1 should be sustainable. Consequently, we raise our estimates: Our new EBIT estimates for 2010 and 2011 are up 17% each and between c. 11% and 14% ahead of consensus. Guidance will be given at the AGM on 20 May. We raise our target price to €64 and our recommendation to Add from Hold..." | ||||
| 05.05.2010 | equinet | Adrian Pehl | Accumulate | Details |
| "Our old fair value stood at EUR 55 plus EUR 3 derived from a scenario analysis regarding a potential large solar order. As the latter does not appear to be in sight, we drop the scenario contribution. Nevertheless, our new fair value benefits significantly from the model upgrades and moves to EUR 67..." | ||||
| 05.05.2010 | NordLB | Thomas Wybierek | Buy | |
| 04.05.2010 | BHF Bank | Stephan Bauer | Buy | Details |
| "Due to better-than-expected results we have lifted our 2010F and 2011F forecasts. Therefore, our DCF- and multiple-based target price increases to €66.00 from previously €58.00. We confirm our Buy rating..." | ||||
| 04.05.2010 | BoA Merrill Lynch | Gerhard Orgonas | Buy | Details |
| "Following a solid Q1 EBIT margin of 22.7% despite the first-time consolidation of Trinos, we raise our EBIT margin estimates by 30-150bps for 2010-12E and increase the sustainable EBIT margin in our DCF from 22% to 23% to reflect the recent productivity gains. We raise our PO from €62 to €67 and re-iterate our Buy rating..." | ||||
| 04.05.2010 | Close Brothers Seydler | Buy | Details | |
| "We leave our “BUY” recommendation and price target of €65 per share unchanged based on the strong order intake in the first quarter..." | ||||
| 04.05.2010 | Credit Suisse | Karsten Iltgen | Outperform | Details |
| "We like Pfeiffer as a defensive play with high dividend yield of 5% and c. 20% long term exposure to the high unit growth in solar..." | ||||
| 29.04.2010 | equinet | Adrian Pehl | Hold | Details |
| "Without FY10 guidance, the impulses from the 1Q10 reporting should be limited. We continue with our ‘Hold’ recommendation and our PT of EUR 58..." | ||||
| 19.04.2010 | DZ Bank | Harald Schnitzer | Buy | Details |
| "Bottom of cycle reached / buy recommendation (sell) / fair value per share € 60 (50) - 2009 as expected - Good start 2010/ New orders stabilised - EBIT margin should be at least at 2009 level (just over 20%) - PV has survived the crisis relatively well so far / we see the share in a more positive light again - Profit estimates for 2010 and 2011 increased - PV is in a very good financial position - We are upgrading the share from sell to buy..." |
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| 29.03.2010 | Solventis | Ulf van Lengerich | Buy | |
| 26.03.2010 | Credit Suisse | Karsten Iltgen | Outperform | Details |
| "We have updated our model for final 2009 figures. Our estimates for 2010/11 remain unchanged. Due to the improved visibility we have reduced our risk premium, bringing our WACC from 10% down to 9%. As a result our TP rises from € 53 to € 60..." | ||||
| 25.03.2010 | Deutsche Bank | Uwe Schupp | Hold | Details |
| "PFV's results were fully in line with the pre-results release. The company describes order development as 'encouraging', but q/q improvement is not a given. Unlike previous years, there are no major frame order contracts, which reflect continuously low visibility. While the company declined to provide guidance at this stage, we expect guidance at the AGM in May. We have incorporated recent M&A into our forecast, which is the main reason for our EPS increase. We raise our target price to E55 from E40 and maintain our Hold rating..." | ||||
| 25.03.2010 | Close Brothers Seydler | Buy | Details | |
| "We changed our recommendation from “HOLD” to “BUY” and increased our target price from €60 to €65 per share. Management experienced a positive trend in order intake during the first two months of the current year. The semiconductor and photovoltaic industry will drive revenue growth in 2010..." | ||||
| 25.03.2010 | Commerzbank | Norbert Kretlow | Hold | Details |
| "Having collected further information on Trinos (acquired in December 2009), we adjust our 2010 and 2011 estimates, factoring in Trinos figures: We raise our EBIT estimate by 14% for 2010 and by 4% for 2011. Our target price moves up to €59 from €50, implying a 10 x 2011E EV/EBIT multiple. We reiterate our Hold recommendation..." | ||||
| 25.03.2010 | Kepler | Tobias Loskamp | Reduce | Details |
| "We stick to our negative stance (Reduce/EUR54) following final fiscal 2009 results. Even cut to EUR2.45 the dividend is still high – but it is no longer a killer argument. Expectations could be too high for fiscal 2010, as Trinos and a normalisation of demand can barely make up for the lost Solibro business..." | ||||
| 25.03.2010 | HSBC | Christian Rath | Neutral | Details |
| "Trinos acquisition should compensate for missing systems business in 2010, but we forecast only 2% top-line growth - We expect the 2010 gross margin to benefit from a more favourable product mix and the absence of renovation costs - Target price raised to EUR60 from EUR50 on switch to midcycle margin assumptions; upgrade to Neutral (V) but stock remains fully valued and we see no near-term catalysts..." |
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| 25.03.2010 | Bankhaus Lampe | Gordon Schönell | Hold | |
| 09.03.2010 | 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." | ||||
| 23.02.2010 | BoA Merrill Lynch | Gerhard Orgonas | Buy | Details |
| "Our EPS estimates are 10% ahead of consensus for 2010E and 25% ahead for 2011E. We believe consensus underestimates Pfeiffer’s margin recovery potential, as well as the accretive impact of the recent Trinos acquisition. We reiterate our Buy rating and raise our PO to €62 from €60 based on our DCF with a WACC of 9.7%, an intermediate growth rate of 5%, 3% terminal growth and a sustainable EBIT margin of 22%..." | ||||
| 23.02.2010 | Close Brothers | Hold | Details | |
| "- The company reported preliminary 2009 results. Revenues declined 8.1% to €182m (estimate: €195.9m). Operating profit dropped 26.6% from €51.5m to €37.8m (estimate: €44.9m). EBIT margin declined from 26.0% to 20.8% but still remained on a high level. Order intake dropped 28.5% to €161.2m and book-to-bill ratio reached 0.89 compared to 1.14 in 2008 - Revenues in the fourth quarter 2009 declined 20.6% to €44.5m and gross margin reached 45.7% compared to 45.5% in 2008. EBIT dropped 31.2% to €10.1m. EBIT margin reached 22.7% compared to 26.2% in 2009. The operating performance in the fourth quarter gained momentum again when compared to the third quarter 2009 where EBIT margin reached 15%. Order intake increased marginally from €42.6m to €43.9m. Order backlog reached €40.2m which was considerable lower compared to €61m in 2008. However the order backlog in 2008 was influenced by a large order from the photovoltaic industry - The weak operating performance was already visible in the third quarter 2009. However EBIT margin still remained well above 20% and the worst-case scenario of the management (EBIT margin 20% and a revenue decline ranging between 10% and 15%). We leave our “Hold” recommendation unchanged but increased our price target from €53 to €60 per share..." |
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| 23.02.2010 | M.M. Warburg | Eggert Kuls | Buy | Details |
| "We upgrade the Pfeiffer-Vacuum share to Buy after better than expected preliminary figures for fiscal 2009 and raise the PT from € 62 to € 65..." | ||||
| 23.02.2010 | BHF Bank | Stephan Bauer | Buy | Details |
| "- Pfeiffer Vacuum's 2009 preliminary sales, EBIT and order intake figures were slightly better than expected by us. - 4Q09 order intake increased by 18% QoQ, clearly indicating that demand has seen the troughs. - We leave our 2010F and 2011F estimates unchanged. Thus, we confirm our Buy rating with a target price of €58.00..:" |
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| 23.02.2010 | equinet | Adrian Pehl | Hold | Details |
| "After a solid set of prelims, we set our new PT at EUR 58 (46) and recommend to ‘Hold’ (‘Reduce’), putting PFV at a target P/E’11 of 16x..." | ||||
| 23.02.2010 | WestLB | Wolfgang Fickus | Buy | Details |
| "Preliminary FY09 results are in line with our and Reuters consensus estimates. Fourth quarter results show strong order intake of €43.9m vs €37.6m in Q3. During Q4 the group EBIT margin improved to 19.8% after 15% in the previous quarter. Net profit data were not provided yet. The year end order book of 40.2m (ahead of our €35.62m estimate) provides a satisfactory level for the current business year. Shorter ordering cycles are compensated by restructuring of German production operations. The integration of the recent acquisition of Trinos Vakuum-Systeme should be finalised in FY2010. The bottom seems to be reached, order intake is accelerating and margins should further improve in FY2010, in our view. BUY..." | ||||
| 23.02.2010 | NordLB | Thomas Wybierek | Hold | |
| 18.01.2010 | M.M. Warburg | Eggert Kuls | Hold | |
| 06.01.2010 | WestLB | Wolfgang Fickus | Buy | Details |
| "We view Pfeiffer Vacuum as unique in our German engineeering universe. The company boasts a strong competitive lead, management boasts strategic vision as well as a superior financial model with EBIT-margins and RoE above 20% in any single year since 2003 yielding strong cash returns in the form of dividend yields and share buy backs..." | ||||
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