Pfeiffer Vacuum A Passion for Perfection

Analysts Research Reports - Archive 2011

Date Bank Author Recommendation Downloads
15.12.2011 Bankhaus Lampe Gordon Schönell Hold  
09.12.2011 Close Brothers Veysel Taze Hold Details
"We reduce our estimates for PFV to reflect our more bearish view on the company´s earnings in the short term. Our new sales/EPS estimates are EUR 520.5m/EUR 5.25, EUR 468.4m/EUR 4.81 and EUR 534.0m/EUR 5.87 in FY11E, FY12E and FY13E respectively. Despite our more conservative view on short term business development we still believe that PFV has made good progress in the integration of Adixen. With improving global economic growth prospects (towards the end of FY12E), PFV should be able to grow at double digit rate in the top line and expand margins (mid-term EBIT margin goal ~20%). ..."
25.11.2011 Berenberg Bank Stephan Klepp/Dominik Podewils Buy Details
"We have changed our cautious stance towards Pfeiffer Vacuum after consensus and the share price have come down significantly following Q3 2011. From the current share price level, we believe the fundamentals are attractive again and there is the chance of a positive surprise given lowered expectations. We would buy into the stock at these levels, particularly with a potentially good Q4 to come. ..."
23.11.2011 WestLB Wolfgang Fickus Buy  
23.11.2011 Hauck&Aufhäuser Roland Rapelius Buy  
14.11.2011 Berenberg Bank Stephan Klepp/Dominik Podewils Buy Details
"The expectation towards Pfeiffer has come down after Q3 2011. We believe the share price of around EUR65 is an attractive entry level and again change our recommendation from Hold to Buy with a PT of EUR84.00 (old: EUR82.00). ..."
08.11.2011 NordLB Thomas Wybierek Buy  
04.11.2011 Equinet Adrian Pehl Accumulate Details
"PFV could achieve a solid EBIT margin of 15.8% vs. expectations of 15.4%. One-off cost for the adixen integration were said to be EUR 2m in the 9M11 period, but not quantified for 3Q11. We noticed that the G&A development was volatile in the past three quarters. The CEO expects further integration cost to come (we forecast > EUR 1m in 4Q11). ..."
04.11.2011 Deutsche Bank Uwe Schupp/Benjamin Kohnke Hold Details
"Pfeiffer reported sales of E120.4m vs. our estimate of E130m (Reuters consensus: E129m), blaming adverse Semi and Solar (from the Coating segment) weakness, which we estimate makes up a combined 43% of sales. The good news is that the Semi business carries lower margins (bigger customers, higher volumes), which helped to keep the margin flat qoq despite a 15% drop in revenues. Hence, the ~10% EBIT miss (E19m vs. our and consensus estimate at E21m) was not more pronounced. EPS was E1.29 vs. our estimate of E1.41 (consensus: E1.45). Also, the third-biggest end market, Industrial, was down, but only by 6% qoq, due to either seasonality or the first signs of macro weakness (we suspect both). ..."
04.11.2011 Commerzbank Norbert Kretlow Hold Details
"We cut our 2011 sales estimate by 6.6% to €521.5, in line with company guidance. Our 2012 sales estimate is down 5.7% to €521.3m, based on the assumption that solar and semiconductor equipment sales will remain the major downside drivers and that both should bottom out in H1 2012. We cut our 2011 EBIT estimate by 7%, roughly in line with sales. We forecast a 2011 EBIT margin of 15.0%, in line with company guidance and a constant margin for 2012. ..."
04.11.2011 Cheuvreux Craig Abbott Outperform Details
"We cut our estimates sharply (see table) now expecting 'flat' sales in '12E reaccelerating in 2013E. We expect margin progression from the integration/cross-selling benefits to be offset somewhat by slightly lower capacity utilisation, but believe PFV should be able to increase margins slightly even in our now flat revenue scenario. ..."
04.11.2011 Bankhaus Lampe Gordon Schönell Hold  
03.11.2011 WestLB Wolfgang Fickus Buy Details
"We expect a weak share price reaction to the results, but point out that expectations for the semiconductor and photovoltaic end markets have been persistently revised down over recent quarters. Relative to our current estimates, we see 5-10% EPS pressure on our current 2012 view. While the cycle picture looks weaker than previously assumed, we highlight that pricing action at, and commercial synergies with, Adixen will start to play a role in 2012. We are very likely to reiterate our positive view of Pfeiffer Vacuum following an in-depth look at Q3 11 and today’s conference call, but view the share more than previously as dead money before a cycle upswing will really start to transform the company, in our view. ..."
03.11.2011 M. M. Warburg Eggert Kuls Buy Details
"We have reduced our price target from € 98 to € 89 after the release of disappointing Q3 figures. However, as we see an upside potential of some 39% on a 12-month horizon we keep our Buy recommendation. We regard particularly the order intake number of € 109.8m (-22.3% qoq) as disappointing due to a weaker demand from the semi and photovoltaic industries. We were expecting an order intake of € 130m. In addition, we were surprised by a sales volume of € 120.4m only (-15% qoq, expected € 135m). Both numbers underpin the strongly increased cyclicality of the company after the takeover of French-based adixen which is heavily dependent on the semiconductor industry. ..."
03.11.2011 Hauck&Aufhäuser Roland Rapelius Buy  
03.11.2011 Fairresearch Heinz Steffen Buy  
03.11.2011 Equinet Adrian Pehl Accumulate  
03.11.2011 Deutsche Bank Uwe Schupp Hold  
03.11.2011 Commerzbank Norbert Kretlow Hold  
03.11.2011 Bank of America Claus Roller Buy Details
"Pfeiffer reported 3Q EBIT up 95% to €19mn (consensus €20mn) on the back of sales rising 104% to €120mn (consensu €130mn). 3Q EBIT was impacted by a positive €2.4m from US$ exchange rate effects. Pfeiffer reduced its sales forecast to €520m from €550m sales (Consensus of € 552mn) due to weak semiconductor and coating markets. It however confirmed its forecast of a 15% EBIT margin or €78mn EBIT (consensus €85mn). Medium term, Pfeiffer is confident that it will again reach a group margin of 20% after the successful integration of Adixen. ..."
02.11.2011 Fairresearch Heinz Steffen Buy  
02.11.2011 Bankhaus Lampe Gordon Schönell Hold  
28.10.2011 Equinet Adrian Pehl Accumulate Details
"We expect that PFV will keep its outlook for sales of c. EUR 550m and for the EBIT margin of c. 15% which might prove to be sufficiently challenging. Here, we expect the company to slightly miss at the top line. ..."
26.10.2011 Goldman Sachs Christian Reinecke Buy  
24.10.2011 Berenberg Bank Stephan Klepp Buy  
21.10.2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"- Sales look set to decline sequentially
- Another factor to watch is the integration of adixen
- This year’s sales guidance of > €550m looks too optimistic ..."
20.10.2011 WestLB Wolfgang Fickus Buy Details
"As many companies with cyclical end market exposure, PV is on the one hand trading on very low valuation multiples (see below), but is also facing an uncertain short-term outlook with the difference to the pack of industrials that it will generate 20% EBIT-margin in the future and will generate very solid free cash also in the downturn. ..."
17.10.2011 Commerzbank Norbert Kretlow Hold Details
"We have cut our 2012 EPS estimates for Pfeiffer Vacuum by 10% on increasing macroeconomic concerns: Commerzbank Economic research has cut its macroeconomic estimates for 2012, forecasting a mild recession in the winter half for the euro area. We now expect the semiconductor equipment market to be down 15% year over year compared to our previous estimate of a 5% decline. ..."
14.10.2011 M. M. Warburg Eggert Kuls Buy Details
"- Following a roadshow with the management and keeping in mind the probable slowdown in the economic development we have adjusted our forecasts for Pfeiffer Vacuum.
- While Pfeiffer Vacuum is currently feeling a certain slowdown in demand from the semi and solar industries, all other customer industries are on a stable growth path so far.
- For 2012 we have lowered our sales forecast from +5% to -5%. ..."
04.10.2011 WestLB Wolfgang Fickus Buy Details
"We reduce our EPS estimates following a weaker-than-expected beginning of the semiconductor reporting for Q3 11, and despite confident management at a Singapore roadshow last week. Overall, we regard the current PV share price level as a bargain, even in view of question marks over the economic caycle and near-term semiconductor capex. The US-dollar strength against the euro and the Korean Won, a better mix and Adixen synergies (mostly pricing) should help to fuel further q-o-q margin improvements despite lower q-o-q revenues, which should trigger a positive share price performance in the short term, in our view. ..."
27.09.2011 DZ Bank Harald Schnitzer Hold Details
"Given many customers' uncertainty in relation to the current direction of the world economy, PV's rate of growth is likely to slow. Whilst we expect only slight fallout in Analytics and R&D, the two branches of industry relevant for PV, demand for semiconductors and coatings (Solar is affected here) is likely to fall sharply. "
20.09.2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"Having spoken to the company this morning, our impression is that the integration of adixen is on track. Management is currently in the process of consolidating the regional entities into only 1 entity per country which seems to be running well. ..."
01.09.2011 WestLB Wolfgang Fickus Buy Details
"The company sees an h-o-h decline of its semiconductor revenues as likely, but has no clear sign of a major slowdown at this point of time. ... We clearly reiterate our buy rating on Pfeiffer Vacuum, as we view the August share price weakness as overdone. ..."
30.08.2011 DZ Bank Harald Schnitzer Buy  
22.08.2011 Berenberg Bank Stephan Klepp Buy Details
"Pfeiffer has changed, but adixen acquisition not reflected in valuation. ..."
05.08.2011 Independent Research Rossen Koev Hold  
04.08.2011 HSBC Christian Rath Neutral Details
"- Mixed Q2 results with sales -2% qoq and orders -7% qoq on weaker semis but EBIT up 13% sequentially
- Margin recovery will be challenging, given continuous FX headwinds and slowing semi: 2011-13e EPS cut by c10%
- Cutting target price to EUR80 from EUR105 on reduced margin assumptions and top-line forecasts; reiterate N rating ..."
04.08.2011 DZ Bank Harald Schnitzer Buy Details
"- The Q2 2011 figures (sales: EUR 141.4m / EBIT: EUR 23.2m / EPS: EUR 1.51 / new orders: EUR 141.5m) turned out in line with expectations.
- The EBIT margin came to 16.4%, an improvement on the previous quarter (14.3%)
- Result still burdened by acquisition costs
- PV is selling the hydrogen leak detection specialist Adixen Skandinavia to Inficon
- The forecast for 2011 (sales of EUR 550m and EBIT margin of 15%) has been confirmed
- We expect orders to decline in succeeding quarters
- Earnings estimate for 2012/13 and FV lowered to EUR 95 (115) ..."
04.08.2011 Credit Suisse Karsten Iltgen Outperform Details
"The current order visibility is limited at €100m; however in line with the historical trend of less than a quarter. We see potential upside to these estimates from better than feared developments in the semiconductor space and faster than expected realization of synergies. ..."
03.08.2011 M. M. Warburg Eggert Kuls Buy  
03.08.2011 NordLB Thomas Wybierek Buy  
03.08.2011 Close Brothers Veyzel Taze Hold Details
"Since our last update (04 May 2011) the share price has dropped by more than 20% and is currently trading below our PT. Thus we change our recommendation from SELL to HOLD. However to reflect our lower estimates for upcoming years we reduce our PT from EUR 82.00/share to EUR 77.00/share. ..."
03.08.2011 Metzler Helena Wüstenfeld Buy Details
"Sales of EUR 141 m slightly declined versus Q1 however it is still on a high level. The run rate of EUR 133 for the following two quarters in order to reach the sales guidance of EUR 550 m is in our view even with a further decline in the semiconductor business still realistic. ..."
03.08.2011 equinet Adrian Pehl Buy Details
"We confirm our ‘Buy’ rating, but lower our PT by 11% as we expect slower momentum especially in semiconductor and industrial markets served by PFV. Our reduced estimates now include a 2-3% sales drop in FY12. We remain positive, however, as PFV has still good opportunities for cross-selling and synergies after the Adixen acquisition and the integration of which appears to run on track. We also believe that there is still a chance for relative pricing stability as PFV has consolidated the market that was already in an oligopolistic state. ..."
02.08.2011 FairResearch Heinz Steffen Buy Details
"We leave our price target of €87 but changed our recommendation from “HOLD” to “BUY”. Management has already accelerated the integration process and is streamlining overlapping activities. ..."
02.08.2011 BoA Merrill Lynch Claus Roller Buy Details
"Pfeiffer is making good progress with the integration of Adixen: combining sales teams, currently developing an integrated product portfolio and sharing production know-how. Furthermore it is introducing Pfeiffer’s premium pricing structure to Adixen, changing incentives for sales-people form volume to EBIT contribution. ..."
02.08.2011 Cheuvreux Craig Abbott Outperform Details
"The shares have been down sharply the past couple of weeks driven by concerns of a slowdown in the semi-conductor industry. We believe PFV is on track with the Adixen integration programme; we welcome the changes in the sales mix and the shares at these levels offer compelling value. ..."
02.08.2011 equinet Adrian Pehl Buy Details
"We confirm our ‘Buy’ rating, but our PT of EUR 113 will come under review. Nevertheless, 2Q11 proved to be a very solid quarter. ..."
02.08.2011 Bankhaus Lampe Gordon Schönell Hold  
02.08.2011 WestLB Wolfgang Fickus Buy Details
"Based on the results, Pfeiffer Vacuum reiterated its full year guidance of 'about €550m sales' and 'about 15% EBIT-margin' looking 'coutiously optimistic into the future - despite the slight decrease in market dynamics, which had already been considered in the previous sales forecast'. Given the robust set of results and the share weakness prior to the results, we expect the Pfeiffer Vacuum share to recover today. ..."
02.08.2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"Action: Our model is adjusted to reflect the Q2 results.
Valuation is based on FCFY 2012E and leads to a PT of € 102 per share: BUY. ..."
02.08.2011 Commerzbank Norbert Kretlow Hold Details
"Pfeiffer Vacuum’s Q2 sales were €141.4m, in line with estimates. Q2 EBIT of €23.2m was in line with our estimates but 5% ahead of consensus. Guidance was reiterated. The sale of a manufacturer of leak-detection systems, which was part of the Adixen portfolio, is a step of focusing on the core business but has limited impact on our estimates. We consider today’s reporting positive, but prefer to stay on the sideline for the time being on adverse sentiment from semiconductors and increasing macroeconomic concerns. ..."
29.07.2011 Deutsche Bank Uwe Schupp Hold Details
"Upside risk stems from stronger-than-expected semiconductor demand. Downside risks are increasing competition, a weaker macro environment, and integration risk, as Adixen is a materially bigger company than Pfeiffer. ..."
29.07.2011 WestLB Wolfgang Fickus Buy Details
"We do not forecast a major downturn of the semiconductor market in 2012 ... However, the Pfeiffer Vacuum share now reflects such a downturn (WLB bear case fair value for Pfeiffer Vacuum is €70 per share). This opens a compeeling buying opportunity in our view triggered by a sequential margin recovery in the course of FY2011 albeit below our initial expectation post Adixen. ..."
22.07.2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"Roth & Rau yesterday withdrew its 2011 forecast on the back of slow order intake in Q2 of € 29m and cancellations of existing orders of € 17m. A call with PFV’s management today was reassuring. PFV’s broad exposure by end markets and regions should dampen earnings volatility..."
11.07.2011 WestLB Wolfgang Fickus Buy Details
"Pfeiffer Vacuum shares have suffered from a de-rating of historic dimensions. We find the share close to a 14-year low in terms of its 1-year-forward PER after initial reporting of combined Pfeiffer Vacuum-Adixen group disappointed in terms of reported EBIT margin and competitor Edwards Vacuum pulled its IPO. We highlight that the Pfeiffer Vacuum share seems to be increasingly behaving like a semiconductor stock. ... From a valuation point of view - just looking at PER ratios - we see the historic de-rating as a buying opportunity as we argue that its valuation is compellingly low and its earnings visibility strong..."
27.06.2011 Commerzbank Norbert Kretlow Hold Details
"We attribute this discount in particular to adverse sentiment from semiconductors (c. 37% of Q1 sales) with warnings from Novellus, ASML, Cymer and ST Micro. We believe our forecasts properly reflect a related slowdown. In addition, we believe that weaker margins than expected in Adixen in Q1 are negative for sentiment. We see upside to the share once respective concerns ease which we expect to happen in the course of H2 2011. ..."
26.06.2011 equinet Adrian Pehl Buy Details
"2Q11 will be the second time PFV reports in the new structure including Adixen. .. We expect that PFV will keep its outlook for sales of c. EUR 550m and for the EBIT margin of c. 15% (or c. EUR 82.5m in absolute terms). The company should again confirm that the Adixen integration continues to run well..."
21.06.2011 M.M. Warburg Eggert Kuls Buy Details
"- Meeting with the management: Adixen integration ahead of schedule
- Earnings assumptions for 2012 and 2013 raised upwards
- Price target raised to € 110, upgrade from Hold to Buy"
09.06.2011 FairResearch Heinz Steffen Hold Details
"- In the first quarter ending in March revenues jumped 190% to €143.6m.
- The operating performance of the company was driven by the acquisition of adixen.
- The margin decline in the first quarter was mainly attributable to the lower profitability of adixen.
- We leave our “HOLD” recommendation unchanged but reduced our price target from €108 to €87 per share..."
31.05.2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"PFV yesterday said it is selling its adixen Japan unit to Hakuto, the existing distribution partner in Japan. Details have not been disclosed, however, the impact should be minor as Japan accounts for possibly only 3% of group sales..."
27.05.2011 equinet Adrian Pehl Buy Details
"We continue to believe that the integration of Adixen is not at all risk-free, but should pay out at the end in the oligopolistic vacuum pumps market. We continue with our ‘Buy’ rating and our PT of EUR 113..."
27.05.2011 WestLB Wolfgang Fickus Buy Details
"We reduce our target price to €125 today and reduce our EPS estimates by between 8% for FY2011 and 5% for FY2011/12. We believe that the level of expectations has now come down significantly and that the company is back in the terrain of possible positive surprises over the upcoming quarters..."
27.05.2011 Cheuvreux Craig Abbott Outperform Details
"- Low hurdle set with 15% EBIT margin guidance for FY 11. Still on track to return to 20% margin in 2 to 3 years
- Appears integration process is proceeding swiftly, restructuring costs we believe likely to be more forward weighted
- Shares offer attractive value at these levels (11.4x PE, 6.4x EV/EBITDA, 8.7% FCF yield, 4.8% Div yield)."
27.05.2011 Berenberg Bank Simon Götschmann Hold Details
"We ... remain on the sidelines and differ from the 19 analysts who forecast sales and earnings growth in the coming years. We would, however, recommend to buy Pfeiffer on valuation should the shares drop substantially from current levels..."
27.05.2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"Pfeiffer Vacuum yesterday afternoon on the AGM specified the 2011 EBIT margin guidance slightly below our and consensus expectations. The mid term guidance has been reiterated, which is encouraging. It is more important than a slight shortfall to expectations in 2011, which is a transition year in any case..."
27.05.2011 NordLB Thomas Wybierek Buy  
13.05.2011 DZ Bank Harald Schnitzer Buy  
13.05.2011 Cheuvreux Craig Abbott Outperform Details
" - Challenges exposed with the Q1 results
- But these challenges are addressable; potential still intact
- Shares offer compelling value after pull-back
- New TP EUR103.5 (EUR107): pull-back as a buying opportunity"
05.05.2011 Commerzbank Norbert Kretlow Hold Details
"After looking deeper into reported Q1 2011 data we conclude that demand is strong, but we are concerned about two major factors: 1) Adverse currency effects could weigh on Pfeiffer Vacuum’s earnings and 2) we understand that the market sentiment for semiconductor equipment manufacturers could become negative in H2 2011, which should also provide headwind for Pfeiffer Vacuum. We cut our EBIT estimate by 5% for 2011 and by 4% for 2012. We cut our target price to €90 from €98 and downgrade our recommendation to Hold from Add..."
04.05.2011 equinet Adrian Pehl Buy Details
"Hence, we have lowered our FY11 EBIT margin assumption to 15.5%. Again, thanks to higher sales, the change in absolute terms is limited and even positive in coming periods as we continue to believe that PFV will manage to achieve its 20% margin goal in 2-3 years..."
04.05.2011 NordLB Thomas Wybierek Buy  
04.05.2011 Berenberg Bank Simon Götschmann Hold Details
"Factoring in the low gross margin base of Adixen and an unfavourable EUR/USD development as well as forthcoming integration costs (eEUR5m due in H2 2011) and a peaking semiconductor cycle endmarket (38% of Q1 sales), we struggle to see Pfeiffer now reaching its mid-term targets and reduce our estimated earnings forecast despite higher sales estimates. We reduce our revised CFRoEV 1012/2013 based PT accordingly from EUR104.3 to EUR96. Based on the limited upside, we downgrade Pfeiffer Vacuum from Buy to Hold..."
04.05.2011 WestLB Wolfgang Fickus Buy Details
"We reiterate our Buy recommendation on Pfeiffer Vacuum, with a target price of €135. Our sales and EBIT estimates remain unchanged, but a higher tax rate estimate leads to EPS downgrades of between 3% and 5% over the forecast period..."
04.05.2011 HSBC Christian Rath Neutral Details
"- Mixed Q1: Sales and order intake beat expectations, but USDrelated FX losses and Adixen’s weak margin are concerns
- 2011 sales guidance looks too cautious; we upgrade our sales forecast by c10% but EPS by only c2% on average
- Increase TP to EUR105 (from EUR95) on higher estimates; downgrade rating to N (from OW) on limited potential return..."
04.05.2011 Close Brothers Veysel Taze Sell Details
"We think the market still anticipates a swift recovery in margins which in our view increases the risk of disappointments going forward. Thus we think the stock provides at current level more downside risk than upside potential. Accordingly we change our recommendation to SELL with PT of EUR 82.00/share..."
03.05.2011 DZ Bank Harald Schnitzer Buy Details
"We will review our estimates. With regard to the sound order intake and favourable business climate, sentiment should remain positive all in all..."
03.05.2011 Deutsche Bank Uwe Schupp Hold Details
"Given strong orders in Q1 the company issues first time guidance on revenues of E550m for the full year, ahead of consensus of E527m and DBe E525m. Balancing this with lower full-year margin assumptions we estimate consensus will not move materially post today..."
03.05.2011 equinet Adrian Pehl Buy Details
"The figures show that the ‘new PFV’ is clearly more cyclical with a stronger exposure to economically sensitive industries. Bookings were very strong, probably compensating to a large extent for the shortfall in margin. ... Although the profit development might be disappointing for some, the merger of PFV old and Adixen could not be expected to come without cost. Overall, we will stick to our positive stance..."
03.05.2011 WestLB Wolfgang Fickus Buy Details
"Strong top line and order intake, but very weak gross margin - WLB has five reasons to believe gross margin will improve..."
03.05.2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"… the strong order intake is a positive as it underscores the assumption that the cross selling strategy, a key rationale for the adixen acquisition, will actually work. Margins look set to increase driven by operating leverage and efficiency improvements, mainly in the underperforming Asian region. Remains a BUY, PT € 106 based on FCFY 2012E..."
03.05.2011 Bankhaus Lampe Gordon Schönell Buy  
03.05.2011 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, With the acquisition of Adixen from Alcatel-Lucent, Pfeiffer now has a strong foothold in Asia's semiconductor industry and in backing pumps, which we consider, i s still underestimated by the market..."
29.04.2011 WestLB Wolfgang Fickus Buy Details
"Without exact historic data on Adixen individual cost lines and assuming strength of semiconductors, we are bullish on sales and order intake, but prefer to take a cautious stance on margins in Q1 11. We expect sales to have almost tripled and EBIT to be close to 2 times as high as one year ago. Sales growth will be particularly fuelled by backing pumps according to our estimates. Due to a higher share of lower margin backing pumps (up from 13% in Q1 2010 to 42% in Q1 2011) and a correspondingly lower share of higher margin turbo molecular pumps we expect an EBIT-margin of 14.3% in Q1 2011. The y-o-y margin decline should not be taken as a sign of weakness, but a benchmark for margin potential in the enlarged Pfeiffer Vacuum group as the integration process just starts..."
28.04.2011 Commerzbank Norbert Kretlow Add Details
"We forecast Q1 2011 sales of €144m, up 191%. A major part of the forecast sales growth is attributable to the first-time consolidation of Adixen, but we estimate that a massive 43 percentage points were contributed by organic growth. While there is quite some uncertainty regarding sales (since historical Adixen data is not available), haziness regarding EBIT is even higher. We forecast €21.7m, assuming some acquisition-related extraordinary expenses. Add reiterated..."
20.04.2011 equinet Adrian Pehl Buy Details
"In contrast to the EBIT development, we expect strong bookings in 1Q11 in line with management statements about a strong start into the financial year (in fact, Inficon increased its sales outlook by 4% today after a strong 1Q11 that was up 36% yoy). Thus, we forecast a 1Q11 order intake of EUR 133m, bringing backlog north of EUR 120m. … We confirm our ‘Buy’ recommendation and our price target of EUR 110..."
05.04.2011 Hauck & Aufhäuser Roland Rapelius Hold Details
"Valuation based on adjusted FCF 2012E points to a fair value of € 103 (old: 98) per share, remains a HOLD..."
01.04.2011 Faireasearch Heinz Steffen Hold Details
"We leave our "HOLD" recommendation unchanged but increased our price target from €95 to €108 per share. The company still offers an attractive dividend yield of 2.9%..."
31.03.2011 WestLB Wolfgang Fickus Buy Details
"The key risk remains an abrupt downturn of the semiconductor cycle as well as other cyclical end markets. Currently the company has no indication for such a downturn. On the contrary all vertical end markets remain very strong, a reiteration of the February statement at the occasion of the preliminary results announcement. We raise our target price to €140 based on peer group, DCF and 'discount to historic PER' valuation..."
31.03.2011 NordLB Thomas Wybierek Buy  
30.03.2011 Deutsche Bank Uwe Schupp Hold Details
"The positive surprise was that Pfeiffer exits FY10 even with a small net cash position (E6m) while we expected net debt of E20m..."
30.03.2011 Close Brothers Seydler Veysel Taze Hold Details
"We continue to rate PFV with HOLD and unchanged PT of EUR 95.00/share. We think the current valuation level adequately reflects the growth potential in company´s underlying business. In our opinion a higher valuation would be only justified by substantially higher margins than currently anticipated..."
30.03.2011 Bankhaus Lampe Gordon Schönell Buy  
30.03.2011 BoA Merrill Lynch Gerhard Orgonas Buy Details
"Raising PO to €115 on positive outlook
We raise our 2011-13 EPS estimates by 3-6% on the back of continuing strong sales trends in Pfeiffer’s end markets. Following progress on the integration of adixen, we raise our sustainable EBIT margin to 19% from 18.5%, leading to an increase in our DCF based PO to €115. At our PO Pfeiffer would trade on 16x P/E, at a c.10% discount to Pfeiffer’s historic stand-alone valuation, which we believe is justified given the increased cyclicality..."
29.03.2011 equinet Adrian Pehl Buy Details
"As expected, the company has not provided an outlook. The management was only cited that integration of Adixen runs as planned and order intakes in January and February are convincing. Thus, the business development in FY11 should not disappoint..."
29.03.2011 Commerzbank Norbert Kretlow Add Details
"Final full-year sales (€220.5m) and EBIT (€52.9m) are in line with preliminary results. An unexpectedly high tax rate of 37% in Q4 is the reason why the €9.3m net income is 11% short of our estimate (15% below consensus). The €2.90 DPS is somewhat below our €3.00 estimate and the €3.10 consensus. Management points to initial success in the integration of Adixen and a positive order intake year to date. The ‘above €500m’ 2011 sales outlook (which we consider conservative) is reiterated..."
29.03.2011 WestLB Wolfgang Fickus Buy Details
"Final full-year sales (€220.5m) and EBIT (€52.9m) are in line with preliminary results. An unexpectedly high tax rate of 37% in Q4 is the reason why the €9.3m net income is 11% short of our estimate (15% below consensus). The €2.90 DPS is somewhat below our €3.00 estimate and the €3.10 consensus. Management points to initial success in the integration of Adixen and a positive order intake year to date. The ‘above €500m’ 2011 sales outlook (which we consider conservative) is reiterated..."
23.03.2011 Berenberg Bank Simon Götschmann Hold Details
"We believe that Pfeiffer Vacuum will see a strong 2011 … . The semiconductor industry has increased its planned capex spending by 20% yoy and the solar industry is picking up strongly in China. Together with an estimated dividend yield of 4.7% in 2011, we are positive in the short term, seeing 8% upside on the stock. However, Pfeiffer is not the bullet-proof stock it was 12 months ago. Its exposure to the highly volatile semiconductor industry, which we believe will peak in 2011, increased from 10% to 30%, and we would not underestimate the integration risk (Pfeiffer has not yet implemented a new organisational structure). Combining the target bands given for Adixen's and Pfeiffer's margins, an EBIT margin above 20% seems achievable but ambitious, in our view, given the pricing pressure on Adixen's dry pumps. We therefore feel comfortable with our HOLD rating..."
22.03.2011 Cheuvreux Craig Abbott Outperform Details
"Despite the shares’ strong outperformance since the deal was announced, we still see further upside potential. Our new target price of EUR107 (EUR87) is based on the average of our absolute EV/CE valuation model (EUR110) and a peer multiple comparison (EUR104) and suggests further upside potential of ~13%..."
11.03.2011 Deutsche Bank Uwe Schupp Hold Details
"We think that the proposed acquisition of Adixen makes financial and strategic sense, but we are nervous about the integration risk. Pfeiffer's first-ever significant acquisition should almost triple its size and take it into new markets. It will also arguably increase the long-term growth potential but could do so at the expense of greater cyclicality. The financial accretion may be partially offset by a lower multiple, at least until the integration dust settles..."
03.03.2011 Kepler Research Tobias Loskamp Buy Details
"Inficon, a leading producer of vacuum process components, reported a strong set of Q4 figures and provided reassuring 2011 outlook statements. … All in, the positive outlook provided by the company underline the management's former statements that the vacuum technology equipment market is set to grow 5-10% in 2011. On this basis it seems that also Pfeiffer Vacuum should be off to a strong start into 2011 and consensus needs to meaningfully increase, in our view..."
02.03.2011 WestLB Wolfgang Fickus Buy Details
"The NEW Pfeiffer Vacuum will dominate the global vacuum pump market with Edwards Vacuum, both combining 38% market share (thereof PV 15%). Our sales growth analysis shows a multitude of drivers, not only a robust semi capex cycle, which improves vidibility. We estimate 7.3% (11%) organic sales growth (CAGR 2011/13) for PV (Adixen). We see Q1 and Q2 results strongly surprising the market..."
18.02.2011 Hauck & Aufhäuser Roland Rapelius Hold Details
"Prelims above expectations, adj. est. & PT, HOLD (BUY) after recent strong performance..."
17.02.2011 Kepler Research Tobias Loskamp Buy Details
"- Off to a strong start amid low comps and healthy business trends
- Perception of Adixen deal further improves, cross-selling kicks off
- We expect increased investor confidence and positive news
- Buy rating reiterated: target price upped from EUR92 to EUR110"
16.02.2011 WestLB Wolfgang Fickus Buy Details
"We see our positive investment case as fully confirmed and do not take Pfeiffer Vacuum's silence about the previously estimated €40 m EBITDA as a bearish sign on Adixen profitability … Order intake strength at Adixen is clearly a sign of semi capex cycle strength, which we believe is not in consensus earni9ngs forecasts or in the share price. Profitability estimates for the combined group in 2011 are likely to show upside surprise on positive operating leverage in Adixen to semi strength and an earlier-than-expected return to old Pfeiffer Vacuum profitability. We see the company as a compelling mix of growth and value..."
16.02.2011 Nord/LB Thomas Wybierek Buy  
16.02.2011 Commerzbank Norbert Kretlow Buy Details
"No worries on order intake The €58.4m Q4 order intake was 5% short of estimates. Pfeiffer Vacuum has a way short order cycle (only a couple of weeks), thus the predictive power of orders is limited. Historically, the book-to-bill ratio hovered around 1, dropping blow it even in growth phases (e.g. 0.94 estimated for Q4 2007). Our view is confirmed by CEO Bender’s statements in a Dow Jones interview: No indication that the positive 2010 sales trend is reversed, annual growth of 5% to 7% expected, targeting the upper end of the range..."
16.02.2011 BHF Bank Stephan Bauer Market Weight Details
"Increasing TP to €98.00 / Market Weight rating confirmed: Due to increased estimates as well as peer multiples expansions, we raise our DCF and peer group based TP to €98.00 (prev. €82.50). Downside risks to our rating: difficulties in the integration process of Adixen. Upside risk: Higher profitability of Adixen..."
16.02.2011 Bankhaus Lampe Gordon Schönell Buy  
15.02.2011 Commerzbank Norbert Kretlow Add Details
"We believe that currently positive industry trends in semiconductor equipment and expected benefits from the acquisition, in particular cross selling effects, will provide the Pfeiffer Vacuum share with further upside..."
14.02.2011 Nord/LB Thomas Wybierek Buy  
14.02.2011 equinet Adrian Pehl Buy Details
"PFV belongs to our top picks. We recommend to ‘Buy’, PT EUR 110m..."
31.01.2011 Sylvia Quandt Research Eerik Budarz Buy Details
"We remain optimistic towards Pfeiffer Vacuum and believe that triple-digit share prices are possible as future EPS is likely to move past EUR 7.00 in 2013e…"
11.01.2011 Kepler Research Tobias Loskamp Buy Details
"In any case, we are highly confident with regards to our Buy rating and EUR112 target price for Pfeiffer Vacuum. The vacuum industry remains an attractive industry to invest due to its comparably high structural growth. Pfeiffer itself has a strong product portfolio and an attractive customer mix by industry. We believe expectation for FY11 and beyond are too low. Crossselling effects are likely to surprise the market positively..."
11.01.2011 WestLB Wolfgang Fickus Buy Details
"The acquisition of Adixen announced in early November 2010 transforms Pfeiffer Vacuum. We believe it has found the right balance between growth, profitability and cyclicality and expect gross-cycle sales groth to accelerate from 6.1 % to 8.8 %... "
10.01.2011 equinet Adrian Pehl Buy Details
"We rate PFV as one of the most attractive technology stocks going into FY11... We also rate PFV an interesting pick for the case of the lagging US economy turning more favourable in FY11 (PFV exposure c. 20-25%). We have increased the DCF based PT from EUR 93 to EUR 110, putting PFV at a FY12 target P/E of 15.4x. ‘Buy’ confirmed..."
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