Pfeiffer Vacuum A Passion for Perfection

Analysts Research Reports - Archive 2012

Date Bank Author Recommendation Downloads
23.11.2012 Close Brothers Seydler Veysel Taze Sell Details
"Recommendation: We think it is still too early to turn more constructive on the stock and reiterate our Sell .. recommendation. Thus we believe market expectations are still too “rich” implying a new round of sales/EPS cuts going into FY13E. ..."
07.11.2012 Bankhaus Lampe Gordon Schönell Sell  
07.11.2012 NordLB Wolfgang Donie Hold  
07.11.2012 M. M. Warburg Eggert Kuls Buy Details
"- Pfeiffer Vacuum faced another weak quarter in terms of sales and especially in order intake. - Regarding sales even the lower end of the guided range looks somewhat ambitious. - In terms of EBIT margin Pfeiffer Vacuum is comfortably on track to reach its guidance of around 15%. - We keep our Buy rating. ..."
06.11.2012 Hauck & Aufhäuser Henning Breiter Buy Details
"The EBIT increased by 6% yoy to € 16.9m which came to a positive surprise. The negative operating leverage was clearly overcompensated by progress in the integration of adixen and supported by c. € 1.5m lower PPA amortisation. The positive margin development in the first year after the acquisition and in an adverse market environment provides confidence that management will be able to substantially enhance margins going forward. ..."
06.11.2012 Sylvia Quandt Eerik Budarz Neutral Details
"Our Neutral recommendation remains. Potential disappointment from guidance implications may move the stock more towards more attractive valuation territory. We also welcome Ms. Benedkt and wish her a good start in Asslar. ..."
06.11.2012 Commerzbank Norbert Kretlow Hold Details
"With Q3 data coming in line with our estimates, we consider Pfeiffer on track for our 2012 estimates, seeing mild upside to our current €460m sales forecast and considering the €470m guidance realistic. The appointment of Nathalie Benedikt as CFO effective 1.1.2013 is a positive for us: Following the Adixen acquisition, there was some concern regarding the fact that the PFV had only two board members. ..."
06.11.2012 BoA Merrill Lynch Claus Roller Buy Details
"We leave our EPS forecast broadly unchanged and see the stock attractively valued compared to its peers as it offers double digit earnings growth potential on margin expansion drive by self-help. We reiterate our Buy rating have and made minor adjustments to our estimates. ..."
06.11.2012 Deutsche Bank Uwe Schupp Sell Details
"Given our assumption of a weaker semi business in Q4 (with no major recovery before H2-13 expected) we maintain our sub-consensus/sub-guide forecast for FY12 as well as FY13. We continue to think that the addition of Adixen happened at a peak multiple and was just too expensive. The cross selling advantage and potential cost benefits are outweighed by higher cyclicality (profit warnings in both 2011 and 2012, ie since Adixen is consolidated versus a mostly very stable and predictable business from 1996-2010). ..."
06.11.2012 Exane BNP Paribas Gerhard Orgonas Buy Details
"Pfeiffer shows impressive margin improvement despite macro headwinds, and it outperforms its peers (see figure 1). We see significant earnings leverage potential in a cyclical upturn from the currently implemented cost efficiency measures at Adixen, attractive end markets and innovative products in Systems. ..."
06.11.2012 equinet Adrian Pehl Hold  
06.11.2012 HSBC Christian Rath Neutral Details
"4 Q3 earnings beat slightly on strong system sales and positive product mix effects 4 Guidance downgraded to the lower end, which will be still challenging given further weakness in semis 4 Maintain EUR79 target price but upgrade to Neutral from UW ..."
01.11.2012 Goldman Sachs Simone Hirschvogl Buy  
01.11.2012 Commerzbank Norbert Kretlow Hold Details
"We expect that full-year guidance will be reiterated. With no short-term upside catalyst in sight, we remain on the sidelines for the time being. ..."
01.11.2012 Warburg Research Eggert Kuls Buy Details
"Following a surprisingly weak Q2 we expect Pfeiffer Vacuum to release weaker figures also in Q3. This is due to a weaker economic environment as well as a negative impact from summer holidays in France. ..."
31.10.2012 Exane BNP Paribas Gerhard Orgonas Outperform  
30.10.2012 equinet Adrian Pehl Hold  
19.10.2012 Hauck & Aufhäuser Henning Breiter Buy Details
"... there is no reason to expect Pfeiffer’s Semiconductor business to fall off a cliff in 2013, in our view."
18.10.2012 Exane BNP Paribas Gerhard Orgonas Outperform Details
"We expect Pfeiffer to show continuous margin improvement, while we do not see a broad-based collapse of its end market. We therefore expect the shares to re-rate. ..."
18.10.2012 Bankhaus Lampe Gordon Schönell Hold  
16.10.2012 Kepler Research Ulrich Scholz Hold Details
"- Weakening semiconductor equipment orders Crisis in the solar industry - Exploiting cross-selling opportunities Unchanged strong dividend issue ..."
11.10.2012 DZ Bank Harald Schnitzer Hold  
10.10.2012 Deutsche Bank Uwe Schupp Sell  
09.10.2012 Cheuvreux Craig Abbott Outperform Details
"Pfeiffer Vacuum offers a quality secular growth case with rising energy efficiency standards, electronics miniaturisation, steel degassing, EUV commercialisation, etc. all driving demand growth. Highly FCF generative, with no leverage, attractive yield, the shares offer further upside potential even on assumptions more conservative than company targets upon completion of adixen integration. ..."
10.08.2012 LBBW Walter Schneider Hold  
08.08.2012 Berenberg Bank Stephan Klepp Hold  
08.08.2012 Exane BNP Paribas Gerhard Orgonas Outperform Details
"Korea segment margin improvement demonstrates self-help potential The Korea segment contributed 16% to group earnings in Q2 2012, up from 4% in Q2 2011. The EBITDA margin in Korea improved significantly to 13.7% in Q2 2012, up from 2.9% in Q2 2011 despite an 11% decline in sales. Pfeiffer management relates this to improved controlling and processes at the Korean plant, which is led by a new CFO. ..."
08.08.2012 Cheuvreux Craig Abbott Outperform Details
"Short-term sales visibility admittedly remains limited, current trends/order intake suggest Q3 likely to be similar to Q2 with some pick-up in demand expected in Q4, largely due to client projects in the pipeline (esp in semi). Despite short-term volatility we believe PFV is broadly on track to structurally improve profitability post adixen integration and remains a high-quality company..."
08.08.2012 NordLB Wolfgang Donie Hold  
08.08.2012 Close Brothers Seydler Veysel Taze Sell Details
"Considering the deteriorating sentiment on most underlying end-markets and the low order backlog (i.e. visibility for 8-10 weeks) we think it is still too early to turn more constructive on the stock. ..."
08.08.2012 equinet Adrian Pehl Hold  
07.08.2012 Deutsche Bank Uwe Schupp Hold Details
"Q2 results look weak throughout the board, but the company maintains FY guidance. ... As a reminder Q1 was very strong courtesy also of FX one-offs and with the weak Q2 and weaker macro/semi picture in mind we think results will deteriorate further from here before getting better again. The company admits that lower revenues will weigh on margins but believes that internal improvements and the Adixen integration should help in protecting margin levels of H1. ..."
07.08.2012 equinet Adrian Pehl Hold Details
"2Q12 came in lower than expected in basically all metrics. This might trigger lower analyst estimates. As PFV has kept the guidance, a gearing towards the lower end is more likely now as regards the top line, whereas the margin target appears still achievable. ..."
07.08.2012 Hauck & Aufhäuser Henning Breiter Buy Details
"The miss to consensus estimates should be a short term burden for the share price development. A weakness in the share price is seen as good entry opportunity for longer term oriented investors aiming to benefit from the expected margin rebound in 2013. ..."
07.08.2012 Commerzbank Norbert Kretlow Hold Details
"Despite Q2, we believe Pfeiffer Vacuum is on track to reach our full-year EBIT estimate (before considering a potentially up to 180bps higher underlying Q2 margin on impairments) though our 2012 sales estimate looks too optimistic. ..."
07.08.2012 M. M. Warburg Eggert Kuls Buy Details
"Pfeiffer Vacuum´s Q2 sales and order intake were even lower than our cautious assumptions ... The positive news in our view is that Pfeiffer Vacuum, despite the massive decline in sales, was able to maintain the EBIT margin at 14.5%, thus exactly on the level we had expected with 7% higher sales. ... Taking this into account, we see today´s weaker share price as a buying opportunity. ..."
07.08.2012 BoA Merrill Lynch Claus Roller Buy Details
"Although Pfeiffer moved revenue recognition for direct exports from France to its distribution subsidiaries it managed to sustain a double digit EBITDA margin with €4.7mn EBITDA on €41m sales in 2Q12. The Korean subsidiary even increased EBITDA to €3.4mn in 2Q12 from €2.7m in 1Q12. Overall we believe that 2Q12 results reflect an underlying improvement at the former Adixen subsidiaries despite weaker overall market developments. This bodes well for 2013/14, in our view. ..."
07.08.2012 Bankhaus Lampe Gordon Schönell Hold  
13.07.2012 M. M. Warburg Eggert Kuls Buy Details
"Estimates revised downwards due to semi-warnings; PT reduced .. As Pfeiffer is looking for a much better price discipline on the adixen side, earnings are expected to be in line with 2012-2014 guidance. ..."
12.07.2012 Exane Gerhard Orgonas Outperform Details
"We believe that Pfeiffer’s recent share price weakness is not justified by the temporary fall in semiconductor sales. ..."
12.07.2012 DZ Bank Harald Schnitzer Hold  
11.07.2012 Bankhaus Lampe Gordon Schönell Hold  
11.07.2012 Commerzbank Norbert Kretlow Hold Details
"We remain convinced of Pfeiffer Vacuum's ability to execute on the targeted margin increases. However, we believe that the weakening environment in semiconductors, along with the increased macroeconomic uncertainty will weigh on the share short term. ..."
29.06.2012 DZ Bank Harald Schnitzer Hold  
29.06.2012 Berenberg Bank Stephan Klepp Hold Details
"... Based on the most recent (deteriorating) sentiment on selected underlying end-markets and the company’s visibility of just two months approximately, we adopt a more cautious view..."
22.06.2012 equinet Adrian Pehl Accumulate Details
"We visited the Pfeiffer Vacuum (PFV) booth at the Achema fair in Frankfurt yesterday... We had the impression that PFV was quite satisfied with the leads generated at the fair so far, especially with respect to Tuesday that brought good activity. ..."
22.06.2012 Commerzbank Norbert Kretlow Buy Details
"Our background research confirmed our positive view on Pfeiffer Vacuum. We expect that the company’s efforts to raise margins will bear fruit and we believe that the market continues to underestimate these effects..."
19.06.2012 Cheuvreux Craig Abbott Outperform Details
"Overall the message from the trade fair is that trading conditions in the general vacuum pump applications remains remarkably resilient though not euphoric. Visibility in semi remains low and the solar sector is not yet showing signs of recovery. ..."
18.06.2012 M. M. Warburg Eggert Kuls Buy Details
"During our Investment Conference Pfeiffer Vacuum´s CEO reiterated the most recently given guidance of sales between EUR 470 – 500m this year and an EBIT-margin of 15% (previously 14.5%). Following a strong Q1 driven by a very good business with the semi-conductor industry Q2 is expected to slow down somewhat. Going forward Q3 is expected to be generally a weaker quarter due to the holiday season in France. As Pfeiffer´s business visibility is rather short with roughly 2 months only, it is not clear what will happen in Q4. ..."
11.06.2012 Hauck & Aufhäuser Henning Breiter Buy Details
"Pfeiffer Vacuums recently listed competitor Edwards provided a cautiously optimistic guidance for Q2 underpinning our view that the market conditions should remain decent also for Pfeiffer. ..."
31.05.2012 Exane Gerhard Orgonas Outperform  
24.05.2012 Fairesearch Heinz Steffen Sell Details
"Compared to the consensus estimates we are less optimistic. We also think that the lower revenue and earnings guidance were not updated yet. Management reduced guidance on the AGM which took place on 22nd, May. ..."
23.05.2012 WestLB Wolfgang Fickus Add  
23.05.2012 Hauck & Aufhäuser Henning Breiter Buy Details
"...the muted sales guidance might be a short term burden for the stock. Anyhow, we recommend to Buy the dip for the substantial margin improvements expected until 2014 and the structural growth potential evolving from the semiconductor exposure. ..."
23.05.2012 equinet Adrian Pehl Accumulate  
14.05.2012 Hauck & Aufhäuser Henning Breiter Buy  
07.05.2012 WestLB Wolfgang Fickus Add Details
"We have kept our sales estimates stable, but changed the mix to better semiconductor sales and weaker industry sales as the latter has a rather high exposure to Europe. Given the massively stronger bottom-line results in Q1 12 we have slightly raised our bottom-line estimates principally on more optimistic gross margin assumptions. Our estimates continue to be substantially ahead of Factset consensus estimates. ..."
07.05.2012 Commerzbank Norbert Kretlow Buy Details
"We reiterate our Buy recommendation and raise our target price €114 from €110 on higher earnings and cash estimates. ..."
04.05.2012 NordLB Wolfgang Donie Hold  
04.05.2012 M. M. Warburg Eggert Kuls Buy  
04.05.2012 Exane Gerhard Orgonas Outperform  
04.05.2012 Hauck & Aufhäuser Henning Breiter Buy Details
"Overall, the conference call was reassuring that Pfeiffer is on track to enhance margins. In case of a continuation of the rebound of the Semiconductor business there should even be upside to our estimates. ..."
04.05.2012 Bankhaus Lampe Gordon Schönell Hold  
03.05.2012 Deutsche Bank Uwe Schupp Hold  
03.05.2012 BoA Merrill Lynch Claus Roller Buy  
03.05.2012 Berenberg Bank Stephan Klepp Hold Details
"Conclusion: PFV’s start into the year was strong. However, there seems to be an element of uncertainty as management flagged the unclear endmarket outlook. ... "
30.04.2012 Close Brothers Veysel Taze Sell Details
"... considering the recent rally in the stock and the lack of short-term share catalysts we think the valuation is stretched. Thus we change our recommendation from HOLD to SELL with an unchanged PT EUR 73.00/share. ..."
26.04.2012 FairResearch Heinz Steffen Sell  
26.04.2012 WestLB Wolfgang Fickus Add Details
"Pfeiffer Vacuum is expected to release its Q1 12 set of results on May 3rd. ... We expect guidance to remain unchanged. We see more upside surprise than downside risk to our Q1 12 estimates. ..."
12.04.2012 Goldman Sachs Christian Reinecke Buy  
05.04.2012 Commerzbank Norbert Kretlow Buy Details
"After hosting a roadshow and conducting background research, we consider Pfeiffer Vacuum’s outlook to raise the EBIT margin from 12% in 2011 to 20% in 2014 clearly in reach. ..."
27.03.2012 Hauck & Aufhäuser Henning Breiter Hold  
27.03.2012 equinet Bank Adrian Pehl Accumulate  
27.03.2012 Berenberg Bank Stephan Klepp Hold Details
"Pfeiffer Vacuum is a high-quality company with a ROCE potential of more than 20%. We consider the stock to be interesting for investors with a two- to three-year investment horizon. ..."
27.03.2012 Bankhaus Lampe Gordon Schönell Sell  
26.03.2012 WestLB Wolfgang Fickus Add Details
"Order intake trends continued to be positive at the beginning of FY2012, clearly encouraging in contrast to the cautious assessment of the economic cycle. ..."
26.03.2012 Commerzbank Norbert Kretlow Add  
26.03.2012 Bank of America Merrill Lynch Claus Roller Buy  
20.03.2012 Commerzbank Norbert Kretlow Add Details
"We reiterate our Add recommendation, expecting the semiconductors market to turn around in H2 2012. ..."
16.03.2012 WestLB Wolfgang Fickus Add  
01.03.2012 Goldman Sachs Christian Reinecke Buy Details
"... we significantly increase our 2013 EBIT estimate by 34% as we now assume a recovery in the semis equipment capex cycle. ..."
22.02.2012 WestLB Wolfgang Fickus Add Details
"Following the release of the preliminary headline figures of Pfeiffer Vacuum we make changes to our earnings model and reiterate our ADD rating with an unchanged target price of €94. The improved order intake has positive implications for our FY2012 top-line and earnings estimates due to more favourable cycle assumptions. ..."
21.02.2012 Bankhaus Lampe Gordon Schönell Sell  
20.02.2012 Commerzbank Norbert Kretlow Add Details
"We raise our target price to € 88 from € 63. We raise our rating to Add from Hold because we believe that the expected pick up in earnings momentum in H2 2012 will provide a further tailwind, though limited somewhat by current uncertainty. ..."
17.02.2012 WestLB Wolfgang Fickus Add  
17.02.2012 Hauck & Aufhäuser Henning Breiter Hold  
17.02.2012 Exane BNP Paribas Gerhard Orgonas Outperform Details
"Q4 margin impacted by integration costs but solid orders. ..."
17.02.2012 Equinet Bank Adrian Pehl Accumulate  
17.02.2012 DZ Bank AG Harald Schnitzer Hold  
17.02.2012 Deutsche Bank Uwe Schupp Hold Details
"Overall results are much weaker than expected and significantly impacted by higher than expected purchase price allocation (PPA) related to the acquisitions of Adixen. ..."
17.02.2012 Berenberg Bank Stephan Klepp Hold  
15.02.2012 Hauck & Aufhäuser Henning Breiter Buy Details
"For the full year, our assumptions are slightly more optimistic than the latest company guidance of € 520m sales and 15% EBIT margin and consensus estimates. We would not expect the company to outperform our estimates given that management said on a conference end of November, that chances to exceed the margin target are only limited. ..."
09.02.2012 equinet Adrian Pehl Accumulate Details
"...we upgraded our model assumptions in particular for the semiconductor related part of PFV’s business and since we abstain from a fully-fledged recessionary scenario. ..."
09.02.2012 Commerzbank Norbert Kretlow Hold Details
"Pfeiffer Vacuum has scheduled the release of preliminary 2011 data for Friday, 17 February. We believe that underlying operations performed in line with our original expectations, however, we are concerned about the uncertainty from the first time recognition of PPA deprecation and amortisation from the Adixen acquisition. ..."
08.02.2012 Berenberg Bank Stefan Klepp Hold Details
"Downgrade to Hold: Following the strong ytd increase of c.25%, the stock price has strongly converged towards our price target of EUR84. Based on the currently limited upside and valuation being in line with the company’s historical average, we downgrade our recommendation from Buy to Hold. ..."
06.02.2012 Fairresearch Heinz Steffen Sell Details
"We changed our recommendation from “BUY” to “SELL” because the price target of €83 per share has nearly been reached. ..."
16.01.2012 Berenberg Bank Stephan Klepp Buy  
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