ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK AG

(EUZ)
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Eckert & Ziegler Strahlen und Medizintechnik : Hauck & Aufhńuser

09/28/2021 | 03:22am EDT

Eckert & Ziegler AG

Germany - High-tech Engineering

Buy (old: Buy)

28-September-21

Price target: EUR 172.00 (old: EUR 172.00)

Alexander Galitsa

Analyst

Price:

EUR 116.9

Next result:

Q3 09.10.21

Bloomberg:

EUZ GR

Market cap:

EUR 2,645.8 m

alexander.galitsa@ha-ib.de

Reuters:

EUZG.DE

Enterprise Value:

EUR 2,563.4 m

Tel.: +49 40 414 3885 83

Catalyzing value through Pentixapharm

In 2020, EUZ identified a well-researched, yet commercially overlooked radioligand asset directed at CXCR4 receptor, which is implicated in the development and metastasis of a number of tumors. Overtime it has helped with financing and obtained an 83% stake in Pentixapharm at total costs of approximately € 30m.

The totality of earlier clinical evidence of the Ga-68 based diagnostic agents (Pentixafor) documented in 14 preclinical and 54 clinical publications covering almost 900 patients allowed EUZ to directly proceed into Phase 3 trial in Europe, saving significant time. The trial is scheduled to start in mid-2022 involving more than 500 patients at 20+ treatment sites in Europe, the US and Australia. An approval could be possible in Q1 2024. Crucially, the trial results can be recognised in the US via the mutual recognition agreements (MRA) framework.

Yesterday, EUZ announced that a renowned university hospital in France has launched an investigator-initiatedstudy (IIS) to evaluate the potential of the Ga-68-based diagnostic (Pentixafor) in patients with symptomatic multiple myelomas. NB: IIS are clinical investigations that are started by physicians, as opposed to pharmaceutical companies. This enables to generate additional clinical data beyond the scope of regular clinical trials. The IIS once again underscores the high interest and the potential of this compound in staging and potentially treatment of a range of cancers.

In fact, based on the initial indications (multiple myeloma, non-hodgkin lymphoma and acute myeloid leukemia) with a combined global annual incidence rate of more than 290,000, Pentixafor could be worth $ 1bn. This seems reasonable considering multi- billion price tags Novartis paid for radioligand assets (AAA: NETSPOT/Lutathera, Endocyte: PSMA-617) and the fact that this space remains en vogue.

In our view, the most likely exist strategy for EUZ should be a complete sale or a licensing agreement with a big pharmaceutical company (e.g. Novartis, Bayer), which should catalyze significant value.

All in all, while EUZ's core business with radioisotopes (e.g. Ga-68,Y-90,Lu-177, etc.) and auxiliary products and services continues to benefit from a wider adoption of the radioligand therapies, it also holds a significant value optionality via its 83% stake in Pentixapharm. BUY with an unchanged PT of € 172 based on SOTP.

Y/E 31.12 (EUR m)

2017

2018

2019

2020

2021E

2022E

2023E

Sales

138.6

168.7

178.5

176.1

179.6

226.3

281.3

Sales growth

16 %

22 %

6 %

-1 %

2 %

26 %

24 %

EBITDA

26.6

32.0

43.1

44.8

50.5

66.6

90.5

EBIT

18.0

23.4

32.1

33.7

39.4

55.5

80.5

Net income

14.7

16.1

22.0

22.9

26.9

38.3

55.9

Net debt

-56.0

-54.1

-78.9

-88.6

-96.9

-117.8

-146.2

Net gearing

-49.8 % -44.1 %

-57.1 % -59.9 %

-59.6 % -61.3 %

-62.4 %

Net Debt/EBITDA

0.0

0.0

0.0

0.0

0.0

0.0

0.0

EPS pro forma

0.57

3.12

1.06

1.04

1.31

1.86

2.72

CPS

0.89

0.64

1.46

1.28

1.09

1.25

1.88

DPS

0.80

1.20

0.35

0.35

0.44

0.62

0.90

Dividend yield

0.6 %

0.9 %

0.3 %

0.3 %

0.3 %

0.5 %

0.7 %

Gross profit margin

46.1 %

44.1 %

48.8 %

49.1 %

50.5 %

52.5 %

53.1 %

EBITDA margin

19.2 %

18.9 %

24.2 %

25.4 %

28.1 %

29.4 %

32.2 %

EBIT margin

13.0 %

13.9 %

18.0 %

19.1 %

21.9 %

24.5 %

28.6 %

ROCE

13.8 %

17.6 %

22.5 %

22.9 %

26.2 %

26.3 %

27.4 %

EV/sales

18.7

15.4

14.4

14.6

14.3

11.2

8.9

EV/EBITDA

97.5

81.2

59.7

57.4

50.8

38.2

27.8

EV/EBIT

144.3

111.0

80.3

76.3

65.1

45.8

31.2

PER

227.6

160.1

119.0

121.5

95.8

66.5

47.3

Adjusted FCF yield

0.5 %

0.7 %

0.9 %

1.0 %

1.1 %

1.6 %

2.3 %

Source: Company data, Hauck & Aufhäuser Close price as of: 27.09.2021

Source: Company data, Hauck & Aufhäuser

High/low 52 weeks:

137.20 / 39.24

Price/Book Ratio:

16.6

Relative performance (SDAX):

3 months

30.6 %

6 months

73.2 %

12 months

165.3 %

Changes in estimates

Sales

EBIT

EPS

2021

old:

179.6

39.4

1.31

-

-

-

2022

old:

226.3

55.5

1.86

-

-

-

2023

old:

281.3

80.5

2.72

-

-

-

Key share data:

Number of shares: (in m pcs)

20.6

Authorised capital: (in € m)

0.6

Book value per share: (in €)

7.9

Ø trading volume: (12 months)

20,453

Major shareholders:

Free float

67.8 %

Founders

32.2 %

Eckert & Ziegler AG

0.1 %

Company description:

Produces and markets a wide range of industrial and medical applications featuring radioactive isotopes, including prostate seed implants, calibration standards and radiation afterloaders.

Please refer to important disclosures at the end of the report

Eckert & Ziegler AG

Financials

Profit and loss (EUR m)

2017

2018

2019

2020

2021E

2022E

2023E

Sales

138.6

168.7

178.5

176.1

179.6

226.3

281.3

Sales growth

15.7 %

21.7 %

5.8 %

-1.3 %

2.0 %

26.0 %

24.3 %

Cost of sales

74.8

94.4

91.5

89.6

88.9

107.5

131.9

Gross profit

63.9

74.3

87.0

86.5

90.7

118.8

149.3

Sales and marketing

20.0

23.3

22.9

21.7

22.3

26.0

28.1

General and administration

23.9

26.9

27.6

28.1

27.3

33.5

38.3

Research and development

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Other operating income

3.8

3.5

2.8

5.8

5.8

5.8

5.8

Other operating expenses

4.5

4.5

7.1

7.2

7.5

9.5

8.2

Unusual or infrequent items

-1.2

0.2

-0.2

-1.6

0.0

0.0

0.0

EBITDA

26.6

32.0

43.1

44.8

50.5

66.6

90.5

Depreciation

8.6

8.6

11.1

11.1

11.1

11.1

10.0

EBITA

18.0

23.4

32.1

33.7

39.4

55.5

80.5

Amortisation of goodwill

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Amortisation of intangible assets

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Impairment charges

0.0

0.0

0.0

0.0

0.0

0.0

0.0

EBIT (inc revaluation net)

18.0

23.4

32.1

33.7

39.4

55.5

80.5

Interest income

0.3

0.2

0.3

0.2

0.2

0.2

0.2

Interest expenses

0.9

0.7

1.1

1.2

1.2

1.2

1.2

Other financial result

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Financial result

-0.6

-0.5

-0.8

-0.9

-0.9

-0.9

-0.9

Recurring pretax income from continuing operations

17.3

22.9

31.2

32.7

38.4

54.6

79.6

Extraordinary income/loss

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Earnings before taxes

17.3

22.9

31.2

32.7

38.4

54.6

79.6

Taxes

5.3

6.0

8.8

9.6

11.3

16.1

23.4

Net income from continuing operations

12.0

16.9

22.5

23.1

27.1

38.5

56.2

Result from discontinued operations (net of tax)

3.1

0.0

0.0

0.0

0.0

0.0

0.0

Net income

15.1

16.9

22.5

23.1

27.1

38.5

56.2

Minority interest

0.4

0.8

0.5

0.2

0.2

0.2

0.2

Net profit (reported)

14.7

16.1

22.0

22.9

26.9

38.3

55.9

Average number of shares

20.5

20.5

20.5

20.6

20.6

20.6

20.6

EPS reported

0.72

0.79

1.07

1.11

1.31

1.86

2.72

Profit and loss (common size)

2017

2018

2019

2020

2021E

2022E

2023E

Sales

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

Cost of sales

53.9 %

55.9 %

51.2 %

50.9 %

49.5 %

47.5 %

46.9 %

Gross profit

46.1 %

44.1 %

48.8 %

49.1 %

50.5 %

52.5 %

53.1 %

Sales and marketing

14.4 %

13.8 %

12.8 %

12.3 %

12.4 %

11.5 %

10.0 %

General and administration

17.3 %

15.9 %

15.4 %

15.9 %

15.2 %

14.8 %

13.6 %

Research and development

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Other operating income

2.7 %

2.1 %

1.6 %

3.3 %

3.2 %

2.5 %

2.0 %

Other operating expenses

3.2 %

2.6 %

4.0 %

4.1 %

4.2 %

4.2 %

2.9 %

Unusual or infrequent items

neg.

0.1 %

neg.

neg.

0.0 %

0.0 %

0.0 %

EBITDA

19.2 %

18.9 %

24.2 %

25.4 %

28.1 %

29.4 %

32.2 %

Depreciation

6.2 %

5.1 %

6.2 %

6.3 %

6.2 %

4.9 %

3.6 %

EBITA

13.0 %

13.9 %

18.0 %

19.1 %

21.9 %

24.5 %

28.6 %

Amortisation of goodwill

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Amortisation of intangible assets

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Impairment charges

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

EBIT (inc revaluation net)

13.0 %

13.9 %

18.0 %

19.1 %

21.9 %

24.5 %

28.6 %

Interest income

0.2 %

0.1 %

0.2 %

0.1 %

0.1 %

0.1 %

0.1 %

Interest expenses

0.6 %

0.4 %

0.6 %

0.7 %

0.7 %

0.5 %

0.4 %

Other financial result

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Financial result

neg.

neg.

neg.

neg.

neg.

neg.

neg.

Recurring pretax income from continuing operations

12.5 %

13.6 %

17.5 %

18.6 %

21.4 %

24.1 %

28.3 %

Extraordinary income/loss

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Earnings before taxes

12.5 %

13.6 %

17.5 %

18.6 %

21.4 %

24.1 %

28.3 %

Tax rate

30.7 %

26.2 %

28.1 %

29.4 %

29.4 %

29.4 %

29.4 %

Net income from continuing operations

8.7 %

10.0 %

12.6 %

13.1 %

15.1 %

17.0 %

20.0 %

Result from discontinued operations (net of tax)

2.2 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Net income

10.9 %

10.0 %

12.6 %

13.1 %

15.1 %

17.0 %

20.0 %

Minority interest

0.3 %

0.4 %

0.3 %

0.1 %

0.1 %

0.1 %

0.1 %

Net profit (reported)

10.6 %

9.6 %

12.3 %

13.0 %

15.0 %

16.9 %

19.9 %

Source: Company data, Hauck & Aufhäuser

2

Hauck & Aufhäuser Privatbankiers AG

Eckert & Ziegler AG

Balance sheet (EUR m)

2017

2018

2019

2020

2021E

2022E

2023E

Intangible assets

51.4

52.5

51.9

41.4

41.4

41.4

41.4

Property, plant and equipment

33.8

36.9

40.0

38.0

41.9

38.2

34.7

Financial assets

3.2

3.5

5.2

8.0

8.0

8.0

8.0

FIXED ASSETS

88.5

93.0

97.1

87.4

91.3

87.6

84.1

Inventories

26.8

28.8

31.2

33.6

36.6

43.5

54.1

Accounts receivable

24.3

28.3

29.5

28.2

31.5

39.7

49.3

Other current assets

10.9

14.9

26.6

42.3

42.3

42.3

42.3

Liquid assets

57.7

54.2

78.9

88.6

96.9

117.8

146.2

Deferred taxes

8.8

9.9

10.9

11.9

0.0

0.0

0.0

Deferred charges and prepaid expenses

0.0

0.0

0.0

0.0

0.0

0.0

0.0

CURRENT ASSETS

128.5

136.1

177.1

204.6

207.3

243.3

291.9

TOTAL ASSETS

217.0

229.1

274.2

292.0

298.6

330.9

375.9

SHAREHOLDERS EQUITY

112.3

122.6

138.2

147.8

162.6

192.0

234.1

MINORITY INTEREST

5.2

1.2

1.2

1.1

1.1

0.0

0.0

Long-term debt

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Provisions for pensions and similar obligations

11.7

11.4

13.5

14.4

14.4

14.4

14.4

Other provisions

48.7

55.1

66.4

70.5

64.8

66.1

67.4

Non-current liabilities

60.4

66.5

79.9

84.9

79.3

80.6

81.9

short-term liabilities to banks

1.7

0.0

0.0

0.0

0.0

0.0

0.0

Accounts payable

4.5

6.5

4.5

5.0

6.1

7.4

9.0

Advance payments received on orders

5.9

4.1

12.0

8.6

8.6

8.6

8.6

Other liabilities (incl. from lease and rental contracts)

17.3

17.4

35.6

42.3

42.3

42.3

42.3

Deferred taxes

6.4

7.1

2.8

2.2

0.0

0.0

0.0

Deferred income

3.3

3.6

0.0

0.0

0.0

0.0

0.0

Current liabilities

39.1

38.8

54.9

58.2

57.0

58.3

60.0

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

217.0

229.1

274.2

292.0

300.0

330.9

375.9

Balance sheet (common size)

2017

2018

2019

2020

2021E

2022E

2023E

Intangible assets

23.7 %

22.9 %

18.9 %

14.2 %

13.8 %

12.5 %

11.0 %

Property, plant and equipment

15.6 %

16.1 %

14.6 %

13.0 %

14.0 %

11.5 %

9.2 %

Financial assets

1.5 %

1.5 %

1.9 %

2.7 %

2.7 %

2.4 %

2.1 %

FIXED ASSETS

40.8 %

40.6 %

35.4 %

29.9 %

30.4 %

26.5 %

22.4 %

Inventories

12.3 %

12.6 %

11.4 %

11.5 %

12.2 %

13.2 %

14.4 %

Accounts receivable

11.2 %

12.4 %

10.8 %

9.7 %

10.5 %

12.0 %

13.1 %

Other current assets

5.0 %

6.5 %

9.7 %

14.5 %

14.1 %

12.8 %

11.3 %

Liquid assets

26.6 %

23.7 %

28.8 %

30.3 %

32.3 %

35.6 %

38.9 %

Deferred taxes

4.1 %

4.3 %

4.0 %

4.1 %

0.0 %

0.0 %

0.0 %

Deferred charges and prepaid expenses

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

CURRENT ASSETS

59.2 %

59.4 %

64.6 %

70.1 %

69.1 %

73.5 %

77.6 %

TOTAL ASSETS

100.0 %

100.0 %

100.0 %

100.0 %

99.5 %

100.0 %

100.0 %

SHAREHOLDERS EQUITY

51.8 %

53.5 %

50.4 %

50.6 %

54.2 %

58.0 %

62.3 %

MINORITY INTEREST

2.4 %

0.5 %

0.5 %

0.4 %

0.4 %

0.0 %

0.0 %

Long-term debt

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Provisions for pensions and similar obligations

5.4 %

5.0 %

4.9 %

4.9 %

4.8 %

4.4 %

3.8 %

Other provisions

22.4 %

24.0 %

24.2 %

24.1 %

21.6 %

20.0 %

17.9 %

Non-current liabilities

27.8 %

29.0 %

29.1 %

29.1 %

26.4 %

24.4 %

21.8 %

short-term liabilities to banks

0.8 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Accounts payable

2.1 %

2.8 %

1.6 %

1.7 %

2.0 %

2.2 %

2.4 %

Advance payments received on orders

2.7 %

1.8 %

4.4 %

3.0 %

2.9 %

2.6 %

2.3 %

Other liabilities (incl. from lease and rental contracts)

8.0 %

7.6 %

13.0 %

14.5 %

14.1 %

12.8 %

11.3 %

Deferred taxes

3.0 %

3.1 %

1.0 %

0.8 %

0.0 %

0.0 %

0.0 %

Deferred income

1.5 %

1.6 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Current liabilities

18.0 %

16.9 %

20.0 %

19.9 %

19.0 %

17.6 %

16.0 %

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

Source: Company data, Hauck & Aufhäuser

3

Hauck & Aufhäuser Privatbankiers AG

Eckert & Ziegler AG

Cash flow statement (EUR m)

2017

2018

2019

2020

2021E

2022E

2023E

Net profit/loss

15.1

16.9

22.5

23.1

27.1

38.5

56.2

Depreciation of fixed assets (incl. leases)

8.6

8.6

11.1

11.1

11.1

11.1

10.0

Amortisation of goodwill

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Amortisation of intangible assets

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Others

5.5

2.8

10.6

4.3

0.0

0.0

0.0

Cash flow from operations before changes in w/c

29.3

28.2

44.1

38.5

38.2

49.6

66.2

Increase/decrease in inventory

-1.7

0.7

-2.2

-2.4

-3.1

-6.9

-10.6

Increase/decrease in accounts receivable

-1.1

-4.0

-1.2

0.1

-3.3

-8.2

-9.6

Increase/decrease in accounts payable

-1.9

2.0

-0.4

0.5

1.1

1.3

1.7

Increase/decrease in other working capital positions

2.2

-5.7

0.0

0.0

0.0

0.0

0.0

Increase/decrease in working capital

-2.5

-7.0

-3.7

-1.7

-5.3

-13.8

-18.5

Cash flow from operating activities

26.8

21.2

40.4

36.8

32.9

35.8

47.7

CAPEX

4.2

6.1

7.3

8.9

15.0

7.3

6.5

Payments for acquisitions

5.5

2.1

0.9

0.0

0.0

0.0

0.0

Financial investments

0.5

0.0

0.0

5.4

0.0

0.0

0.0

Income from asset disposals

15.2

-2.5

2.5

0.9

0.0

0.0

0.0

Cash flow from investing activities

5.1

-10.7

-5.7

-13.3

-15.0

-7.3

-6.5

Cash flow before financing

31.9

10.5

34.7

23.4

17.9

28.5

41.2

Increase/decrease in debt position

-5.3

-1.7

-2.7

-3.0

0.0

0.0

0.0

Purchase of own shares

0.0

8.6

0.0

0.0

0.0

0.0

0.0

Capital measures

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Dividends paid

3.5

4.1

6.2

8.8

7.1

9.0

12.8

Others

-1.2

-0.2

-1.7

-1.2

0.0

0.0

0.0

Effects of exchange rate changes on cash

-0.8

0.6

0.5

-1.9

0.0

0.0

0.0

Cash flow from financing activities

-10.0

-14.6

-10.5

-13.0

-7.1

-9.0

-12.8

Increase/decrease in liquid assets

21.1

-3.5

24.7

8.6

10.8

19.5

28.4

Liquid assets at end of period

57.7

54.2

78.9

87.4

98.2

117.8

146.2

Source: Company data, Hauck & Aufhäuser

Regional split (EUR m)

2017

2018

2019

2020

2021E

2022E

2023E

Domestic

0.0

0.0

0.0

0.0

0.0

0.0

0.0

yoy change

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Rest of Europe

84.9

96.8

110.4

125.9

143.5

163.6

186.5

yoy change

14.0 %

14.0 %

14.0 %

14.0 %

14.0 %

14.0 %

14.0 %

NAFTA

53.0

60.9

70.1

80.6

92.7

106.6

122.5

yoy change

15.0 %

15.0 %

15.0 %

15.0 %

15.0 %

15.0 %

15.0 %

Asia Pacific

15.8

17.9

20.2

22.9

25.8

29.2

33.0

yoy change

13.0 %

13.0 %

13.0 %

13.0 %

13.0 %

13.0 %

13.0 %

Rest of world

-15.1

-7.0

-22.2

-53.1

-82.4

-73.0

-60.7

yoy change

neg.

neg.

neg.

neg.

neg.

neg.

neg.

TTL

138.6

168.7

178.5

176.1

179.6

226.3

281.3

yoy change

15.7 %

21.7 %

5.8 %

-1.3 %

2.0 %

26.0 %

24.3 %

Source: Company data, Hauck & Aufhäuser

4

Hauck & Aufhäuser Privatbankiers AG

Eckert & Ziegler AG

Key ratios (EUR m)

2017

2018

2019

2020

2021E

2022E

2023E

P&L growth analysis

Sales growth

15.7 %

21.7 %

5.8 %

-1.3 %

2.0 %

26.0 %

24.3 %

EBITDA growth

7.0 %

20.1 %

35.0 %

3.8 %

12.7 %

32.0 %

35.9 %

EBIT growth

11.4 %

30.1 %

37.1 %

5.1 %

16.9 %

41.0 %

45.0 %

EPS growth

-60.4 %

9.7 %

36.5 %

3.6 %

17.6 %

42.4 %

46.0 %

Efficiency

Total operating costs / sales

32.2 %

30.3 %

30.7 %

29.1 %

28.6 %

28.0 %

24.5 %

Sales per employee

n/a

n/a

n/a

n/a

n/a

n/a

n/a

EBITDA per employee

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Balance sheet analysis

Avg. working capital / sales

29.3 %

25.8 %

25.4 %

26.2 %

28.3 %

26.7 %

27.2 %

Inventory turnover (sales/inventory)

5.2

5.2

5.2

4.9

4.9

5.2

5.2

Trade debtors in days of sales

64.0

64.0

64.0

64.0

64.0

64.0

64.0

A/P turnover [(A/P*365)/sales]

22.0

25.0

25.0

25.0

25.0

25.0

25.0

Cash conversion cycle (days)

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Cash flow analysis

Free cash flow

22.7

15.1

33.2

27.9

17.9

28.5

41.2

Free cash flow/sales

16.4 %

8.9 %

18.6 %

15.8 %

10.0 %

12.6 %

14.6 %

FCF / net profit

154.2 %

93.5 %

150.7 %

121.8 %

66.6 %

74.4 %

73.6 %

Capex / depn

53.9 %

71.4 %

65.5 %

128.8 %

135.4 %

65.9 %

65.0 %

Capex / maintenance capex

48.1 %

75.2 %

68.9 %

84.6 %

142.5 %

73.2 %

72.2 %

Capex / sales

3.4 %

3.6 %

4.1 %

8.1 %

8.4 %

3.2 %

2.3 %

Security

Net debt

-56.0

-54.1

-78.9

-88.6

-96.9

-117.8

-146.2

Net Debt/EBITDA

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Net debt / equity

neg.

neg.

neg.

neg.

neg.

neg.

neg.

Interest cover

20.4

34.8

29.3

28.2

33.0

46.6

67.5

Dividend payout ratio

111.7 %

152.7 %

33.0 %

31.1 %

33.3 %

33.3 %

33.2 %

Asset utilisation

Capital employed turnover

1.1

1.2

1.2

1.2

1.2

0.8

0.9

Operating assets turnover

1.9

2.0

2.1

2.0

1.9

2.1

2.3

Plant turnover

4.1

4.6

4.5

4.6

4.3

5.9

8.1

Inventory turnover (sales/inventory)

5.2

5.2

5.2

4.9

4.9

5.2

5.2

Returns

ROCE

13.8 %

17.6 %

22.5 %

22.9 %

26.2 %

26.3 %

27.4 %

ROE

13.1 %

13.2 %

15.9 %

15.5 %

16.5 %

20.0 %

23.9 %

Other

Interest paid / avg. debt

13.2 %

73.9 %

1809.9 %

5819.5 %

19883.3

19883.3

19883.3

%

%

%

No. employees (average)

0

0

0

0

0

0

0

Number of shares

20.5

20.5

20.5

20.6

20.6

20.6

20.6

DPS

0.8

1.2

0.4

0.3

0.4

0.6

0.9

EPS reported

0.72

0.79

1.07

1.11

1.31

1.86

2.72

Valuation ratios

P/BV

23.5

21.5

19.1

17.9

16.3

13.8

11.3

EV/sales

18.7

15.4

14.4

14.6

14.3

11.2

8.9

EV/EBITDA

97.5

81.2

59.7

57.4

50.8

38.2

27.8

EV/EBITA

144.3

111.0

80.3

76.3

65.1

45.8

31.2

EV/EBIT

144.3

111.0

80.3

76.3

65.1

45.8

31.2

EV/FCF

114.4

172.0

77.6

92.2

143.1

89.2

61.1

Adjusted FCF yield

0.5 %

0.7 %

0.9 %

1.0 %

1.1 %

1.6 %

2.3 %

Dividend yield

0.6 %

0.9 %

0.3 %

0.3 %

0.3 %

0.5 %

0.7 %

Source: Company data, Hauck & Aufhäuser

5

Hauck & Aufhäuser Privatbankiers AG

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Eckert & Ziegler AG published this content on 28 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2021 07:21:04 UTC.


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