Eckert & Ziegler AG
Germany - High-tech Engineering
Buy (old: Buy) | 19-May-21 | ||||||
Price target: EUR 120.50 (old: EUR 80.00) | Aliaksandr Halitsa | ||||||
Analyst | |||||||
Price: | EUR 73.20 | Next result: | Q2 12.08.21 | ||||
Bloomberg: | EUZ GR | Market cap: | EUR 1,507.2 m | aliaksandr.halitsa@ha-ib.de | |||
Reuters: | EUZG.DE | Enterprise Value: | EUR 1,433.0 m | Tel.: +49 40 414 3885 83 | |||
Capitalizing on the rapidly growing nuclear medicine market; PT up
Topic: (a) Q1 results confirm that the ongoing sales mix shift in favor of the high- margin radiopharmaceuticals-related products is in full swing; (b) recent news flow
- including long-termY-90 supply agreement with Sirtex, exclusive distribution of Telix' imaging kit, license for technetium (Tc-99) generators in Brazil and expansion of CDMO capabilities - underpins EUZ's rising importance in the radiopharmaceutical market.
- Q1 sales came in softer at € 44m (-1% yoy) due to fx headwinds and high comps in the project business. Crucially, however, the high-marginbusiness with pharmaceutical radioisotopes continued to grow strongly at 20%+ to c. € 12m sales (eH&A), driving up group EBIT margin to 24% (adj for € 10m positive one-off) in Q1'21, compared to
18.6% in Q1'20. - EUZ signed a long-termsupply agreement with Sirtex for the mission-critical yttrium- 90 used in Sirtex' liver cancer therapy that is expected to be approved in China by Q4'21. As China accounts for 50% of the total liver cancer cases worldwide, we estimate an incr. sales potential of up to € 50m p.a. in the mid-term. Further, Telix granted EUZ an exclusive distribution license for Germany for its prostate cancer imaging kit. This should result in additional recurring revenues and market share wins with Ga-68 generators thanks to the synergistic nature of the two products (*next page).
- EUZ was granted a license in Brazil for technetium (Tc-99) generators - used for SPECT imaging - which could already yield first sales in Q4'21E. Importantly, until now this was a monopoly with one party serving the entire € 100m market. Here, we expect EUZ to capture 1/3rd of the market in 2-3 years yielding c. € 30m sales.
- In the course of Q1, EUZ announced to expand its cGMP facilities across its geographic footprint (in EU, US, and China). With that, it will able to offer a complete contract development and manufacturing services (CDMO) to pharma companies globally. In light of significant growth of the targeted radiotherapies market (+25% CAGR to € 19bn by 2030E), CDMO services should be highly sought after.
Action: We raise our estimates to account for the Tc-99 opportunity (€ 25m by 2025E) and reflect the CDMO as well as PentixaPharm value potential in our SOTP valuation.
BUY with a new PT of € 120.5 (old: € 80) based on SOTP (old: DCF). - continued -
Y/E 31.12 (EUR m) | 2017 | 2018 | 2019 | 2020 | 2021E* | 2022E | 2023E |
Sales | 138.6 | 168.7 | 178.5 | 176.1 | 183.6 | 226.3 | 281.3 |
Sales growth | 16 % | 22 % | 6 % | -1 % | 4 % | 23 % | 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 | 1.02 | 1.32 | 1.88 |
DPS | 0.80 | 1.20 | 0.35 | 0.35 | 0.44 | 0.62 | 0.90 |
Dividend yield | 1.1 % | 1.6 % | 0.5 % | 0.5 % | 0.6 % | 0.8 % | 1.2 % |
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 % | 27.5 % | 29.4 % | 32.2 % |
EBIT margin | 13.0 % | 13.9 % | 18.0 % | 19.1 % | 21.5 % | 24.5 % | 28.6 % |
ROCE | 13.8 % | 17.6 % | 22.5 % | 22.9 % | 26.2 % | 26.2 % | 27.4 % |
EV/sales | 10.5 | 8.7 | 8.1 | 8.1 | 7.8 | 6.2 | 4.9 |
EV/EBITDA | 54.8 | 45.7 | 33.3 | 32.0 | 28.2 | 21.1 | 15.2 |
EV/EBIT | 81.2 | 62.4 | 44.8 | 42.5 | 36.2 | 25.3 | 17.1 |
PER | 127.6 | 89.8 | 66.3 | 67.5 | 53.1 | 36.6 | 26.9 |
Adjusted FCF yield | 0.8 % | 1.2 % | 1.6 % | 1.7 % | 2.0 % | 2.9 % | 4.2 % |
Source: Company data, Hauck & Aufhäuser Close price as of: 18.05.2021 *excl. € 10m positive one-off
Please refer to important disclosures at the end of the report
Source: Company data, Hauck & Aufhäuser
High/low 52 weeks: | 82.25 / 32.75 | ||||
Price/Book Ratio: | 10.7 | ||||
Relative performance (SDAX): | |||||
3 months | 21.4 % | ||||
6 months | 68.0 % | ||||
12 months | 78.0 % | ||||
Changes in estimates | |||||
Sales | EBIT | EPS | |||
2021 | old: | 179.6 | 37.8 | 1.24 | |
∆ | 2.2% | 4.1% | 5.7% | ||
2022 | old: | 216.2 | 54.5 | 1.80 | |
∆ | 4.7% | 1.9% | 3.2% | ||
2023 | old: | 260.3 | 75.1 | 2.50 | |
∆ | 8.1% | 7.2% | 8.5% | ||
Key share data: | |||||
Number of shares: (in m pcs) | 21.2 | ||||
Authorised capital: (in € m) | 0.6 | ||||
Book value per share: (in €) | 7.1 | ||||
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.
Eckert & Ziegler AG
*Telix' prostate cancer imaging kit is based on Ga-68 and hence requires a Ga-68 generator. With that, EUZ will be able to offer a highly synergistic product offering on a one-stop-shop basis for nuclear medicine clinics in Germany, thereby protecting or even expanding its market share with Ga-68 generators.
Fair Value Composition (€ per share)
Source: H&A
- DCF: € 88.7 (WACC: 7%; TY EBIT margin: 30%; TY growth: 2.5%)
- CMO upside: € 25.9 (see table below)
- PentixaPharm: € 5.8m. We assumed a multiple of 4x on the purchase price of the
83% stake (€ 30m x 4 = € 120m). NB: The two pipeline assets of PentixaPharm (PentixaFor and PentixaTher) carry a disruptive potential in treatment of a number of hematologic and solid tumors. If successful, this could be a € 1bn+ asset. For instance, AAA - who developed the first theranostic (NETSPOT/Lutathera) - was acquired by Novartis for $ 3.9bn and Telix who is developing the same class of therapeutics is currently valued at € 765m. - Other development projects: We restrictively attach "zero" value to other development projects, including Bayer (targeted thorium conjugates), OncoSil (pancreatic cancer treatment with phosphorus-32), myelo (anti-radiation pill; constituent of the Bayer Pharmaceuticals incubator).
Upside from radiopharmaceutical services | 2030E | ||||||||
Nuclear medicine market (in € m) | 26,400 | ||||||||
Targeted radiotherapies share | 70.0% | ||||||||
Radiopharma market | 18,480 | ||||||||
Share of value creation relevant to EUZ | 10% | ||||||||
Implied radiopharmaceuticals services sales | 1,848 | ||||||||
EUZ market share | 15% | ||||||||
Implied revneue potential | 277.2 | ||||||||
EBIT margin | 20% | ||||||||
Implied EBIT potential | 55.4 | ||||||||
EV/EBIT | 20.0 | ||||||||
implied FV | 1,109 | ||||||||
WACC | 7.0% | Sensitivity | |||||||
Discount factor (2030E) | 0.5 | Share of suppliers | |||||||
PV | 578.1 | 25.9 | 8.0% | 9.0% | 10.0% | 15.0% | 20.0% | ||
CAPEX | -60.0 | share | 10.0% | 12.8 | 14.7 | 16.6 | 25.9 | 35.3 | |
CAPEX PV | -43.9 | 12.5% | 16.6 | 18.9 | 21.3 | 33.0 | 44.7 | ||
NPV | 534.2 | market | 15.0% | 20.3 | 23.1 | 25.9 | 40.0 | 54.0 | |
EUZ | 17.5% | 24.1 | 27.4 | 30.6 | 47.0 | 63.4 | |||
NOSH | 20.6 | ||||||||
PV per share | 25.9 | 20.0% | 27.8 | 31.6 | 35.3 | 54.0 | 72.7 | ||
Source: H&A
2 | Hauck & Aufhäuser Privatbankiers AG |
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 | 183.6 | 226.3 | 281.3 |
Sales growth | 15.7 % | 21.7 % | 5.8 % | -1.3 % | 4.2 % | 23.3 % | 24.3 % |
Cost of sales | 74.8 | 94.4 | 91.5 | 89.6 | 90.9 | 107.5 | 131.9 |
Gross profit | 63.9 | 74.3 | 87.0 | 86.5 | 92.7 | 118.8 | 149.3 |
Sales and marketing | 20.0 | 23.3 | 22.9 | 21.7 | 22.8 | 26.0 | 28.1 |
General and administration | 23.9 | 26.9 | 27.6 | 28.1 | 27.9 | 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 | 8.4 | 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 % | 3.1 % | 2.5 % | 2.0 % |
Other operating expenses | 3.2 % | 2.6 % | 4.0 % | 4.1 % | 4.6 % | 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 % | 27.5 % | 29.4 % | 32.2 % |
Depreciation | 6.2 % | 5.1 % | 6.2 % | 6.3 % | 6.0 % | 4.9 % | 3.6 % |
EBITA | 13.0 % | 13.9 % | 18.0 % | 19.1 % | 21.5 % | 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 % | 21.5 % | 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 % | 0.6 % | 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 % | 20.9 % | 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 % | 20.9 % | 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 % | 14.8 % | 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 % | 14.8 % | 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 % | 14.7 % | 16.9 % | 19.9 % |
Source: Company data, Hauck & Aufhäuser
3 | 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 | 37.5 | 43.5 | 54.1 |
Accounts receivable | 24.3 | 28.3 | 29.5 | 28.2 | 32.2 | 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 | 208.8 | 243.3 | 291.9 |
TOTAL ASSETS | 217.0 | 229.1 | 274.2 | 292.0 | 300.2 | 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 | 6.2 | 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 | 57.2 | 58.3 | 60.0 |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 217.0 | 229.1 | 274.2 | 292.0 | 300.2 | 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 % | 12.5 % | 13.2 % | 14.4 % |
Accounts receivable | 11.2 % | 12.4 % | 10.8 % | 9.7 % | 10.7 % | 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 % | 69.6 % | 73.5 % | 77.6 % |
TOTAL ASSETS | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 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 % | 2.1 % | 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 % | 19.1 % | 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
4 | 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 | -3.9 | -6.1 | -10.6 |
Increase/decrease in accounts receivable | -1.1 | -4.0 | -1.2 | 0.1 | -4.0 | -7.5 | -9.6 |
Increase/decrease in accounts payable | -1.9 | 2.0 | -0.4 | 0.5 | 1.2 | 1.1 | 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 | -6.7 | -12.4 | -18.5 |
Cash flow from operating activities | 26.8 | 21.2 | 40.4 | 36.8 | 31.5 | 37.2 | 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 | 16.5 | 29.9 | 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 | 9.4 | 20.9 | 28.4 |
Liquid assets at end of period | 57.7 | 54.2 | 78.9 | 87.4 | 96.9 | 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 | -78.4 | -73.0 | -60.7 |
yoy change | neg. | neg. | neg. | neg. | neg. | neg. | neg. |
TTL | 138.6 | 168.7 | 178.5 | 176.1 | 183.6 | 226.3 | 281.3 |
yoy change | 15.7 % | 21.7 % | 5.8 % | -1.3 % | 4.2 % | 23.3 % | 24.3 % |
Source: Company data, Hauck & Aufhäuser
5 | Hauck & Aufhäuser Privatbankiers AG |
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Eckert & Ziegler AG published this content on 19 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2021 09:27:03 UTC.