HEIDELBERGER DRUCK: Top-Performer in 2014? (Seite 1038)

[teppichprofi]

Hier jetzt von 4€ zu reden ist höchst unrealistisch!

Ich bin der Meinung, dass erhebliche Gefahr besteht, jeder Zeit auf einen Rücksetzer an den Börsen. Das wird auch Auswirkung auf HD haben.
Wenn dann die 2,50 halten, können wir allemal zufrieden sein.

Und im übrigen wo sollen denn die 4€ überhaupt herkommen? Die letzten Zahlen haben bei HD ja ertmal gerade den Kurs stabilisiert.
Vor der Zahlen-Veröffentlichung ging der Kurs seitwärts bis abwärts.

Das wird auch diesmal so sein. Die nächsten Zahlen sind noch weit weg! Sollte HD Ende Dez. eine gute Vorabmeldung bringen wird der Kurs auf 3€ und vllt. etwas höher steigen können.

4€ sind erst 2014 drin. - und das wird noch erhebliche Zeit dauern!

Ich wäre dann völlig zufrieden mit meinen Aktien.
Bischen Realismus sollte doch trotz aller Hoffnung vorhanden sein.

[alysant]

Antwort auf Beitrag Nr.: 45.890.060 von alysant am 21.11.13 19:17:33

dto. auch heute


Geduld ist angesagt, aber nicht die eines Kaugummis, denn in diesem Monat hat sich doch einiges getan.


meine Prognose:

3 werden genommen, was tgl. passieren kann oder bis Jahresultimo.



Im übrigen schönes WE.

[keinNickname]

4Euro... Vielleicht sollten wir erstmal die 3 knacken. Bei den momentanen Umsätzen wird das aber eher nicht so bald sein

[nicknac]

wann kommt der nächste run der uns über die 4euro marke katapultiert?!

[Tikom]

http://www.wiwo.de/finanzen/boerse/ratings-heidelberger-druc…

[alysant]

Antwort auf Beitrag Nr.: 45.887.104 von scanner8 am 21.11.13 14:29:03

Das ist heute ein klassischer Konsolidierungstag, niedriges Vol. bei kaum verändertem Kurs.

[cimar]

Zitat von Tikom: hab noch was gefunden


http://www.aktiencheck.de/exklusiv/Artikel-Heidelberger_Druc…

Das ist schon sehr "negative biased".

Wenn man das Short-Interest ansieht, heißt das nicht unbedingt, dass alle auf fallende Kurse der betreffenden Firmen setzen. Dass kann man nur im Portfoliozusammenhang der HFs sehen und das haben wir nicht. Evtl. sichern sie indirekt oder indirekt andere Positionen ab. Interessant wäre es zu sehen, wann das Short-Interest die Ausmaße angenommen hat. Steht das evtl. auch im Zusammenhang mit der Wandelanleihe die im Sommer begeben wurde? We don't know!
Fakt ist, dass sich die fundmantalen Zahlen im Vergleich zum vorherigen Jahr deutlich verbessert haben und HDD auf dem richtigen Weg zu sein scheint. Ich bin froh, dass ich bei unter 1€ und später noch nachgelegt habe. Solange der fundamentale Trend (Restrukturierung in einem SCHWIERIGEN Umfeld) bestätigt, werde ich nicht aussteigen und die zu erwartenden Schwankunge aussitzen müssen.

[fu82]

Heidelberger Druckmaschinen's B3 ratings outlook changed to stable- Moody's

Moody's Investors Service has today changed to stable from negative the outlook on the ratings of Heidelberger Druckmaschinen AG ("Heidelberger Druck"). Concurrently, Moody's has affirmed Heidelberger Druck's B3 corporate family rating, B3-PD probability of default rating and the Caa1 rating on the company's EUR 304m of senior unsecured notes due April 2018.

Ratings Rationale
The change in rating outlook to stable from negative is prompted by the progress Heidelberger Druck has made in returning to profitability in the second quarter of financial year 2013/14 (ending March 2014), supported by the execution of its FOCUS 2012 restructuring programme. The company reported profits of EUR13 m in Q2 2013/14 and an operating loss of EUR 9m in H1 2013/14. The change of outlook also reflects the company's generation of positive free cash flow of EUR21 m as adjusted by Moody's in H1 2013/14, which, however, Moody's expects to turn negative again in the second half as a result of restructuring cash outflows.

The change in rating outlook to stable further reflects that improvements in Heidelberger Druck's profitability have also resulted in a reduction in leverage to 5.9x debt/EBITDA and EBIT/interest expense of 1.1x for the last-12-months ending September 2013. Both metrics have been adjusted for last year's material restructuring charges as part of the company's FOCUS 2012 restructuring programme. While the current leverage ratio is below our trigger of 6.5x for an upgrade of Heidelberger Druck's ratings to B2, positive rating pressure would require a longer track record of profitability improvements and positive free cash flow generation as well as a significant reduction of restructuring charges.

The stable outlook reflects Moody's expectation that the cost savings Heidelberger Druck has achieved as a result of its restructuring initiatives will support further modest improvements in profitability in the coming quarters. The outlook also reflects Moody's expectation that these savings will enable the group to generate at least a balanced freecash flow in the next financial year and achieve its target of at leastbalanced net income in the current financial year ending March 2014. In addition, the stable outlook anticipates that Heidelberger Druck will maintain adequate short-term liquidity, with sufficient headroom under financial covenants, and will address the refinancing of its EUR416 m senior secured revolving credit facility (RCF) due December 2014 well ahead of its maturity.

Moody's expects that Heidelberger Druck's operating performance will continue to be adversely affected over the coming quarters by (1) an overall shrinking print industry in industrialised countries; (2) headwinds from foreign currency depreciation against the euro; (3) slower economic activity in certain emerging markets, such as Brazil; and (4) modest amounts of additional costs for cost structure optimisation if revenues continue to shrink. At the same time, Moody's considers the company to be well positioned to capitalise on its good market position in China and its focus on the less cyclical packaging industry, which offers positive long-term growth opportunities. The company has also announced a new cooperation with Fuji Film, that could create a better access to the digital print market.

Heidelberger Druck's short-term liquidity over the next 12 months is adequate, assuming that the company successfully refinances its RCF. Cash on balance sheet of EUR 198m (of which EUR 111 m is subject to foreign exchange restrictions), access to the RCF and expected balanced free cash flow generation are sufficient to cover short-term debt maturities of EUR 48m per September 2013, day-to-day needs and the remaining cash outflows for restructuring.

Heidelberger Druck has access to a EUR 416m senior secured RCF due December 2014, which was largely undrawn at 30 September 2013. In order to maintain adequate liquidity, Moody's expects that the company will refinance the senior secured RCF in a timely fashion.

--B3 CFR AND Caa1 RATING ON EUR 304m OF SENIOR UNSECURED NOTES--

The B3 CFR reflects (1) ongoing challenging conditions in the global printing press industry; (2) the negative profitability of Heidelberger Druck's equipment business, which is only partially offset by a profitable service business; and (3) Moody's view that there is a high likelihood that further restructuring efforts will be necessary if the company's revenues continue to shrink. More positively, the rating also reflects (1) the group's strong competitive position as the global leading manufacturer of sheet-fed offset printing presses and related equipment; and (2) the benefits the company is beginning to derive from its FOCUS 2012 restructuring programme.

The Caa1 rating (LGD4 - 68%) on Heidelberger Druck's EUR 304m of senior unsecured notes due April 2018 reflects their junior ranking behind a sizeable amount of senior secured debt, which benefits from pledges on most of Heidelberg's assets. The rating also reflects Moody's view that in a default scenario, Heidelberger Druck would mainly use the EUR 416m senior secured RCF due December 2014 for cash drawings or guarantees.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure could be exerted on the rating if (1) Heidelberger Druck is able to sustainably generate positive free cash flow and improve its operating profitability, thereby supporting a reduction in leverage to debt/EBITDA below 6.5x and EBIT/interest expense above 1.0x; and (2) there is visibility that the company can further improve its credit metrics in the medium term. A rating upgrade would also require that the company refinances its EUR416 m senior secured RCF due December 2014.

Negative pressure could be exerted on the rating if the group is unable to sustain the recent positive trend in its operating profitability and free cash flow generation (before restructuring cash outflows) over the coming quarters. Any evidence of insufficient headroom under financial covenants or inability to address the refinancing of the EUR 416m senior secured revolving credit facility well ahead of its maturity in December 2014 could also result in a downgrade of the ratings.

Based in Heidelberg, Germany, Heidelberger Druckmaschinen AG ("Heidelberger Druck") is the leading manufacturer of sheet-fed offset printing presses, with revenues of approximately EUR 2.7bn as per financial year end March 2013. Heidelberger Druck supplies equipment for sheet-fed offset printing as well as associated upstream and downstream activities, services and consumables to printing companies, primarily in the advertising and packaging printing segment.

Quelle: Debtwire

[CatWulf]

Antwort auf Beitrag Nr.: 45.886.796 von Tikom am 21.11.13 13:54:23

Leider schreiben die ja nicht ganze Wahrheit!

Z.B das der 1te Hedgefond seine Leerverkäufe eindeckt.

[scanner8]

Ach was, alles wird gut! Wenn nicht heute, dann morgen.