Kontron AG (S&T/Quanmax), wie erfolgreich geht es weiter? (Seite 38)

[RealJoker]

Mir gefällt die Aquisition nicht so gut. Katek-Aktien wollte ich nicht haben, aber nun ist man doch Mehrheitsaktionär.
E-Mobilität können die Chinesen doch besser und preiswerter.

[neuyrmos]

also ich finde die Strategie schon merkwürdig, erst verkauft man das margenschwache Geschäft und verkündet dass man verstärkt auf margenstarke Geschäfte setzten will und nun kauft man sich noch einen größeres Unternehmen mit noch schwächeren Margen

[IT-Freaky]

👏🏻 Applaus 🙌 HN Applaus 🙌 der CC hört sich sehr gut an. Wir kommen durch die Akquisition jetzt noch stärker in Greentecs rein, was mir persönlich sehr gefällt. Ein weiterer Zukunftsmarkt kommt hinzu mit viel Synergien, die wir heben können. Vll. kommt jetzt auch noch der eine oder andere ESG Fonds, der einsteigt. Die Bewertung von Katek ist nmE auch attraktiv. Da hat sich im Nachhinein der Verkauf der S&t sehr gelohnt. Timing mit Marktschwäche ist sehr vorteilhaft.

[Max2208]

Antwort auf Beitrag Nr.: 75.131.349 von Malecon am 19.01.24 12:56:50

Hey,
bereits jetzt eine Erhöhung des Kursziels.
Best
Max2826

[Malecon]

Antwort auf Beitrag Nr.: 75.131.325 von Mr Jones am 19.01.24 12:53:02

Zitat von Mr Jones: AlsterResearch EUR 34.00 Kaufen

Wow.

[Mr Jones]

Neue Analystenmeldungen von heute

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Quelle: https://ir.kontron.com/Analysten.de.html

cu Jones

[JohannesWild]

Teil 2 des Mitschriebs - Hannes Niederhauser zum Thema warum der Merger Sinn macht

Hier nochmal der Link zum Foliensatz:
https://ir.kontron.com/20240118_Kontron_Pressekonferenz_fina…
Hannes Niederhauser:
Zu Folie 7:
I want to give some comments why the merger makes sense product and technology wise. Katek + Kontron. As we herd before Katek is pioneering green technologies that’s mainly two product groups the power electronics or inverters for solar systems and solar panels as well as energy storage systems and Katek is the leader in wall charging systems for e-mobility and electric vehicles. What is Kontron? Kontron is a leading IoT Software Company, technology provider and important thing for this power electronics for solar systems is internet connectivity. Why? Well, we all know that there is a big boom on photovoltaics. People and companies start to refuse to take electricity from private owners. So it is very important to predict when the sun is shining and when the electricity is produced and it is very important to direct it in the right correction and to consume it in that way. When the sun is shining it is the right time to charge the electric vehicle, when the sun is shining it is the right time to heat up your house and the water with the thermal pump because there is enough electricity. At night when the sun is not shining – obviously it is the wrong timing. We call that dynamic pricing. The utilities are happy to control all those power electronics on the several million of solar systems all over Germany and control what they do with the electricity. This means these power electronics need to get much more intelligent and they need to get connected to big grids to form that functionality. The same use case electric vehicle – same thing. That’s the biggest storage system you have in your private home. You should charge the electricity either when the utility company also tells you via internet – this is also without a human being involved – that there is a lot of electricity now available or when you have your own photovoltaic that you use it from your own system. So same thing. You will not charge eight hours in a row. The car knows it has to be full in eight hours. Sometimes it is charging, sometimes not to optimize the price and the consumptions. So to achieve that, all those smart homes – and we are in that market already with smart grids, with the electrics from the power utilities. To combine all of that you need computers in the solar inverters, you need computers in the charging systems and Kontron is a leading company in this technology. We will get the power electronics much more intelligent connected to the grids. We have leading firewall security so that nobody can hack your home. We have remote control and allow to form big grids of 100.000 solar systems of several millions of wall chargers and optimize them. There are already laws in Austria where you can connect and form small private grids. Let’s say me in Hamburg and somebody else in Munich sharing the electricity we produce together. So that’s the direction we go. You need intelligence to do that. We do it and we can form grids with our technology. And the last thing is. If the wall charger is not working there is no need to have a service technician coming. We have remote maintenance functionality in there. We can remotely reset the system and we can repair and maintain it from far away.
What does it mean financially? This merger has one big word and that is called upgrade. We will upgrade Katek green products and Katek products with IoT, software and connectivity. We had a similar experience in 2016 when we acquired todays Kontron. We came that time with S&T, with a software company and that time we were able within a short notice of less than one year to increase the gross margin by 10 percentag points. We have here at Katek the target to increase the gross profit margin by more than five percentage points. My personal hope is it could be even more. And this increase in gross profit margin will directly go to the bottom line because it is just copying software. So that’s the product wise rationality for that transaction. And yes it will create not synergies by firing people not synergies by saving costs. It’s synergies by creating more value for our customers adding software to the products.
Folie 8 – If we talk about the products it’s four categories what we see. E-mobility is still a small one but there are big contracts in place and e-mobility will be the biggest product group in the next two years of Katek. Those are the wall charging systems where huge contracts had been won by Volkswagen, Volvo, Porsche and we are already in business with Porsche. So, these systems we will make more intelligent and it will be a quite profitable business range. We expect EBITDAs over 10% and EBIT close to 10%.
Renewables and Solar technology the same thing. The hybrid inverters which can run energy storage systems as well as solar panels will be joint to the cloud, to the internet, get controlled by bigger grids. And same thing. That’s a quite strong business of over 200 Mio. € at the moment and with adding the value of the software will grow further.
There is this nice air and defense business, mainly the current Nextek business in the USA. Very complex products ITAR-registered, Kontron is also ITAR-registered. So that fits very well together and our Aerospace division will further grow with this.
And the last thing is electronics manufacturing which was the origin of the Katek where it came from. Today I would see that as still 30% of the business which is electronics manufacturing.
But we see huge synergy effects in the other three areas which is around 70% of the business.

Gruß,

Johannes

[Strive_and_Prosper [Blogger]]

Übernahme von Katek ergibt aus vielen Gründen Sinn

- HN sitzt seit Jahren im Katek AR das bedeutet er hat seit einiger Zeit allerbesten Einblick in das Geschäft. Bei welcher Übernahme hat man schon das Glück ein Unternehmen so gut zu kennen? (Reine Due Dilligence kommt hier nicht ran.
- HN weiß somit aus erster Hand wo anzusetzen ist, das ist ein Pfund.
- Man spricht die gleiche Sprache, hat eine ähnliche Kultur, was eine schnelle Integration verspricht.
- Mit der Übernahme sind jetzt die Ziele 2025 greifbar und vermutlich zu konserativ (siehe Anmerkung KC).
- Auf Basis der Ziele 2025 ist die Aktie damit aktuell zu günstig.
- Man hat ohne zusätzliches Kapital aufzunehmen potentiellen Umsatz von fast 1 Mrd. EUR dazu gekauft.
- Kontron wird seine Software auf Katek ausrollen was die Marge des Katek Geschäfts steigern wird.
- Man verstärkt seine Position in der europäischen Elektronikindustrie. Der scheidende Katek CEO meinte gestern sinngemäß: " we have complimentary markets and products. There is no competition around."
- Kontron erschließt sich damit neue Kunden sowie Absatzmärkte (USA, Kanada, Malaysia, Singapur) und Geschäftsfelder (green tech).
- Katek war zuletzt auf strammem Wachstumskurs, Kontron übernimmt aber zu günstigen Multiples.
- Kontron bedient damit auf einen Schlag die ganze Wertschöpfungskette, verliert keine Marge an externe Fertiger.

Jetzt kann man gespannt sein auf Phase II: Turn size into profit.
HN hat ja bewiesen, dass er es kann 🙂

https://ir.kontron.com/20240118_Kontron_Pressekonferenz_fina…

[baggo-mh]

Danke Johannes

Bitte mehr davon. Ich konnte den an dem Call nicht teilnehmen.

Gruß
baggo-mh

[JohannesWild]

Teil 1 meines Mitschriebs vom heutigen Call

Ich schreibe gerade meinen Mitschrieb vom heutigen Call ab.

Ich übernehme keine Gewähr. Eventuell habe ich teile falsch verstanden. Anbei Teil 1 - Morgen mache ich weiter falls der erste Teil ein paar Likes erhält:

Der Mitschrieb bezieht sich auf folgende Folien:
https://ir.kontron.com/20240118_Kontron_Pressekonferenz_fina…" target="_blank" rel="nofollow ugc noopener">https://ir.kontron.com/20240118_Kontron_Pressekonferenz_fina…

Frau Jeitler (IR): Welcome to our conference call about the acquisition of the majority of Katek. I’m here with our CEO – Hannes Niederhauser, our CFO Clemens Billek, Kateks’ CEO Rainer Kopitz and Kateks’ CFO Johannes Fues.

Hannes Niederhauser:
Good Morning from Vienna. I’m in a very good mood today because this is really in the history a big step forward for both companies – for Kontron and for Katek and we believe that this acquisition or merger will be generating a lot of synergies and profits for shareholder, for employees as well as for our customers. If we talk about the timeline. On the 2nd of January we signed the LOI to go for this acquisition. Then we did several due diligences, a financial one, a legal one, a commercial one and finally and finally this morning the contract to acquire close to 60% in Katek had been signed at the notary. 60% will result in a mandatory tender offer which we intend to start somewhere in march. The closing of this transaction is supposed to happen end of February / beginning of march and is just based on the condition that the anti monopoly approval from the government will be done. It’s not so complicated, it’s mainly in Germany and Austria so we think this will be done in four weeks. Saying that ,end of March / beginning of April we will do the mandatory tender offer. The tender offer will also include a targeted delisting of Katek that we offer all the remaing freefloat the 40%. And the consolidation of Katek in the Kontron books should happen first of march most likely, latest first of April.
Some details to the transaction. Currently we buy 8,5787 Million of Katek shares from the major shareholder of Katek that is Primepulse SE. Based on that after this transaction is closing we will consolidate Katek. The signing is conditional to the antitrust approval. As I said, Germany and Austria mainly. So that should be finished hopefully end of February but sure beginning of March. We pay 15€ per share which results for this stake in a price of 129 Mio. €. Important – Kontron is a cash rich company – we have enough money. There will be no capital measures or capital increase to finance that transaction. So the additional Katek revenue simply will increase the earnings per share as the amount of shares will stay the same.
Further rules and regulations: we will release a mandatory tender offer with the content also of delisting Katek to acquire 100%. That will be at the same price as Primepuls at 15€ per share. As a specialty we will also offer Kontron shares on the discretion of Katek shareholder. So if they want they can chose cash or Kontron shares to go ahead and there might be even slightly better conditions of you choose Kontron shares. About Katek. You will get more information later from the management of Katek but first: It’s a technology company, active in the fields of electronics and we call it green tech. Green tech means e-mobility and solar control systems. It’s listed in the prime market in Frankfurt. For this year the forecast was more than 750 Mio. € with approx. 3200 employees. And as I said main products they have is Control Systems for solar systems – so called inverters and small and smart wall charger system for electric cars, which is a big growth market. Now I hand over to the CEO – Rainer please go ahead.
Rainer Koppitz (CEO of Katek): So what is this Katek about, Kontron is acquiring the majority of shares of. I mean we are a very international company with headquarter in Munich. We sea ourselves as one of the first movers in the field of green technologies in Germany and Europe. We have a very strong focus on E-Mobility with our own market leading wallbox the ghost one. We are doing a lot of in renewable and solar, especially in power electronics. We are also in Aerospace, Defense and electronics. So basically we are supporting all of the European Industries with leading edge electronics products. So our revenues this fiscal year and that’s just still an estimate will go beyond the 750 Million of revenues. So strong growth is very clear one of the DNAs of Katek. We are also estimating 38 Mio. € of adjusted EBITDA. And 26,8 Mio of operating cashflow this year. So we come out of this year pretty much strong. Today we have more than 1500 customers globally with top brands like Porsche, like Viessmann, like Bosch and many, many others in all of the leading European industries. As I said our HQ is in Munich Germany and our footprint is not only in Europe we are in the meanwhile also in Canada, we are also in Alabama and in Asia in Malaysia and Singapore and we are doing this with more than 3200 employees. So a real European technology leader with a very strong basis in Germany.
This change, this takeover, this merger of Kontron and Katek of course comes along with some personal changes. First of all from the top, Klaus Weinmann – our chairman and Markus Saller will leave Kateks supervisory Board around the closing. Then Kontron will suppose two new supervisory board members and Constanze Chwallek who is an independent will stay in the supervisory board to represent the independent shareholders. So the new supervisory board of Katek will represent the new structure within the shareholders. With regards to myself of course this deal I would say I have mixed feelings. You know I have two heards in my breast. One heart of course is that after five years very intense journey to make Katek the team blue that it is today I will resign on February 29th this year but I will support the transaction as an advisor. I will be replaced in march – or this is the expectation - by Hannes Niederhauser, the Kontron CEO that we have than one unified leadership which can do the integration. I will support the transaction as an advisor and also further M&A deals. The other part of heart in my breast is of course a very positive one and I will come back to this later. That’s the perfect step to implement phase two of our strategy and I think the handover to Hannes is something that makes really sense and I don’t know one better manager to do this handover. It’s really getting into good hands. Our CFO, Johannes, he will also leave Katek end of April 2024 but he, and this is very good news, is expected to join Kontrons management board and he will be responsible for the new division green tech that will be described by Hannes a little bit later.
This is a merger and it is a huger merger. I mean it is 1.2 billion of revenues combined with almost 800 Mio. of revenues. So I mean a two billion company is emerging here and normally I would say – and I have done a lot of this size that this will be a bumpy integration. But this will not be the case with this merger. And why? First of all we have the similar believes. We are both in the area of IoT of electronics. We have the same language, we have the same believes with regards to IoT and the electronification of the markets. We have complimentary markets and products. There is no competition around. We have the same entrepreneurial culture. We have the speedboat concept in Katek and almost the same concept is true with Kontron with very, very strong entrepreneurial managers leading their divisios, leading their entities and maybe the most important one is that we have a very strong partnership since many, many years. So Kontron is already one of the top three customers and is expected to become Nr. 1 customer in 2024 already. So we are serving Kontron in Germany, in Europe and also in North America from Canada and we already did joint M&A deals together successful and all of this worked very, very smoothly. So the managers know each other already, we have the same languages, the same culture and we already have identified home ports for all our technology and products. So this will be a very, very positive integration and will be much, much less bumpy than most of the big mergers.