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[posting]38574890[/posting]voestalpine Datum/Zeit: 16.12.2009 09:48
Quelle: Erste Bank
No time for a slowdown


– We have only fine-tuned our estimates, resulting in moderately higher earnings expectations for all years. Based on a higher DCF value and voestalpine’s very attractive valuation compared to its peer group, we raise our target price from EUR 29 to EUR 31 and confirm our Buy recommendation.

– voestalpine continues to outperform its peers, not least due to significant market share gains with automotive customers. The Steel division cancelled a planned 2-3 week Christmas shutdown and CEO Eder expects it to run basically at 100% capacity utilization at least throughout the first half of calendar year 2010.

– In 3Q09/10, we expect a material improvement in the previously loss-making Special Steel division, which lags the Steel division by a quarter. Further positive effects from lower raw material prices and ongoing cost cutting should help return voestalpine to solid profitability.

– Despite the eventual end of fleet renewal schemes, we do not expect lower demand from car producers, as higher sales in 2009 were mostly used to clear inventories and because 85% of automotive sheet is delivered to premium car producers, which profited only to a limited extent from the schemes.

– We now expect positive EPS of EUR 0.17 already in FY09/10e (previously EUR -0.14), improving to EUR 1.76 (EUR 1.58) in FY10/11e and EUR 2.89 (EUR 2.69) in FY11/12e. Based on the current macroeconomic outlook of little real growth in end-demand and structural steel overcapacities in Europe, we believe that voestalpine’s business ...http://aktien-portal.at/shownews.html?id=20181&b=&s=voestalp…
 
aus der Diskussion: VOEST-ALPINE hat ausbruch geschaft!!!
Autor (Datum des Eintrages): lyta  (17.12.09 08:46:05)
Beitrag: 630 von 968 (ID:38583950)
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