Download Report (PDF-File) - Rofin

More documents

Recommendations

Info

<strong>Rofin</strong>-Sinar Consolidated profit and loss In USD m 2007/08 2008/09 2009/10 2010/11 2011/12e 2012/13e 2013/14e Sales 575 350 424 598 521 558 614 Change Sales yoy 19.9 % -39.2 % 21.2 % 41.1 % -12.8 % 7.0 % 10.0 % COGS 327 218 257 366 328 344 372 Gross profit 248 132 166 232 193 213 242 Gross margin 43.1 % 37.8 % 39.3 % 38.8 % 37.1 % 38.2 % 39.4 % Research and development 41 32 30 38 44 46 49 Sales and marketing 0 0 0 0 0 0 0 Administration expenses 104 89 90 108 102 106 115 Other operating expenses 0 0 0 0 0 0 0 Other operating income 0 0 0 0 0 0 0 Unfrequent items 0 0 0 0 0 0 0 EBITDA 119 21 56 97 59 73 89 Margin 20.8 % 6.0 % 13.1 % 16.2 % 11.3 % 13.1 % 14.5 % Depreciation of fixed assets 16 9 9 10 11 12 12 EBITA 103 12 n.a. n.a. n.a. n.a. n.a. Amortisation of intangible fixed assets 7 4 2 3 2 2 2 Goodwill amortization 0 0 0 0 0 0 0 EBIT 96 8 44 84 45 59 75 Margin 16.7 % 2.3 % 10.4 % 14.0 % 8.7 % 10.6 % 12.2 % EBIT adj. 96 8 44 84 45 59 75 Interest income 5 1 1 1 1 1 1 Interest expenses 2 2 1 1 1 1 1 Other financial income (loss) -1 7 2 3 0 0 0 EBT 98 14 46 86 45 58 74 Margin 17.1 % 4.1 % 10.8 % 14.4 % 8.5 % 10.4 % 12.0 % Total taxes 33 5 15 26 16 19 23 Net income from continuing operations 64 10 30 61 30 41 51 Income from discontinued operations (net of tax) 0 0 0 0 0 0 0 Net income before minorities 64 10 30 61 30 41 51 Minority interest 1 0 -1 -1 -1 -1 -1 Net income 65 9 30 60 29 40 50 Margin 11.3 % 2.6 % 7.0 % 10.0 % 5.5 % 7.1 % 8.2 % Number of shares, average 30 29 29 29 30 30 30 EPS 2.09 0.32 1.04 2.06 1.12 1.37 1.75 EPS adj. n.a. n.a. n.a. n.a. n.a. n.a. n.a. *Adjustments made for: Guidance: Fiscal 11/12: Sales between USD 518-523m, PBT-margin 9-10% Financial Ratios 2007/08 2008/09 2009/10 2010/11 2011/12e 2012/13e 2013/14e Total Operating Costs / Sales n.a. n.a. n.a. n.a. n.a. n.a. n.a. Operating Leverage 0.7 x 2.3 x 21.0 x 2.2 x 3.6 x 4.4 x 2.6 x EBITDA / Interest expenses 51.2 x 12.0 x 57.0 x 131.9 x 73.7 x 91.6 x 111.6 x Tax rate (EBT) 34.0 % 36.2 % 33.6 % 30.3 % 35.6 % 32.2 % 31.6 % Dividend Payout Ratio 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Sales per Employee 338,399 200,103 241,902 303,125 254,268 268,143 286,687 Sales, EBITDA in EUR m Source: Warburg Research Operating Performance in % Source: Warburg Research C O M M E N T Published 03.08.2012 6 Performance per Share Source: Warburg Research
<strong>Rofin</strong>-Sinar Consolidated balance sheet In USD m 2007/08 2008/09 2009/10 2010/11 2011/12e 2012/13e 2013/14e Assets Goodwill and other intangible assets 103 105 100 103 128 128 128 thereof other intangible assets 11 11 10 12 25 25 25 thereof Goodwill 92 94 90 91 103 103 103 Property, plant and equipment 56 56 53 66 74 79 85 Financial assets 0 0 0 0 14 14 14 Other long-term assets 6 15 18 18 -6 4 3 Fixed assets 166 175 171 187 210 224 229 Inventories 153 136 152 189 202 185 197 Accounts receivable 118 79 98 119 105 119 127 Liquid assets 116 119 116 130 111 145 167 Other short-term assets 19 20 22 29 29 26 18 Current assets 406 355 387 467 447 475 509 Total Assets 584 540 558 654 657 699 738 Liabilities and shareholders' equity Subscribed capital 0 0 0 0 0 0 0 Capital reserve 189 196 205 218 223 228 233 Retained earnings 294 304 333 394 426 466 516 Other equity components -82 -82 -125 -138 -149 -166 -173 Shareholder's equity 402 418 414 474 500 529 572 Minority interest 2 3 4 5 5 5 8 Total equity 405 422 417 479 505 534 580 Provisions 75 63 80 101 96 103 107 thereof provisions for pensions and similar obligations 12 17 18 18 18 19 20 Financial liabilites (total) 67 31 21 23 16 16 16 thereof short-term financial liabilities 55 19 5 8 10 10 10 Accounts payable 21 13 23 27 27 26 28 Other liabilities 18 10 17 24 22 24 15 Liabilities 181 118 141 175 160 170 166 Total liabilities and shareholders' equity 584 540 558 654 657 699 738 Financial Ratios 2007/08 2008/09 2009/10 2010/11 2011/12e 2012/13e 2013/14e Efficiency of Capital Employment Operating Assets Turnover n.a. n.a. n.a. n.a. n.a. n.a. n.a. Capital Employed Turnover 1.2 x 0.7 x 0.9 x 1.2 x 1.0 x 1.0 x 1.0 x ROA 39.2 % 5.2 % 17.5 % 32.2 % 13.7 % 17.6 % 22.0 % Return on Capital ROCE n.a. 1.1 % 6.3 % 12.0 % 5.5 % 7.3 % 8.6 % ROE 15.3 % 2.2 % 7.2 % 13.5 % 5.9 % 7.7 % 9.1 % Adj. ROE 15.3 % 2.2 % 7.2 % 13.5 % 5.9 % 7.7 % 9.1 % Balance sheet quality Net Debt -38 -70 -77 -90 -77 -110 -131 Net Financial Debt -50 -88 -96 -108 -95 -129 -151 Net Gearing -9.3 % -16.7 % -18.6 % -18.8 % -15.3 % -20.6 % -22.6 % Net Financial Debt / EBITDA -41.7 % -415.7 % -172.0 % -111.2 % -161.2 % -175.9 % -169.4 % Book Value / Share 13.2 14.3 14.2 16.3 16.9 17.8 19.3 Book value per share ex intangibles 9.8 10.7 10.7 12.8 12.6 13.5 15.0 ROCE Development Source: Warburg Research Net debt in EUR m Source: Warburg Research C O M M E N T Published 03.08.2012 7 Book Value per Share in EUR Source: Warburg Research
Page 1 and 2: Rofin-Sinar (CDAX, Technology) Hold
Page 3 and 4: Rofin-Sinar DCF model Detailed fore
Page 5: Rofin-Sinar Valuation 2007/08 2008/
Page 9 and 10: Rofin-Sinar LEGAL DISCLAIMER This r
Page 11 and 12: Rofin-Sinar INVESTMENT RECOMMENDATI

Download Report (PDF-File) - Rofin

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?