Inbox: Analysten ad ATX: “Long overdue consolidation will not happen in the coming week either”


Emailed from / found at: Erste Group Research

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From Erste Group’s Equity Weekly:

 The  ATX scratched the 3,000 point mark this week, at which it narrowly failed, at least for the time being. Nevertheless, a weekly plus of 1.5% was assumed. Among the ATX heavyweights, our new buy recommendation Andritz and OMV in particular drove the leading index after good Q4 indicators. Despite the continued high corona numbers and the uncertainty about a new, even more contagious virus variant, the hope for a better year 2021 is driving investors further into stocks and supporting the high levels.


 The  strongest ATX value this week was Lenzing with a plus 16.8% after a positive broker recommendation, followed by CA Immo with + 11.3%. Major shareholder Starwood Capital announced that it would make a takeover offer of EUR 34.44 / share. This price is around 10% below the last NAV of 38.36 / share and, in our opinion, does not reflect the development potential from the land reserves. We advise long-term investors to keep the CA Immo share in their portfolio.

Cyclical stocks such as SBO (-6.6%) after a negative broker report and DO & CO (-5.5%), which probably increased profit-taking, were less sought after this week.

OMV gained 6% this week. ©

 The  performance indicators for Q4 2020 reflect the recovery of the oil sector. In addition, OMV will post appreciation gains of EUR 1.3 billion from the acquisition of the additional 39% stake in Borealis.

We have also released two new stock analyzes. We have upgraded Andritz shares to Buy. In 2021, the car manufacturers should return to the investment path, which should give the Metals division (Schuler) in particular a strong tailwind. In addition, the share is significantly undervalued compared to the peer group, which does not yet reflect the expected margin recovery towards 8% EBITA target margin.

We have also become more optimistic about the SBO share and are upgrading it to accumulate. After the lull in 2020, the oil field supplier should benefit from the rising oil price and the start of investments in exploration and production activities.

Outlook: Next week the SBO will present its preliminary results for 2020 and the airport will publish its traffic results for 2020 and a forecast for 2021. EVN will hold its AGM. We assume that the long overdue consolidation will not take place in the coming week and see the ATX with a high degree of probability exceeding the 3,000 point mark.

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Inbox Analysten ATX Long overdue consolidation happen coming week


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