Inbox: Review and outlook with S Immo, Immofinanz, AT&S, Zumtobel, Polytec, Wienerberger …


Emailed from / found at: Erste Group Research

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The ATX took a breather this week, down 2%. The index has been up around 13% since the beginning of the year. This week, international utilities and technology stocks were sought, while cyclical stocks such as raw materials and retail were given. In Austria, the increased takeover offer for S Immo resulted in a price jump of over 10%. AT&S also gained almost 10% this week as the medium-term targets are reached earlier thanks to new investments.

Immofinanz improved its offer for S Immo yesterday evening to EUR 22.25 / share. Since the new offer is already quite close to the NAV, we think that numerous investors will accept this offer. From the point of view of Immofinanz, we would rather rule out a further increase in the offer.

The strongest price increase in the ATX with + 8.6% was recorded by AT&S this week after another major investment in the expansion of the ABF substrate plant in Chongqing was announced. With the additional capacities, the medium-term forecast (sales> EUR 2 billion, EBITDA margin of 25 to 30%) should be achieved a year earlier (FY 2023/24).

The ATX Prime share Zumtobel reacted even more strongly to its positive profit warning with + 9.7%. For the financial year ending in April, the Management Board expects the annual result to rise to EUR 24-34 million after EUR 14.5 million in the previous year.

CA Immo also posted a strong result in 2020 and exceeded its FFO1 guidance. The 2020 dividend should remain stable at EUR 1 / share.

Both Agrana and FACC responded with price drops. Agrana’s management cut its EBIT outlook 2020/21 from stable to a decline of 10% compared to the previous year. At FACC, the aircraft industry will only recover slowly, but a slight decline in sales is expected for 2021, but a balanced operating result.

In our new share analysis for Polytec, we are upgrading the share to Buy with a price target of EUR 12.30. After the collapse of the automotive market in the Corona year, we expect new car registrations to rise by 11% this year.

Outlook: Next week there will be peace and quiet before Easter on the Vienna Stock Exchange. Only Wienerberger publishes its audited annual report. In terms of chart technology, we expect a tailwind again for the next week and another attempt at the 3,200 point mark.

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Inbox Review outlook Immo Immofinanz ATS Zumtobel Polytec Wienerberger


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