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MarketScreener Homepage  >  Equities  >  Xetra  >  OSRAM Licht AG    OSR   DE000LED4000

OSRAM LICHT AG

(OSR)
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Osram backs AMS takeover as auto downturn triggers 2019 loss

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11/12/2019 | 01:53am EST
FILE PHOTO: The logo of German lighting manufacturer Osram is illuminated

Osram urged shareholders to back a $5 billion takeover bid from Austria's AMS and said it would cut costs and not pay a dividend as it posted a loss for the fiscal year ending in September, hit by a downturn in the auto industry.

"The offer price of 41 euros per share in cash represents an appropriate valuation of the company from the point of view of the boards," the company said in a statement.

Shareholders have until December 5, 2019 to accept the offer, Osram said.

In the fiscal year ended in September Osram posted a 343 million euros ($377.99 million) net loss, down from a 188 million euros profit in the year-earlier period.

"Osram does not expect global automobile production to recover in the short term," the company said, unveiling plans to cut 220 million euros in costs between 2017 and 2021.

As a result of the downturn, Osram took a 171 million euro goodwill impairment on its Osram Continental joint venture. Osram said it would achieve its medium-term targets two years later.

Osram said job cuts, efficiency measures and costs related to the takeover resulted in charges of 131 million euros.

Further job cuts are planned, Osram said, adding that employees at German locations are protected from merger-related layoffs until the end of 2022.

AMS renewed its takeover attempt of Osram earlier this month, hoping its latest offer would convince investors with a lower acceptance rate and concessions to the German lighting group's management and trade unions.

($1 = 0.9074 euros)

(Reporting by Edward Taylor, editing by Riham Alkousaa and Michelle Martin)

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Financials (EUR)
Sales 2020 3 527 M
EBIT 2020 60,0 M
Net income 2020 6,99 M
Debt 2020 237 M
Yield 2020 2,35%
P/E ratio 2020 2 464x
P/E ratio 2021 57,1x
EV / Sales2020 1,34x
EV / Sales2021 1,30x
Capitalization 4 491 M
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Mean consensus HOLD
Number of Analysts 11
Average target price 44,05  €
Last Close Price 47,75  €
Spread / Highest target 46,6%
Spread / Average Target -7,76%
Spread / Lowest Target -26,7%
EPS Revisions
Managers
NameTitle
Olaf Berlien Chief Executive Officer
Peter Bauer Chairman-Supervisory Board
Ingo Bank Chief Financial Officer
Stefan Horst Michael Kampmann Chief Technology Officer
Christine Bortenlänger Independent Member-Supervisory Board
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