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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  CNHTC Jinan Truck Co., Ltd.    000951   CNE0000010Y1

CNHTC JINAN TRUCK CO., LTD.

(000951)
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Volkswagen aims for Traton truck IPO in April - sources

01/29/2019 | 09:48am EST
Visitors stand at booth of VW's truck unit Traton Group in Hanover

FRANKFURT (Reuters) - Volkswagen is aiming to list its trucks unit Traton in April and expects to sell shares worth 5 billion to 6 billion euros ($5.7 billion to $6.9 billion), two people close to the matter said.

Plans for a stock market listing, potentially Germany's biggest new share offering in 2019, have not been finalised and depend on market conditions, these people said.

Analysts would be given until early March to value the earnings power of the maker of vehicles under the MAN, Scania and VW brands, the two sources said, adding that the listing was expected before Easter, which falls on April 21 this year.

Traton Chief Executive Andreas Renschler did not comment when asked about the plans on Tuesday, but told analysts at the firm's capital markets day: "We want to be the most profitable vehicle player and to have access to all global profit pools."

If markets are deemed favourable, Volkswagen would publish a so-called intention to float (ITF) in the second half of March followed by the listing four weeks later, the sources added.

Volkswagen declined to comment about any such plans.

The initial public offering (IPO) is expected to give Traton having an enterprise value of about 30 billion euros, with equity expected to be valued at about 25 billion euros, the sources said.

Volkswagen was expected to sell shares worth 5 billion to 6 billion euros, they said. "If markets are slightly volatile, Volkswagen will likely sell a smaller stake," one of them said.

Traton aimed to float on the Frankfurt stock exchange with a possible secondary listing in Sweden, the home of its Scania brand, the sources said. "Stockholm would help Traton attract local, long-term oriented investors in Sweden," one source said.

Traton might also bring in a so-called cornerstone investor before the listing, although no deal had been struck, the sources said.

VW plans to build a global trucks business by integrating its MAN and Scania divisions to challenge Daimler and Volvo.

A flotation could allow Volkswagen Truck & Bus to build a war chest to deepen its relationship with Navistar, a U.S. truck maker in which it now owns a 16.85 percent stake.

JP Morgan, Goldman Sachs, Deutsche Bank and Citi have been mandated as global coordinators for the listing.

Barclays, Bank of America, BNP, SEB, Unicredit are acting joint bookrunners, while Commerzbank, HSBC, Societe Generale and LBBW are acting as co-leads.

(Editing by Edward Taylor and Edmund Blair)

By Arno Schuetze


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ACCESS CO., LTD. 1.39% 803 End-of-day quote.-15.92%
BANK OF AMERICA CORPORATION 5.81% 28.98 Delayed Quote.-22.23%
BYD COMPANY LIMITED 0.81% 199.8 End-of-day quote.414.29%
CNHTC JINAN TRUCK CO., LTD. -1.94% 37.48 End-of-day quote.66.58%
DAIMLER AG -1.71% 57.09 Delayed Quote.17.38%
HINO MOTORS, LTD. 3.23% 958 End-of-day quote.-17.56%
HSBC HOLDINGS PLC 0.16% 399.3005 Delayed Quote.-32.48%
THE GLOBAL LTD. 8.48% 243 End-of-day quote.-48.41%
THE GOLDMAN SACHS GROUP, INC. 3.79% 237.5 Delayed Quote.-0.48%
VOLKSWAGEN AG -2.46% 151.88 Delayed Quote.-11.48%
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Financials
Sales 2020 55 108 M 8 380 M 8 380 M
Net income 2020 1 823 M 277 M 277 M
Net Debt 2020 700 M 106 M 106 M
P/E ratio 2020 13,8x
Yield 2020 2,17%
Capitalization 25 152 M 3 816 M 3 825 M
EV / Sales 2020 0,47x
EV / Sales 2021 0,47x
Nbr of Employees 7 786
Free-Float 32,9%
Chart CNHTC JINAN TRUCK CO., LTD.
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CNHTC Jinan Truck Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends CNHTC JINAN TRUCK CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Average target price 48,47 CNY
Last Close Price 37,48 CNY
Spread / Highest target 44,1%
Spread / Average Target 29,3%
Spread / Lowest Target 14,7%
EPS Revisions
Managers
NameTitle
Wen Sheng Jin General Manager & Director
Zheng Tao Liu Chairman
Shi Jin Guo Financial Director
Zai Bin Wang Member-Supervisory Board
Kai Jun Hu Member-Supervisory Board
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1st jan.Capitalization (M$)
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