Eckert & Ziegler AG
Germany - High-tech Engineering
Buy (old: Buy) | 19-January-21 | ||||||
Price target: EUR 70.00 (old: EUR 52.50) | Aliaksandr Halitsa | ||||||
Analyst | |||||||
Price: | EUR 50.75 | Next result: | Q4 30.03.21 | ||||
Bloomberg: | EUZ GR | Market cap: | EUR 1,042.0 m | aliaksandr.halitsa@ha-ib.de | |||
Reuters: | EUZG.DE | Enterprise Value: | EUR 966.1 m | Tel.: +49 40 414 3885 83 | |||
Eckert & Ziegler - a "Sartorius of Radiopharma" in the making
In Radiopharma, EUZ is evolving into what Sartorius has become in Biopharma - i.e. one of the key "enablers" of a multi-billion,structurally growing market.
While biopharma has been around for decades becoming a >$ 200bn market, Radiopharma is gaining momentum as evidenced by an increasing involvement of big pharma, buoyant deal activity and commercial success of first radiotherapeutics (e.g. Lutathera). As a result, the market is seen to reach $ 6bn by 2025 from currently $ 1bn.
Thanks to its strong expertise in handling of radiation, EUZ is uniquely positioned to capitalize on this rapid growth. First, the company offers a whole range of infrastructure-relevantproducts and services across handling, manufacture and distribution of radiopharmaceuticals. Second, when new therapies enter the market, EUZ is one of a handful of players supplying relevant isotopes.
This should support sustainably high sales growth with high margin radiopharma- related products and services (+36% CAGR 2015-20 from € 9m to € 40m+) in the long term fueled by 1) rising penetration of already launched therapies, 2) increasing R&D activity driving project business and 3) new product launches.
For instance, revenues with Ga-68 generators should double in the next 3-5years to
- 60m+ fueled by the recent FDA approval of the prostate cancer imaging technology from Telix (68Ga-PSMA-11) and an expected launch of Novartis' prostate cancer treatment (177Lu-PSMA-617), which offers advantages over conventional treatments.
At the same time, yttrium-90 (Y-90)related sales (eH&A: € 2m in '18; € 10m in '20) should continue to grow strongly on the back of the ongoing rollout of the liver cancer therapy from SIRTEX as well as engineering and technology transfer services to CNRT (Chinese JV partner) followed by commercial supply of Y-90 for CNRT's purposes.
Last but not least, thanks to growing interest in development of radiopharmaceuticals we expect EUZ to win new partner projects yielding service and engineering sales in the short term, while offering long-term upside optionality (contingent on market approval).
Action: In light of improving visibility on sustainable sales growth with high-marginradiopharmaceuticals-related products and services, we raise our mid-term growth expectations by 4pp to 10% CAGR and the terminal EBIT margin to 30% (old: 25%).
BUY with a new PT € of 70 (old: € 52.5) based on DCF.
Y/E 31.12 (EUR m) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Sales | 119.9 | 138.6 | 168.7 | 178.5 | 178.4 | 197.1 | 215.3 |
Sales growth | -14 % | 16 % | 22 % | 6 % | 0 % | 10 % | 9 % |
EBITDA | 24.9 | 26.6 | 32.0 | 43.1 | 43.2 | 48.1 | 53.9 |
EBIT | 16.1 | 18.0 | 23.4 | 32.1 | 32.1 | 37.0 | 42.9 |
Net income | 9.5 | 14.7 | 16.1 | 22.0 | 22.1 | 25.6 | 29.8 |
Net debt | -24.9 | -56.0 | -54.1 | -78.9 | -89.4 | -97.6 | -119.2 |
Net gearing | -23.7 % -49.8 % | -44.1 % | -57.1 % | -59.7 % | -58.4 % -63.1 % | ||
Net Debt/EBITDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
EPS pro forma | 1.93 | 2.19 | 3.12 | 1.06 | 1.07 | 1.25 | 1.45 |
CPS | 2.42 | 3.54 | 2.53 | 1.46 | 0.87 | 0.98 | 1.34 |
DPS | 0.66 | 0.80 | 1.20 | 0.35 | 0.36 | 0.42 | 0.48 |
Dividend yield | 1.5 % | 1.8 % | 2.7 % | 0.8 % | 0.8 % | 0.9 % | 1.1 % |
Gross profit margin | 49.7 % | 46.1 % | 44.1 % | 48.8 % | 49.2 % | 50.0 % | 51.0 % |
EBITDA margin | 20.8 % | 19.2 % | 18.9 % | 24.2 % | 24.2 % | 24.4 % | 25.0 % |
EBIT margin | 13.5 % | 13.0 % | 13.9 % | 18.0 % | 18.0 % | 18.8 % | 19.9 % |
ROCE | 12.0 % | 13.8 % | 17.6 % | 22.5 % | 22.4 % | 25.2 % | 20.4 % |
EV/sales | 1.8 | 1.4 | 1.1 | 4.8 | 4.8 | 4.3 | 3.8 |
EV/EBITDA | 8.8 | 7.1 | 6.0 | 20.0 | 19.8 | 17.6 | 15.3 |
EV/EBIT | 13.6 | 10.5 | 8.2 | 26.9 | 26.6 | 22.8 | 19.2 |
PER | 23.4 | 15.6 | 11.3 | 39.7 | 38.8 | 33.0 | 27.6 |
Adjusted FCF yield | 5.5 % | 6.5 % | 9.1 % | 2.7 % | 2.8 % | 3.2 % | 3.9 % |
Source: Company data, Hauck & Aufhäuser Close price as of: 18.01.2021
Source: Company data, Hauck & Aufhäuser
High/low 52 weeks: | 49.24 / 24.60 | |||
Price/Book Ratio: | 6.7 | |||
Relative performance (SDAX): | ||||
3 months | -11.5 % | |||
6 months | 2.1 % | |||
12 months | -15.6 % | |||
Changes in estimates | ||||
Sales | EBIT | EPS | ||
2020 | old: | 178.4 | 32.1 | 1.07 |
∆ | - | - | - | |
2021 | old: | 197.1 | 37.0 | 1.25 |
∆ | - | - | - | |
2022 | old: | 215.3 | 42.9 | 1.45 |
∆ | - | - | - | |
Key share data: | ||||
Number of shares: (in m pcs) | 20.5 | |||
Authorised capital: (in € m) | 0.6 | |||
Book value per share: (in €) | 7.3 | |||
Ø trading volume: (12 months) | 20,453 |
Major shareholders: | |
Free float | 67.8 % |
Founders | 32.2 % |
Eckert & Ziegler AG | 0.1 % |
Company description:
Produces and markets a wide range of industrial and medical applications featuring radioactive isotopes, including prostate seed implants, calibration standards and radiation afterloaders.
Please refer to important disclosures at the end of the report
Eckert & Ziegler AG
Financials
Profit and loss (EUR m) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Sales | 119.9 | 138.6 | 168.7 | 178.5 | 178.4 | 197.1 | 215.3 |
Sales growth | -14.2 % | 15.7 % | 21.7 % | 5.8 % | -0.1 % | 10.5 % | 9.2 % |
Cost of sales | 60.3 | 74.8 | 94.4 | 91.5 | 90.6 | 98.6 | 105.5 |
Gross profit | 59.6 | 63.9 | 74.3 | 87.0 | 87.8 | 98.6 | 109.8 |
Sales and marketing | 18.1 | 20.0 | 23.3 | 22.9 | 22.9 | 25.3 | 27.7 |
General and administration | 24.7 | 23.9 | 26.9 | 27.6 | 27.6 | 30.4 | 33.3 |
Research and development | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Other operating income | 3.5 | 3.8 | 3.5 | 2.8 | 2.8 | 3.1 | 3.4 |
Other operating expenses | 5.0 | 4.5 | 4.5 | 7.1 | 8.0 | 8.9 | 9.5 |
Unusual or infrequent items | 0.9 | -1.2 | 0.2 | -0.2 | 0.0 | 0.0 | 0.0 |
EBITDA | 24.9 | 26.6 | 32.0 | 43.1 | 43.2 | 48.1 | 53.9 |
Depreciation | 8.7 | 8.6 | 8.6 | 11.1 | 11.1 | 11.1 | 11.1 |
EBITA | 16.1 | 18.0 | 23.4 | 32.1 | 32.1 | 37.0 | 42.9 |
Amortisation of goodwill | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Amortisation of intangible assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Impairment charges | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
EBIT (inc revaluation net) | 16.1 | 18.0 | 23.4 | 32.1 | 32.1 | 37.0 | 42.9 |
Interest income | 0.4 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 |
Interest expenses | 1.2 | 0.9 | 0.7 | 1.1 | 1.1 | 1.1 | 1.1 |
Other financial result | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Financial result | -0.7 | -0.6 | -0.5 | -0.8 | -0.8 | -0.8 | -0.8 |
Recurring pretax income from continuing operations | 15.4 | 17.3 | 22.9 | 31.2 | 31.3 | 36.2 | 42.0 |
Extraordinary income/loss | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Earnings before taxes | 15.4 | 17.3 | 22.9 | 31.2 | 31.3 | 36.2 | 42.0 |
Taxes | 5.0 | 5.3 | 6.0 | 8.8 | 8.8 | 10.2 | 11.8 |
Net income from continuing operations | 10.4 | 12.0 | 16.9 | 22.5 | 22.5 | 26.0 | 30.2 |
Result from discontinued operations (net of tax) | -0.7 | 3.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Net income | 9.8 | 15.1 | 16.9 | 22.5 | 22.5 | 26.0 | 30.2 |
Minority interest | 0.2 | 0.4 | 0.8 | 0.5 | 0.5 | 0.5 | 0.5 |
Net profit (reported) | 9.5 | 14.7 | 16.1 | 22.0 | 22.1 | 25.6 | 29.8 |
Average number of shares | 5.3 | 5.3 | 5.2 | 20.5 | 20.5 | 20.5 | 20.5 |
EPS reported | 1.81 | 2.78 | 3.12 | 1.07 | 1.07 | 1.25 | 1.45 |
Profit and loss (common size) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Sales | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
Cost of sales | 50.3 % | 53.9 % | 55.9 % | 51.2 % | 50.8 % | 50.0 % | 49.0 % |
Gross profit | 49.7 % | 46.1 % | 44.1 % | 48.8 % | 49.2 % | 50.0 % | 51.0 % |
Sales and marketing | 15.1 % | 14.4 % | 13.8 % | 12.8 % | 12.8 % | 12.8 % | 12.8 % |
General and administration | 20.6 % | 17.3 % | 15.9 % | 15.4 % | 15.4 % | 15.4 % | 15.4 % |
Research and development | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Other operating income | 2.9 % | 2.7 % | 2.1 % | 1.6 % | 1.6 % | 1.6 % | 1.6 % |
Other operating expenses | 4.2 % | 3.2 % | 2.6 % | 4.0 % | 4.5 % | 4.5 % | 4.4 % |
Unusual or infrequent items | 0.7 % | neg. | 0.1 % | neg. | 0.0 % | 0.0 % | 0.0 % |
EBITDA | 20.8 % | 19.2 % | 18.9 % | 24.2 % | 24.2 % | 24.4 % | 25.0 % |
Depreciation | 7.3 % | 6.2 % | 5.1 % | 6.2 % | 6.2 % | 5.6 % | 5.1 % |
EBITA | 13.5 % | 13.0 % | 13.9 % | 18.0 % | 18.0 % | 18.8 % | 19.9 % |
Amortisation of goodwill | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Amortisation of intangible assets | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Impairment charges | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
EBIT (inc revaluation net) | 13.5 % | 13.0 % | 13.9 % | 18.0 % | 18.0 % | 18.8 % | 19.9 % |
Interest income | 0.4 % | 0.2 % | 0.1 % | 0.2 % | 0.2 % | 0.1 % | 0.1 % |
Interest expenses | 1.0 % | 0.6 % | 0.4 % | 0.6 % | 0.6 % | 0.6 % | 0.5 % |
Other financial result | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Financial result | neg. | neg. | neg. | neg. | neg. | neg. | neg. |
Recurring pretax income from continuing operations | 12.9 % | 12.5 % | 13.6 % | 17.5 % | 17.5 % | 18.4 % | 19.5 % |
Extraordinary income/loss | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Earnings before taxes | 12.9 % | 12.5 % | 13.6 % | 17.5 % | 17.5 % | 18.4 % | 19.5 % |
Tax rate | 32.2 % | 30.7 % | 26.2 % | 28.1 % | 28.1 % | 28.1 % | 28.1 % |
Net income from continuing operations | 8.7 % | 8.7 % | 10.0 % | 12.6 % | 12.6 % | 13.2 % | 14.0 % |
Result from discontinued operations (net of tax) | -0.6 % | 2.2 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Net income | 8.2 % | 10.9 % | 10.0 % | 12.6 % | 12.6 % | 13.2 % | 14.0 % |
Minority interest | 0.2 % | 0.3 % | 0.4 % | 0.3 % | 0.3 % | 0.2 % | 0.2 % |
Net profit (reported) | 8.0 % | 10.6 % | 9.6 % | 12.3 % | 12.4 % | 13.0 % | 13.8 % |
Source: Company data, Hauck & Aufhäuser
2 | Hauck & Aufhäuser Privatbankiers AG |
Eckert & Ziegler AG
Balance sheet (EUR m) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Intangible assets | 53.0 | 51.4 | 52.5 | 51.9 | 51.9 | 51.9 | 51.9 |
Property, plant and equipment | 37.8 | 33.8 | 36.9 | 40.0 | 36.2 | 40.1 | 36.3 |
Financial assets | 2.9 | 3.2 | 3.5 | 5.2 | 8.4 | 8.4 | 8.4 |
FIXED ASSETS | 93.7 | 88.5 | 93.0 | 97.1 | 96.5 | 100.4 | 96.6 |
Inventories | 25.1 | 26.8 | 28.8 | 31.2 | 36.4 | 40.2 | 41.4 |
Accounts receivable | 23.2 | 24.3 | 28.3 | 29.5 | 31.3 | 34.6 | 37.7 |
Other current assets | 11.9 | 10.9 | 14.9 | 26.6 | 26.6 | 26.6 | 26.6 |
Liquid assets | 36.6 | 57.7 | 54.2 | 78.9 | 89.5 | 97.7 | 119.3 |
Deferred taxes | 9.0 | 8.8 | 9.9 | 10.9 | 0.0 | 0.0 | 0.0 |
Deferred charges and prepaid expenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
CURRENT ASSETS | 105.8 | 128.5 | 136.1 | 177.1 | 183.7 | 199.1 | 225.0 |
TOTAL ASSETS | 199.5 | 217.0 | 229.1 | 274.2 | 280.2 | 299.5 | 321.6 |
SHAREHOLDERS EQUITY | 105.2 | 112.3 | 122.6 | 138.2 | 149.7 | 167.2 | 188.9 |
MINORITY INTEREST | 4.9 | 5.2 | 1.2 | 1.2 | 1.2 | 1.2 | 0.0 |
Long-term debt | 4.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Provisions for pensions and similar obligations | 11.8 | 11.7 | 11.4 | 13.5 | 13.5 | 13.5 | 13.5 |
Other provisions | 35.3 | 48.7 | 55.1 | 66.4 | 61.9 | 63.2 | 64.4 |
Non-current liabilities | 51.2 | 60.4 | 66.5 | 79.9 | 75.4 | 76.7 | 77.9 |
short-term liabilities to banks | 7.5 | 1.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Accounts payable | 6.4 | 4.5 | 6.5 | 4.5 | 6.2 | 6.8 | 7.2 |
Advance payments received on orders | 1.4 | 5.9 | 4.1 | 12.0 | 12.0 | 12.0 | 12.0 |
Other liabilities (incl. from lease and rental contracts) | 15.6 | 17.3 | 17.4 | 35.6 | 35.6 | 35.6 | 35.6 |
Deferred taxes | 5.6 | 6.4 | 7.1 | 2.8 | 0.0 | 0.0 | 0.0 |
Deferred income | 1.7 | 3.3 | 3.6 | 0.0 | 0.0 | 0.0 | 0.0 |
Current liabilities | 38.2 | 39.1 | 38.8 | 54.9 | 53.8 | 54.3 | 54.8 |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 199.5 | 217.0 | 229.1 | 274.2 | 280.2 | 299.5 | 321.6 |
Balance sheet (common size) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Intangible assets | 26.6 % | 23.7 % | 22.9 % | 18.9 % | 18.5 % | 17.3 % | 16.1 % |
Property, plant and equipment | 19.0 % | 15.6 % | 16.1 % | 14.6 % | 12.9 % | 13.4 % | 11.3 % |
Financial assets | 1.4 % | 1.5 % | 1.5 % | 1.9 % | 3.0 % | 2.8 % | 2.6 % |
FIXED ASSETS | 47.0 % | 40.8 % | 40.6 % | 35.4 % | 34.4 % | 33.5 % | 30.0 % |
Inventories | 12.6 % | 12.3 % | 12.6 % | 11.4 % | 13.0 % | 13.4 % | 12.9 % |
Accounts receivable | 11.6 % | 11.2 % | 12.4 % | 10.8 % | 11.2 % | 11.5 % | 11.7 % |
Other current assets | 6.0 % | 5.0 % | 6.5 % | 9.7 % | 9.5 % | 8.9 % | 8.3 % |
Liquid assets | 18.3 % | 26.6 % | 23.7 % | 28.8 % | 31.9 % | 32.6 % | 37.1 % |
Deferred taxes | 4.5 % | 4.1 % | 4.3 % | 4.0 % | 0.0 % | 0.0 % | 0.0 % |
Deferred charges and prepaid expenses | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
CURRENT ASSETS | 53.0 % | 59.2 % | 59.4 % | 64.6 % | 65.6 % | 66.5 % | 70.0 % |
TOTAL ASSETS | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
SHAREHOLDERS EQUITY | 52.7 % | 51.8 % | 53.5 % | 50.4 % | 53.4 % | 55.8 % | 58.7 % |
MINORITY INTEREST | 2.5 % | 2.4 % | 0.5 % | 0.5 % | 0.4 % | 0.4 % | 0.0 % |
Long-term debt | 2.1 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Provisions for pensions and similar obligations | 5.9 % | 5.4 % | 5.0 % | 4.9 % | 4.8 % | 4.5 % | 4.2 % |
Other provisions | 17.7 % | 22.4 % | 24.0 % | 24.2 % | 22.1 % | 21.1 % | 20.0 % |
Non-current liabilities | 25.7 % | 27.8 % | 29.0 % | 29.1 % | 26.9 % | 25.6 % | 24.2 % |
short-term liabilities to banks | 3.8 % | 0.8 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Accounts payable | 3.2 % | 2.1 % | 2.8 % | 1.6 % | 2.2 % | 2.3 % | 2.2 % |
Advance payments received on orders | 0.7 % | 2.7 % | 1.8 % | 4.4 % | 4.3 % | 4.0 % | 3.7 % |
Other liabilities (incl. from lease and rental contracts) | 7.8 % | 8.0 % | 7.6 % | 13.0 % | 12.7 % | 11.9 % | 11.1 % |
Deferred taxes | 2.8 % | 3.0 % | 3.1 % | 1.0 % | 0.0 % | 0.0 % | 0.0 % |
Deferred income | 0.8 % | 1.5 % | 1.6 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Current liabilities | 19.1 % | 18.0 % | 16.9 % | 20.0 % | 19.2 % | 18.1 % | 17.0 % |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
Source: Company data, Hauck & Aufhäuser
3 | Hauck & Aufhäuser Privatbankiers AG |
Eckert & Ziegler AG
Cash flow statement (EUR m) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Net profit/loss | 9.8 | 15.1 | 16.9 | 22.5 | 22.5 | 26.0 | 30.2 |
Depreciation of fixed assets (incl. leases) | 8.7 | 8.6 | 8.6 | 11.1 | 11.1 | 11.1 | 11.1 |
Amortisation of goodwill | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Amortisation of intangible assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Others | -0.8 | 5.5 | 2.8 | 10.6 | 0.0 | 0.0 | 0.0 |
Cash flow from operations before changes in w/c | 17.7 | 29.3 | 28.2 | 44.1 | 33.6 | 37.1 | 41.3 |
Increase/decrease in inventory | 0.3 | -1.7 | 0.7 | -2.2 | -5.2 | -3.8 | -1.2 |
Increase/decrease in accounts receivable | 2.0 | -1.1 | -4.0 | -1.2 | -1.8 | -3.3 | -3.2 |
Increase/decrease in accounts payable | 0.1 | -1.9 | 2.0 | -0.4 | 1.7 | 0.5 | 0.5 |
Increase/decrease in other working capital positions | 0.2 | 2.2 | -5.7 | 0.0 | 0.0 | 0.0 | 0.0 |
Increase/decrease in working capital | 2.6 | -2.5 | -7.0 | -3.7 | -5.3 | -6.6 | -3.9 |
Cash flow from operating activities | 20.3 | 26.8 | 21.2 | 40.4 | 28.3 | 30.6 | 37.4 |
CAPEX | 5.3 | 4.2 | 6.1 | 7.3 | 7.3 | 15.0 | 7.3 |
Payments for acquisitions | 0.2 | 5.5 | 2.1 | 0.9 | 0.0 | 0.0 | 0.0 |
Financial investments | 0.0 | 0.5 | 0.0 | 0.0 | 3.2 | 0.0 | 0.0 |
Income from asset disposals | 0.0 | 15.2 | -2.5 | 2.5 | 0.0 | 0.0 | 0.0 |
Cash flow from investing activities | -5.5 | 5.1 | -10.7 | -5.7 | -10.5 | -15.0 | -7.3 |
Cash flow before financing | 14.8 | 31.9 | 10.5 | 34.7 | 17.9 | 15.6 | 30.1 |
Increase/decrease in debt position | -3.9 | -5.3 | -1.7 | -2.7 | 0.0 | 0.0 | 0.0 |
Purchase of own shares | 0.0 | 0.0 | 8.6 | 0.0 | 0.0 | 0.0 | 0.0 |
Capital measures | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Dividends paid | 3.2 | 3.5 | 4.1 | 6.2 | 7.3 | 7.4 | 8.5 |
Others | -2.5 | -1.2 | -0.2 | -1.7 | 0.0 | 0.0 | 0.0 |
Effects of exchange rate changes on cash | 0.3 | -0.8 | 0.6 | 0.5 | 0.0 | 0.0 | 0.0 |
Cash flow from financing activities | -9.5 | -10.0 | -14.6 | -10.5 | -7.3 | -7.4 | -8.5 |
Increase/decrease in liquid assets | 5.6 | 21.1 | -3.5 | 24.7 | 10.6 | 8.2 | 21.6 |
Liquid assets at end of period | 37.0 | 57.7 | 54.2 | 78.9 | 89.5 | 97.7 | 119.3 |
Source: Company data, Hauck & Aufhäuser
Regional split (EUR m) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Domestic | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
yoy change | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Rest of Europe | 74.5 | 84.9 | 96.8 | 110.4 | 125.9 | 143.5 | 163.6 |
yoy change | 3.5 % | 14.0 % | 14.0 % | 14.0 % | 14.0 % | 14.0 % | 14.0 % |
NAFTA | 46.1 | 53.0 | 60.9 | 70.1 | 80.6 | 92.7 | 106.6 |
yoy change | 3.5 % | 15.0 % | 15.0 % | 15.0 % | 15.0 % | 15.0 % | 15.0 % |
Asia Pacific | 14.0 | 15.8 | 17.9 | 20.2 | 22.9 | 25.8 | 29.2 |
yoy change | 8.0 % | 13.0 % | 13.0 % | 13.0 % | 13.0 % | 13.0 % | 13.0 % |
Rest of world | -14.7 | -15.1 | -7.0 | -22.2 | -50.9 | -64.9 | -84.0 |
yoy change | neg. | neg. | neg. | neg. | neg. | neg. | neg. |
TTL | 119.9 | 138.6 | 168.7 | 178.5 | 178.4 | 197.1 | 215.3 |
yoy change | -14.2 % | 15.7 % | 21.7 % | 5.8 % | -0.1 % | 10.5 % | 9.2 % |
Source: Company data, Hauck & Aufhäuser
4 | Hauck & Aufhäuser Privatbankiers AG |
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Eckert & Ziegler AG published this content on 19 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2021 11:23:05 UTC