Eckert & Ziegler AG

Germany - High-tech Engineering

Buy (old: Buy)

02-September-22

Price target: EUR 120.00 (old: EUR 120.00)

Alexander Galitsa

Analyst

Price:

EUR 37.54

Next result:

Q3 14.11.22

Bloomberg:

EUZ GR

Market cap:

EUR 776.9 m

alexander.galitsa@ha-ib.de

Tel.: +49 40 414 3885 83

Reuters:

EUZG.DE

Enterprise Value:

EUR 717.4 m

Uniquely positioned in the market for radiopharmaceuticals

Reason to write: A roadshow with EUZ's Executive Board member Mr. Hasselmann fully reinforced our positive view on the investment case. In short, EUZ is a highly attractive play on the rapidly developing radiopharmaceutical market offering a unique mix of mission-critical products and services along the value chain complemented by promising clinical assets, which could be a game changer for the company's valuation.

In the field of oncology, radiopharmaceuticals are increasingly gaining traction as a highly effective cancer treatment modality. This is well-evidencedby the first two drug approvals (Lutathera, Pluvicto) and substantial inflow of capital into clinical development of radiopharmaceuticals across numerous cancer indications. Accordingly, the relevant market for targeted radiotherapies and corresponding diagnostics is forecast to exceed $ 10bn by 2025E, reaching more than $ 25bn by 2030E from currently c. $ 6bn.

With decades of experience in handling radiation and providing isotope technology across various end markets, EUZ is ideally positioned to capitalize on market growth. In fact, already today c. € 60m or c. 30% of total sales are radiopharma-related, comprising isotopes (e.g. Ga-68,Y-90,Tc-99), CDMO services (e.g. for Bayer) and equipment for radiopharmaceutical production and respective engineering services.

Given that the share of radioisotopes and CDMO services amounts to 30%+ of the radiopharmaceutical selling price, this would result in a TAM of $ 6bn+ for EUZ by 2030E. This should fundamentally transform the company's sales mix strongly in favor of high-margin,recurring revenues.

While EUZ is already an important player in the cancer imaging market thanks to its strong position with Ga-68 (€ 30m+ sales) and increasingly so with Tc-99 generators (>

  • 10m), therapeutic isotopes such as Lu-177 and Ac-225 are increasingly gaining traction with expanding commercial use (e.g. Lutathera, Pluvicto) and a growing clinical pipeline. In this context, the initiative to expand the company's global footprint should further improve its reliability as a supplier and hence bode well for its competiveness.

Importantly, the market continues to misprice the mid- to long-term growth opportunity in radiopharma, in our view. We conservatively value the existing franchise at c. € 500m, which implicitly values the radiopharma growth opportunity and the company's clinical assets (e.g. PentixaPharm) at mere € 200m, despite addressing emerging multi-billion$ markets. BUY with an unchanged PT of € 120 based on DCF.

Y/E 31.12 (EUR m)

2018

2019

2020

2021

2022E

2023E

2024E

Sales

168.7

178.5

176.1

180.4

215.0

229.0

258.0

Sales growth

22 %

6 %

-1 %

2 %

19 %

7 %

13 %

EBITDA

32.0

43.1

44.8

57.0

57.3

62.8

80.5

EBIT

23.4

32.1

33.7

47.4

46.6

44.9

54.7

Net income

16.1

22.0

22.9

34.4

30.5

30.7

37.5

Net debt

-54.1

-78.9

-88.6

-86.6

-72.5

-36.3

-39.8

Net gearing

-44.1 %

-57.1 % -59.9 %

-46.2 % -35.0 %

-16.1 % -15.9 %

Net Debt/EBITDA

0.0

0.0

0.0

0.0

0.0

0.0

0.0

EPS pro forma

3.12

1.06

1.04

1.67

1.47

1.48

1.81

CPS

0.64

1.46

1.28

1.20

1.21

1.36

1.48

DPS

1.20

0.35

0.35

0.56

0.50

0.50

0.50

Dividend yield

2.6 %

0.8 %

0.8 %

1.2 %

1.1 %

1.1 %

1.1 %

Gross profit margin

44.1 %

48.8 %

49.1 %

50.5 %

50.5 %

49.4 %

49.9 %

EBITDA margin

18.9 %

24.2 %

25.4 %

31.6 %

26.6 %

27.4 %

31.2 %

EBIT margin

13.9 %

18.0 %

19.1 %

26.3 %

21.7 %

19.6 %

21.2 %

ROCE

17.6 %

22.5 %

22.9 %

26.0 %

17.5 %

13.8 %

15.7 %

EV/sales

1.1

3.1

4.2

10.1

4.1

4.0

3.5

EV/EBITDA

5.5

13.0

16.7

32.0

15.4

14.6

11.4

EV/EBIT

7.6

17.5

22.2

38.5

18.9

20.4

16.7

PER

10.5

25.5

34.9

52.7

28.5

30.7

25.1

Adjusted FCF yield

9.8 %

4.2 %

3.3 %

2.0 %

3.8 %

3.7 %

4.6 %

Source: Company data, Hauck Aufhäuser Investment Banking Close price as of: 01.09.2022

Please refer to important disclosures at the end of the report

Source: Company data, Hauck Aufhäuser Investment Banking

High/low 52 weeks:

137.40 / 30.66

Price/Book Ratio:

3.8

Relative performance (SDAX):

3 months

5.9 %

6 months

-22.7 %

12 months

-37.5 %

Changes in estimates

Sales

EBIT

EPS

2022

old:

215.0

46.6

1.47

-

-

-

2023

old:

229.0

44.9

1.48

-

-

-

2024

old:

258.0

54.7

1.81

-

-

-

Key share data:

Number of shares: (in m pcs)

20.7

Authorised capital: (in € m)

0.6

Book value per share: (in €)

10.0

Ø trading volume: (12 months)

20,453

Major shareholders:

Free float

67.8 %

Founders

32.2 %

Eckert & Ziegler AG

0.1 %

Company description:

A full-service provider for

radiopharmaceuticals and isotope technology for industrial applications

Eckert & Ziegler AG

Financials

Profit and loss (EUR m)

2018

2019

2020

2021

2022E

2023E

2024E

Sales

168.7

178.5

176.1

180.4

215.0

229.0

258.0

Sales growth

21.7 %

5.8 %

-1.3 %

2.4 %

19.2 %

6.5 %

12.7 %

Cost of sales

94.4

91.5

89.6

89.4

106.5

115.8

129.2

Gross profit

74.3

87.0

86.5

91.1

108.5

113.2

128.8

Sales and marketing

23.3

22.9

21.7

22.6

24.0

26.0

27.7

General and administration

26.9

27.6

28.1

31.5

33.3

37.5

41.5

Research and development

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Other operating income

3.5

2.8

5.8

17.7

2.6

2.6

2.6

Other operating expenses

4.5

7.1

7.2

7.3

7.3

7.4

7.6

Unusual or infrequent items

0.2

-0.2

-1.6

0.0

0.0

0.0

0.0

EBITDA

32.0

43.1

44.8

57.0

57.3

62.8

80.5

Depreciation

8.6

11.1

11.1

9.6

10.7

17.9

25.8

EBITA

23.4

32.1

33.7

47.4

46.6

44.9

54.7

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)

23.4

32.1

33.7

47.4

46.6

44.9

54.7

Interest income

0.2

0.3

0.2

0.1

0.1

0.1

0.1

Interest expenses

0.7

1.1

1.2

1.2

1.2

1.2

1.2

Other financial result

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Financial result

-0.5

-0.8

-0.9

-1.1

-1.1

-1.1

-1.1

Recurring pretax income from continuing operations

22.9

31.2

32.7

46.4

45.5

43.9

53.6

Extraordinary income/loss

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Earnings before taxes

22.9

31.2

32.7

46.4

45.5

43.9

53.6

Taxes

6.0

8.8

9.6

11.7

15.0

13.2

16.1

Net income from continuing operations

16.9

22.5

23.1

34.7

30.5

30.7

37.5

Result from discontinued operations (net of tax)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Net income

16.9

22.5

23.1

34.7

30.5

30.7

37.5

Minority interest

0.8

0.5

0.2

0.2

0.0

0.0

0.0

Net profit (reported)

16.1

22.0

22.9

34.4

30.5

30.7

37.5

Average number of shares

20.5

20.5

20.6

20.6

20.7

20.7

20.7

EPS reported

0.79

1.07

1.11

1.67

1.47

1.48

1.81

Profit and loss (common size)

2018

2019

2020

2021

2022E

2023E

2024E

Sales

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

Cost of sales

55.9 %

51.2 %

50.9 %

49.5 %

49.5 %

50.6 %

50.1 %

Gross profit

44.1 %

48.8 %

49.1 %

50.5 %

50.5 %

49.4 %

49.9 %

Sales and marketing

13.8 %

12.8 %

12.3 %

12.5 %

11.1 %

11.3 %

10.7 %

General and administration

15.9 %

15.4 %

15.9 %

17.4 %

15.5 %

16.4 %

16.1 %

Research and development

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Other operating income

2.1 %

1.6 %

3.3 %

9.8 %

1.2 %

1.1 %

1.0 %

Other operating expenses

2.6 %

4.0 %

4.1 %

4.0 %

3.4 %

3.2 %

2.9 %

Unusual or infrequent items

0.1 %

neg.

neg.

0.0 %

0.0 %

0.0 %

0.0 %

EBITDA

18.9 %

24.2 %

25.4 %

31.6 %

26.6 %

27.4 %

31.2 %

Depreciation

5.1 %

6.2 %

6.3 %

5.3 %

5.0 %

7.8 %

10.0 %

EBITA

13.9 %

18.0 %

19.1 %

26.3 %

21.7 %

19.6 %

21.2 %

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)

13.9 %

18.0 %

19.1 %

26.3 %

21.7 %

19.6 %

21.2 %

Interest income

0.1 %

0.2 %

0.1 %

0.1 %

0.1 %

0.1 %

0.1 %

Interest expenses

0.4 %

0.6 %

0.7 %

0.7 %

0.6 %

0.5 %

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

13.6 %

17.5 %

18.6 %

25.7 %

21.2 %

19.1 %

20.8 %

Extraordinary income/loss

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Earnings before taxes

13.6 %

17.5 %

18.6 %

25.7 %

21.2 %

19.1 %

20.8 %

Tax rate

26.2 %

28.1 %

29.4 %

25.3 %

33.0 %

30.0 %

30.0 %

Net income from continuing operations

10.0 %

12.6 %

13.1 %

19.2 %

14.2 %

13.4 %

14.5 %

Result from discontinued operations (net of tax)

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Net income

10.0 %

12.6 %

13.1 %

19.2 %

14.2 %

13.4 %

14.5 %

Minority interest

0.4 %

0.3 %

0.1 %

0.1 %

0.0 %

0.0 %

0.0 %

Net profit (reported)

9.6 %

12.3 %

13.0 %

19.1 %

14.2 %

13.4 %

14.5 %

Source: Company data, Hauck Aufhäuser Investment Banking

2

Hauck Aufhäuser Investment Banking

Eckert & Ziegler AG

Balance sheet (EUR m)

2018

2019

2020

2021

2022E

2023E

2024E

Intangible assets

52.5

51.9

41.4

61.4

46.7

46.7

46.7

Property, plant and equipment

36.9

40.0

38.0

61.9

103.0

155.1

169.3

Financial assets

3.5

5.2

8.0

16.4

16.4

16.4

16.4

FIXED ASSETS

93.0

97.1

87.4

139.7

166.1

218.2

232.4

Inventories

28.8

31.2

33.6

37.4

41.3

44.0

49.6

Accounts receivable

28.3

29.5

28.2

31.9

35.3

37.6

42.4

Other current assets

14.9

26.6

42.3

34.0

34.0

34.0

34.0

Liquid assets

54.2

78.9

88.6

93.7

79.6

43.4

46.9

Deferred taxes

9.9

10.9

11.9

11.2

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

136.1

177.1

204.6

208.1

190.3

159.1

172.9

TOTAL ASSETS

229.1

274.2

292.0

347.7

356.4

377.3

405.3

SHAREHOLDERS EQUITY

122.6

138.2

147.8

187.4

207.0

225.6

251.0

MINORITY INTEREST

1.2

1.2

1.1

5.1

0.0

0.0

0.0

Long-term debt

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Provisions for pensions and similar obligations

11.4

13.5

14.4

13.0

13.0

13.0

13.0

Other provisions

55.1

66.4

70.5

92.5

88.1

89.8

91.6

Non-current liabilities

66.5

79.9

84.9

105.5

101.1

102.9

104.7

short-term liabilities to banks

0.0

0.0

0.0

7.1

7.1

7.1

7.1

Accounts payable

6.5

4.5

5.0

5.6

6.4

7.0

7.8

Advance payments received on orders

4.1

12.0

8.6

11.6

11.6

11.6

11.6

Other liabilities (incl. from lease and rental contracts)

17.4

35.6

42.3

23.1

23.1

23.1

23.1

Deferred taxes

7.1

2.8

2.2

2.2

0.0

0.0

0.0

Deferred income

3.6

0.0

0.0

0.0

0.0

0.0

0.0

Current liabilities

38.8

54.9

58.2

49.7

48.3

48.8

49.6

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

229.1

274.2

292.0

347.7

356.4

377.3

405.3

Balance sheet (common size)

2018

2019

2020

2021

2022E

2023E

2024E

Intangible assets

22.9 %

18.9 %

14.2 %

17.7 %

13.1 %

12.4 %

11.5 %

Property, plant and equipment

16.1 %

14.6 %

13.0 %

17.8 %

28.9 %

41.1 %

41.8 %

Financial assets

1.5 %

1.9 %

2.7 %

4.7 %

4.6 %

4.3 %

4.0 %

FIXED ASSETS

40.6 %

35.4 %

29.9 %

40.2 %

46.6 %

57.8 %

57.3 %

Inventories

12.6 %

11.4 %

11.5 %

10.7 %

11.6 %

11.7 %

12.2 %

Accounts receivable

12.4 %

10.8 %

9.7 %

9.2 %

9.9 %

10.0 %

10.5 %

Other current assets

6.5 %

9.7 %

14.5 %

9.8 %

9.5 %

9.0 %

8.4 %

Liquid assets

23.7 %

28.8 %

30.3 %

26.9 %

22.3 %

11.5 %

11.6 %

Deferred taxes

4.3 %

4.0 %

4.1 %

3.2 %

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

59.4 %

64.6 %

70.1 %

59.8 %

53.4 %

42.2 %

42.7 %

TOTAL ASSETS

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

SHAREHOLDERS EQUITY

53.5 %

50.4 %

50.6 %

53.9 %

58.1 %

59.8 %

61.9 %

MINORITY INTEREST

0.5 %

0.5 %

0.4 %

1.5 %

0.0 %

0.0 %

0.0 %

Long-term debt

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Provisions for pensions and similar obligations

5.0 %

4.9 %

4.9 %

3.8 %

3.7 %

3.5 %

3.2 %

Other provisions

24.0 %

24.2 %

24.1 %

26.6 %

24.7 %

23.8 %

22.6 %

Non-current liabilities

29.0 %

29.1 %

29.1 %

30.4 %

28.4 %

27.3 %

25.8 %

short-term liabilities to banks

0.0 %

0.0 %

0.0 %

2.0 %

2.0 %

1.9 %

1.7 %

Accounts payable

2.8 %

1.6 %

1.7 %

1.6 %

1.8 %

1.9 %

1.9 %

Advance payments received on orders

1.8 %

4.4 %

3.0 %

3.3 %

3.3 %

3.1 %

2.9 %

Other liabilities (incl. from lease and rental contracts)

7.6 %

13.0 %

14.5 %

6.7 %

6.5 %

6.1 %

5.7 %

Deferred taxes

3.1 %

1.0 %

0.8 %

0.6 %

0.0 %

0.0 %

0.0 %

Deferred income

1.6 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

0.0 %

Current liabilities

16.9 %

20.0 %

19.9 %

14.3 %

13.5 %

12.9 %

12.2 %

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

Source: Company data, Hauck Aufhäuser Investment Banking

3

Hauck Aufhäuser Investment Banking

Eckert & Ziegler AG

Cash flow statement (EUR m)

2018

2019

2020

2021

2022E

2023E

2024E

Net profit/loss

16.9

22.5

23.1

34.7

30.5

30.7

37.5

Depreciation of fixed assets (incl. leases)

8.6

11.1

11.1

9.6

10.7

17.9

25.8

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

2.8

10.6

4.3

-1.1

0.0

0.0

0.0

Cash flow from operations before changes in w/c

28.2

44.1

38.5

43.1

41.2

48.6

63.3

Increase/decrease in inventory

0.7

-2.2

-2.4

-6.0

-4.0

-2.7

-5.6

Increase/decrease in accounts receivable

-4.0

-1.2

0.1

-3.9

-3.5

-2.3

-4.8

Increase/decrease in accounts payable

2.0

-0.4

0.5

0.6

0.8

0.6

0.8

Increase/decrease in other working capital positions

-5.7

0.0

0.0

0.0

0.0

0.0

0.0

Increase/decrease in working capital

-7.0

-3.7

-1.7

-9.3

-6.6

-4.4

-9.5

Cash flow from operating activities

21.2

40.4

36.8

33.9

34.6

44.2

53.8

CAPEX

6.1

7.3

8.9

28.9

37.1

70.0

40.0

Payments for acquisitions

2.1

0.9

0.0

8.3

0.0

0.0

0.0

Financial investments

0.0

0.0

5.4

0.0

0.0

0.0

0.0

Income from asset disposals

-2.5

2.5

0.9

13.5

0.0

0.0

0.0

Cash flow from investing activities

-10.7

-5.7

-13.3

-23.6

-37.1

-70.0

-40.0

Cash flow before financing

10.5

34.7

23.4

10.3

-2.5

-25.8

13.8

Increase/decrease in debt position

-1.7

-2.7

-3.0

7.1

0.0

0.0

0.0

Purchase of own shares

8.6

0.0

0.0

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

4.1

6.2

8.8

9.3

11.5

10.3

10.3

Others

-0.2

-1.7

-1.2

-3.8

0.0

0.0

0.0

Effects of exchange rate changes on cash

0.6

0.5

-1.9

2.0

0.0

0.0

0.0

Cash flow from financing activities

-14.6

-10.5

-13.0

-6.1

-11.5

-10.3

-10.3

Increase/decrease in liquid assets

-3.5

24.7

8.6

6.2

-14.0

-36.2

3.4

Liquid assets at end of period

54.2

78.9

87.4

93.6

79.6

43.4

46.9

Source: Company data, Hauck Aufhäuser Investment Banking

Regional split (EUR m)

2018

2019

2020

2021

2022E

2023E

2024E

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

96.8

110.4

125.9

143.5

163.6

186.5

212.6

yoy change

14.0 %

14.0 %

14.0 %

14.0 %

14.0 %

14.0 %

14.0 %

NAFTA

60.9

70.1

80.6

92.7

106.6

122.5

140.9

yoy change

15.0 %

15.0 %

15.0 %

15.0 %

15.0 %

15.0 %

15.0 %

Asia Pacific

17.9

20.2

22.9

25.8

29.2

33.0

37.3

yoy change

13.0 %

13.0 %

13.0 %

13.0 %

13.0 %

13.0 %

13.0 %

Rest of world

-7.0

-22.2

-53.1

-81.5

-84.3

-113.0

-132.8

yoy change

neg.

neg.

neg.

neg.

neg.

neg.

neg.

TTL

168.7

178.5

176.1

180.4

215.0

229.0

258.0

yoy change

21.7 %

5.8 %

-1.3 %

2.4 %

19.2 %

6.5 %

12.7 %

Source: Company data, Hauck Aufhäuser Investment Banking

4

Hauck Aufhäuser Investment Banking

Eckert & Ziegler AG

Key ratios (EUR m)

2018

2019

2020

2021

2022E

2023E

2024E

P&L growth analysis

Sales growth

21.7 %

5.8 %

-1.3 %

2.4 %

19.2 %

6.5 %

12.7 %

EBITDA growth

20.1 %

35.0 %

3.8 %

27.4 %

0.4 %

9.7 %

28.1 %

EBIT growth

30.1 %

37.1 %

5.1 %

40.8 %

-1.8 %

-3.6 %

21.7 %

EPS growth

9.7 %

36.5 %

3.6 %

50.5 %

-11.8 %

0.6 %

22.2 %

Efficiency

Total operating costs / sales

30.3 %

30.7 %

29.1 %

24.2 %

28.8 %

29.8 %

28.7 %

Sales per employee

n/a

n/a

n/a

n/a

n/a

n/a

n/a

EBITDA per employee

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Balance sheet analysis

Avg. working capital / sales

25.8 %

25.4 %

26.2 %

27.8 %

25.7 %

26.6 %

26.3 %

Inventory turnover (sales/inventory)

5.9

5.7

5.2

4.8

5.2

5.2

5.2

Trade debtors in days of sales

61.2

60.3

58.4

64.5

60.0

60.0

60.0

A/P turnover [(A/P*365)/sales]

25.1

17.9

20.4

22.8

22.0

22.0

22.0

Cash conversion cycle (days)

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Cash flow analysis

Free cash flow

15.1

33.2

27.9

5.0

-2.5

-25.8

13.8

Free cash flow/sales

8.9 %

18.6 %

15.8 %

2.8 %

-1.2 %

-11.3 %

5.3 %

FCF / net profit

93.5 %

150.7 %

121.8 %

14.5 %

neg.

neg.

36.7 %

Capex / depn

71.4 %

65.5 %

128.8 %

300.7 %

348.1 %

390.9 %

155.0 %

Capex / maintenance capex

75.2 %

68.9 %

84.6 %

316.6 %

540.0 %

434.3 %

172.3 %

Capex / sales

3.6 %

4.1 %

8.1 %

16.0 %

17.3 %

30.6 %

15.5 %

Security

Net debt

-54.1

-78.9

-88.6

-86.6

-72.5

-36.3

-39.8

Net Debt/EBITDA

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Net debt / equity

neg.

neg.

neg.

neg.

neg.

neg.

neg.

Interest cover

34.8

29.3

28.2

39.7

39.0

37.6

45.7

Dividend payout ratio

152.7 %

33.0 %

31.1 %

33.3 %

33.9 %

33.7 %

27.6 %

Asset utilisation

Capital employed turnover

1.2

1.2

1.2

0.8

0.7

0.7

0.7

Operating assets turnover

2.0

2.1

2.0

1.6

1.3

1.0

1.1

Plant turnover

4.6

4.5

4.6

2.9

2.1

1.5

1.5

Inventory turnover (sales/inventory)

5.9

5.7

5.2

4.8

5.2

5.2

5.2

Returns

ROCE

17.6 %

22.5 %

22.9 %

26.0 %

17.5 %

13.8 %

15.7 %

ROE

13.2 %

15.9 %

15.5 %

18.4 %

14.7 %

13.6 %

15.0 %

Other

Interest paid / avg. debt

73.9 %

1809.9 %

5819.5 %

33.7 %

16.9 %

16.9 %

16.9 %

No. employees (average)

0

0

0

0

0

0

0

Number of shares

20.5

20.5

20.6

20.6

20.7

20.7

20.7

DPS

1.2

0.4

0.3

0.6

0.5

0.5

0.5

EPS reported

0.79

1.07

1.11

1.67

1.47

1.48

1.81

Valuation ratios

P/BV

7.6

6.8

6.3

5.0

4.5

4.2

3.8

EV/sales

1.1

3.1

4.2

10.1

4.1

4.0

3.5

EV/EBITDA

5.5

13.0

16.7

32.0

15.4

14.6

11.4

EV/EBITA

7.6

17.5

22.2

38.5

18.9

20.4

16.7

EV/EBIT

7.6

17.5

22.2

38.5

18.9

20.4

16.7

EV/FCF

11.7

16.9

26.8

364.9

-347.0

-35.5

66.4

Adjusted FCF yield

9.8 %

4.2 %

3.3 %

2.0 %

3.8 %

3.7 %

4.6 %

Dividend yield

2.6 %

0.8 %

0.8 %

1.2 %

1.1 %

1.1 %

1.1 %

Source: Company data, Hauck Aufhäuser Investment Banking

5

Hauck Aufhäuser Investment Banking

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Eckert & Ziegler AG published this content on 02 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2022 09:59:49 UTC.