OHB SE
ISIN: DE0005936124
WKN: 593612
10 November 2023 10:16AM

Original-Research: OHB SE (von NuWays AG): SELL

OHB SE · ISIN: DE0005936124 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 18211

Original-Research: OHB SE - von NuWays AG

Einstufung von NuWays AG zu OHB SE

Unternehmen: OHB SE
ISIN: DE0005936124

Anlass der Studie: Update
Empfehlung: SELL
seit: 10.11.2023
Kursziel: € 44,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch

Delisting still intended, squeeze-out not possible for now

Topic: After the end of the extended tender period on November 3rd, the Fuchs Family Pool and KKR together now control 93.39% of shares.

With the Fuchs Family in control of 71.89% and KKR in control of 21.51%, a substantial controlling interest has been reached, but not the required 95% for a squeeze-out. Even with the planned 10% capital increase (without subscription rights), which KKR will solely subscribe to, KKR and the Fuchs Family Pool would only reach 94.0% of shares (i.e. 94.51% of voting rights due to treasury shares without voting rights; see p. 2).

The tender offer still requires regulatory approval (by investment and subsidy control authorities of each state, that OHB operates in), but the remaining offer conditions (1. approval by merger control authorities, 2. no dividends, capital measures or insolvency within the tender period and 3. no regulatory prohibition of the offer) are already fulfilled. Hence, the actual transfer of shares to KKR in return for the cash settlement of € 44.00 per share should take place in H1 24e.

While we do not participate in speculation, it is worth highlighting that it seems unlikely that KKR raises the offer price to attract the remaining 0.5% of shares required to reach the 95% threshold. Also, the Fuchs Family and KKR indicate to delist the company anyway (without squeeze-out majority), which would bear the risk of not being able to sell OHB shares in the future.

The stock now trades on very low volumes and the ability to liquidate existing positions should continue to decrease going forward, as free float now stands at a mere 6% (5.5% after capital increase). Furthermore, KKR might be willing to buy blocks from the remaining shareholders OTC or via the stock exchange, which could lead to KKR and the Fuchs Family Pool exceeding the 95% squeeze-out threshold shortly. Should it be reached, existing shareholders can be forced to sell for € 44.

Hence, we recommend to SELL at € 44.00 per share due to the decreasing liquidity of the stock, the potential of a squeeze-out as well as the planned delisting.

On a side note, OHB continues to operate well this year, with record Q3 results reported yesterday, however this should not have an impact on the share price for now.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28211.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research.

Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 976,55 1.004,62 880,32 905,00 944,52 1.047,80 1.250,00
EBITDA1,2 65,01 78,33 77,02 83,62 99,28 162,12 110,00
EBITDA-Margin3 6,66 7,80 8,75 9,24 10,51 15,47 8,80
EBIT1,4 47,75 49,11 41,63 47,02 63,20 125,02 82,00
EBIT-Margin5 4,89 4,89 4,73 5,20 6,69 11,93 6,56
Net Profit (Loss)1 28,39 25,63 19,74 27,75 32,23 85,88 43,00
Net-Margin6 2,91 2,55 2,24 3,07 3,41 8,20 3,44
Cashflow1,7 60,18 22,88 44,12 -17,35 9,12 -61,80 0,00
Earnings per share8 1,44 1,47 1,20 1,58 1,86 4,10 2,23
Dividend per share8 0,43 0,00 0,43 0,48 0,60 0,60 0,60
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: PricewaterhouseCoopers

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
OHB
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
593612 DE0005936124 SE 910,79 Mio € 13.03.2001 Halten 9F5C4V24+7G
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
17,69 22,00 0,80 26,77 2,29 -14,74 0,87
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,60 0,60 0,60 1,27%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
27.05.2025 08.05.2025 07.08.2025 12.11.2024 20.03.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,21%
47,40 €
ATH 49,85 €
+3,29% +6,75% +11,79% +13,26% +351,43%

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