Original-Research: OHB SE (von NuWays AG): SELL
Original-Research: OHB SE - from NuWays AG
Classification of NuWays AG to OHB SE
Approaching deal closing, all eyes on Belgium Topic: With yesterday's Q2 results, mangement reiterated its view, that the KKR-takeover should close 'this summer'. In detail: Current status: Currently, the only remaining condition is the FDI approval of Belgium, regarding OHB subsidiary Antwerp Space N.V. All other offer conditions have already been met. However, the long-stop date (30th September 2024), on which all offer conditions must be met, is a mere 7 weeks ahead. What is taking so long? According to management, the main reason behind the late FDI approval of Belgium should be thatt he authorities have started to look into case after Germany has given its FDI approval on 29th May '24. Given the usual 60-100 days it takes, the approval should come soon. Fulfillment of offer conditions expected before long-stop date: Management nevertheless feels comfortable to announce the closing before the long-stop date while keeping close contact to KKR and Belgian authorities. Given that all other countries gave a positive FDI approval and the fact that USbased KKR will remain a minority shareholder, there should not be any national security or other strategic risks related to this deal for Belgium, in our view. But what if not? In the event of a negative or no FDI approval of Belgium, the takeover document states, that KKR would need to waive the offer condition before the end of the acception period (already over per 3rd Nov. 2023). Consequently, the takeover offer would lapse and the tendered shares will be returned to the original shareholders. Nevertheless, OHB would likely still delist in this case in our view, given that KKR and Fuchs Family still own >75% (ex shares held for tender). Just the squeeze-out (SO) threshold of 95% would be further away. All in all, there are no major reasons speaking against an FDI approval of Belgium, which is holding back the transfer of tendered shares to KKR. Given the comprehensible reason for the delay, we expect Belgian's FDI approval and the consequent closing of the transaction before the long-stop date. Against this backdrop, we stick to our SELL rating for those investors who have not tendered their shares in order to mitigate the risk of owning a highly illiquid or delisted stock that seeks a SO thereafter. You can download the research here: http://www.more-ir.de/d/30409.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: 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. ++++++++++
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1964451 09.08.2024 CET/CEST
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 |
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 | ||||||
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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 |
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
0,60 | 0,60 | 0,60 | 1,27% |
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 |
Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
+3,29% | +6,75% | +11,79% | +13,26% | +351,43% |
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