Original-Research: OHB SE (von NuWays AG): SELL
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Original-Research: OHB SE - from NuWays AG
Classification of NuWays AG to OHB SE
Deorbiting from Wall Street Topic: KKR announced that all offer conditions are met and the transfer of shares for Sept. 6th. Belgian FDI approval: Following Germany's FDI approval from May '24, Belgium has also given green light for KKR's takeover of OHB's free float. This was anticipated as early as Sept. '24 (see update from Aug. 8th) as Belgium's FDI authority has only started to look into the case after Germany. This was the last remaining offer condition that needed to be fulfilled before the long-stop date (Sept. 30th 2024) in order for the tender offer to go through. Transfer of shares on Sept. 6th: According to the offer document, KKR will now pursue the transfer of shares against a € 44 per share cash settlement latest after 8 banking days (i.e., Sept. 9th), but plans to execute the transfer on Friday, Sept. 6th. New shareholder structure post share transfer: Following the transfer, OHB will be controlled by the Fuchs Family (65.35%) and KKR (28.64%). Together they will thus hold 93.99% of shares. Excluding treasury shares (0.33%), that are not equipped with voting rights, Fuchs Family and KKR will thus make up 94.3% of voting rights, which is only 0.7% short of the squeeze-out (SO) threshold of 95% of voting rights. Filling the gap to 95%: We deem it likely, that KKR will acquire the missing 0.7% either from the remaining free float (4.91%) or from the special situation fund SYQUANT (0.78%) to overcome the SO threshold. As the free float shares are trading at low volumes, an OTC block trade seems more likely in our view. Delisting and SO at once, but not in the short-term: Given that KKR and Fuchs Family have no time pressure to pursue the delisting, we expect them to wait for the SO threshold to be reached before the final decision to delist, which will likely not fall before the next AGM in mid-2025. Recommendation: The remaining free float shareholders should avoid the risk of owning an illiquid stock in the upcoming delisting for which a SO seems very likely. Therefore, we recommend to SELL at current levels (yesterdays closing price of € 45.90 above the € 44.00 offer price) while one still can You can download the research here: http://www.more-ir.de/d/30647.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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1976263 28.08.2024 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 | ||||||
| ©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 |
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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% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
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