Original-Research: OHB SE (von NuWays AG): Verkaufen
Original-Research: OHB SE - from NuWays AG
Classification of NuWays AG to OHB SE
Company Name: OHB SE
ISIN: DE0005936124
Reason for the research: Update
Recommendation: Verkaufen
from: 24.04.2024
Target price: EUR 44.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Henry Wendisch
KKR Takeover: still waiting for regulatory approval
Topic: KKR's takeover of OHB's free float still awaits regulatory approval by three European countries, leading to a estimated closing of the transaction in Q2/Q3 2024e. Thereafter, a delisting and squeeze-out seems likely.
FDI approval pending: Most conditions of the takeover are fulfilled, however, the foreign direct investment (FDI) authorities of (1) Germany, (2) Belgium and (3) Sweden still need to approve the takeover, while the remaining seven relevant countries already gave their approval. Thereafter, KKR plans to close the transaction and pay-out the cash compensation of € 44 per share for shareholders that tendered their shares. According to the company, this could be as early as Q2/Q3 2024e.
Capital increase resolved: KKR seems confident in getting final FDI approval, as it already solely subscribed the 10% capital increase at end of last year. Hence, KKR now holds 9.9% directly and 18.7% indirectly of OHB shares. The remaining 5.7% (free float was only 24.4%) have not been tendered during the tender period.
Delisting ahead: Following final FDI approval and closing of the transaction, KKR will directly hold 28.64% of shares and the Fuchs Family Pool 65.35%, owning the the majority of votes. We expect the official decision to delist OHB shortly after.
Squeeze-out likely: KKR and the Fuchs Family will directly hold a combined 93.99% of shares, but control 94.51% of voting rights (excl. treasury shares w/o voting rights), only slightly below the required squeeze-out level of 95%. Thus, we regard a squeezeout as likely, as KKR only needs to acquire additional 0.49% of shares from existing shareholders, which will be actively pursued by KKR.
FY'23 results driven by one-off: The first time at-equity reflection of OHB's stake in Rocket Factory Augsburg (prev.: consolidated, but held as discontinued operations) led to a positive € 76m EBITDA oneoff effect, pushing FY'23 EBITDA to € 162m (€ 87m EBITDA without the one-off effect).
In sum, OHB continues to walk the delisting road. As a result, we recommend shareholders of the remaining free float to SELL at € 44.00 per share if owning shares of a delisted company is not favourable.
You can download the research here:
http://www.more-ir.de/d/29507.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
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
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 |
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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