Original-Research: Schloss Wachenheim AG (von First Berlin Equity Research GmbH): Buy
Original-Research: Schloss Wachenheim AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Schloss Wachenheim AG
Company Name: Schloss Wachenheim AG
ISIN: DE0007229007
Reason for the research: Q3 23/24 results
Recommendation: Buy
from: 13.05.2024
Target price: €22,00
Target price on sight of: 12 months
Last rating change: -
Analyst: Simon Scholes, CFA
First Berlin Equity Research has published a research update on Schloss Wachenheim AG (ISIN: DE0007229007). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 22.00 price target.
Abstract:
Q3 23/24 sales climbed 5.6% to €87.1m (Q3 22/23: €82.5m) as price rises and
positive product mix and currency effects outweighed a 2.3% decline in
volume to 43.0m bottles (Q3 22/23: 44.0m bottles). Q3 23/24 EBIT of €-2.2m
(Q3 22/23: €0.9m) was impacted by restructuring costs of €0.8m in
connection with the transfer of production in France from Wissembourg to
Tournan-en-Brie. No restructuring charge was taken in Q3 22/23. Clean of
the restructuring charge, the comparison was €-1.4m vs €0.9m. The France
segment was the biggest contributor to the decline in underlying
profitability, but EBIT in Germany was also lower. EBIT in East Central
Europe climbed to €2.0m (Q3 22/23: €1.4m) helped by acquisitions in Romania
(consolidated from 31 July last year) and local currency strength.
Management remains confident that guidance of a ca. 5% increase in group
full-year sales is achievable, and that EBIT will come in at the lower end
of €28m-€30m and net profit before non-controlling interests at the lower
end of €19m-€21m. We continue to believe that falling inflation will feed
through to lower interest rates and improving consumer sentiment over the
coming quarters. We maintain our Buy recommendation and price target of
€22.00.
First Berlin Equity Research hat ein Research Update zu Schloss Wachenheim AG (ISIN: DE0007229007) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 22,00.
Zusammenfassung:
Der Umsatz im 3. Quartal 23/24 stieg um 5,6 % auf €87,1 Mio. (3. Quartal
22/23: €82,5 Mio.), da Preiserhöhungen sowie positive Produktmix- und
Währungseffekte einen Mengenrückgang von 2,3% auf 43,0 Mio. Flaschen (3.
Quartal 22/23: 44,0 Mio. Flaschen) ausglichen. Q3 23/24 EBIT von €-2,2 Mio.
(Q3 22/23: €0,9 Mio.) wurde durch Restrukturierungskosten in Höhe von €0,8
Mio. im Zusammenhang mit der Verlagerung der Produktion in Frankreich von
Wissembourg nach Tournan-en-Brie belastet. In Q3 22/23 wurde kein
Restrukturierungsaufwand verbucht. Bereinigt um die Restrukturierungskosten
betrug der Vergleich €-1,4 Mio. gegenüber €0,9 Mio. Das Segment Frankreich
trug am stärksten zum Rückgang der zugrunde liegenden Rentabilität bei,
aber auch das EBIT in Deutschland war niedriger. Das EBIT in
Ostmitteleuropa kletterte auf €2,0 Mio. (Q3 22/23: €1,4 Mio.), unterstützt
durch Akquisitionen in Rumänien (konsolidiert ab 31. Juli letzten Jahres)
und die Stärke der lokalen Währung. Das Management ist weiterhin
zuversichtlich, dass die Prognose eines Umsatzanstiegs von ca. 5 % für das
Gesamtjahr erreichbar ist, und dass das EBIT am unteren Ende der Spanne von
€28 Mio. bis €30 Mio. und der Nettogewinn vor Anteilen nicht beherrschender
Gesellschafter am unteren Ende der Spanne von €19 Mio. bis €21 Mio. liegen
wird. Wir gehen weiterhin davon aus, dass die sinkende Inflation in den
kommenden Quartalen zu niedrigeren Zinssätzen und einer Verbesserung des
Konsumklimas führen wird. Wir behalten unsere Kaufempfehlung sowie unser
Kursziel von €22,00 bei.
Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29717.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 338,21 | 354,58 | 383,98 | 425,75 | 441,51 | 453,00 | 0,00 | |
| EBITDA1,2 | 33,37 | 39,58 | 45,03 | 44,46 | 46,31 | 50,00 | 0,00 | |
| EBITDA-Margin3 | 9,87 | 11,16 | 11,73 | 10,44 | 10,49 | 11,04 | 0,00 | |
| EBIT1,4 | 18,97 | 24,42 | 29,19 | 27,38 | 28,19 | 32,00 | 0,00 | |
| EBIT-Margin5 | 5,61 | 6,89 | 7,60 | 6,43 | 6,39 | 7,06 | 0,00 | |
| Net Profit (Loss)1 | 12,99 | 17,65 | 21,22 | 19,02 | 18,47 | 21,60 | 0,00 | |
| Net-Margin6 | 3,84 | 4,98 | 5,53 | 4,47 | 4,18 | 4,77 | 0,00 | |
| Cashflow1,7 | 12,96 | 42,66 | 21,92 | 26,43 | 20,11 | 23,00 | 0,00 | |
| Earnings per share8 | 0,96 | 1,32 | 1,73 | 1,38 | 1,20 | 1,40 | 1,53 | |
| Dividend per share8 | 0,40 | 0,50 | 0,60 | 0,60 | 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: Nexia
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 | ||||||
| Schloss Wachenheim | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 722900 | DE0007229007 | AG | 115,63 Mio € | Kaufen | 8FX8PJF2+GQ | |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 9,13 | 12,40 | 0,74 | 10,81 | 0,60 | 5,75 | 0,26 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,60 | 0,60 | 0,60 | 4,11% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.11.2024 | 07.11.2024 | 19.02.2025 | 08.05.2025 | 25.09.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -2,46% | -4,40% | +2,82% | -9,32% | +0,00% |
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