Research-Studie


Original-Research: OTI Greentech AG - von First Berlin Equity Research GmbH

Einstufung von First Berlin Equity Research GmbH zu OTI Greentech AG

Unternehmen: OTI Greentech AG
ISIN: DE000A0HNE89

Anlass der Studie: Aufnahme Coverage
Empfehlung: Kaufen
seit: 18.09.2015
Kursziel: 2,00
Letzte Ratingänderung:
Analyst: Dr. Karsten von Blumenthal

First Berlin Equity Research hat am 18.09.2015 die Coverage von OTI
Greentech AG (ISIN: DE000A0HNE89/ Bloomberg: NSA GR) aufgenommen. Analyst
Dr Karsten von Blumenthal stuft die Aktie mit einem BUY-Rating ein, bei
einem Kursziel von EUR 2,00.

Abstract:
Die OTI Greentech AG ist ein internationales Cleantech-Unternehmen, das
Ingenieursdienstleistungen und umweltfreundliche Reinigungsproduke für den
maritimen, den industriellen und den Energiesektor anbietet. Aufgrund von
Akquisitionen ist OTI bereits ein etablierter Spieler im maritimen und
industriellen Sektor und offeriert hervorragende
Ingenieursdienstleistungen. OTIs patentierte Reinigungslösungen für die
Reinigung von Tankern sind Wettbewerbsprodukten häufig überlegen und können
auch im industriellen Sektor (Reinigung von Tankwagen und Binnenschiffen)
und im Energiesektor (Sanierung von Ölsand-Rückstandsteichen) angewendet
werden. Wir erwarten, dass OTIs Ingenieursgeschäft kurzfristig der
Hauptwachstumstreiber sein wird. Mittelfristig dürften strengere
Umweltregulierungen und Kostendruck durch niedrigere Ölpreise die Nachfrage
nach OTIs kostengünstigen und effizienten Reinigungslösungen deutlich
steigern. Wir nehmen die Coverage mit einer Kaufempfehlung und einem
Kursziel von EUR2,00 auf.

Interessierte institutionelle Investoren können gerne mit First Berlin
Equity Research, Herrn Gaurav Tiwari (g.tiwari@firstberlin.com) Kontakt
aufnehmen.


First Berlin Equity Research on 18/09/2015 initiated coverage on OTI
Greentech AG (ISIN: DE000A0HNE89/ Bloomberg: NSA GR). Analyst Dr Karsten
von Blumenthal placed a BUY rating on the stock, with a EUR 2.00 price
target.

Abstract:
OTI Greentech AG (OTI) is an international cleantech company providing
engineering services and environmentally friendly cleaning products for the
maritime, industrial, and energy sectors. Due to acquisitions OTI Greentech
is already an established player in the maritime and industrial businesses
offering cutting edge engineering services. OTI's patented cleaning
solutions for tanker cleaning are in many cases superior to competing
products and can also be applied in the industrial sector (road tanker and
barge cleaning) and the energy sector (remediation of oil sands tailings
ponds). In the short term, we expect OTI's engineering business to be the
main growth driver. In the medium term, tougher environmental regulations
and cost pressure caused by lower oil prices look set to significantly
increase demand for OTI's cost-effective and efficient cleaning solutions.
We initiate coverage with a Buy recommendation and a price target of
EUR2.00.

Interested institutional Investors may contact Mr Gaurav Tiwari
(g.tiwari@firstberlin.com) at First Berlin Equity Research.

DISCLAIMER
First Berlin Equity Research GmbH
Mohrenstraße 34
10117 Berlin
Tel. +49 (0)30 - 80 93 96 80
Fax +49 (0)30 - 80 93 96 87
info@firstberlin.com
www.firstberlin.com

FIRST BERLIN POLICY
In an effort to assure the independence of First Berlin research neither
analysts nor the company itself trade or own securities in subject
companies. In addition, analysts' compensation is not directly linked to
specific financial transactions, trading revenue or asset management fees.
Analysts are compensated on a broad range of benchmarks. First Berlin has
received compensation from a third party where the subject company is a
client. First Berlin's opinion is based on its own findings.

ANALYST CERTIFICATION
I, Dr Karsten von Blumenthal, certify that the views expressed in this
report accurately reflect my personal and professional views about the
subject company; and I certify that my compensation is not directly linked
to any specific financial transaction including trading revenue or asset
management fees; neither is it directly or indirectly related to the
specific recommendation or views contained in this research. In addition,
I possess no shares in the subject company.

INVESTMENT RATING SYSTEM
First Berlin's investment rating system is five tiered and includes an
investment recommendation and a risk rating. Our recommendations, which
are a function of our expectation of total return (forecast price
appreciation and dividend yield) in the year specified, are as follows:
STRONG BUY: Expected return greater than 50% and a high level of confidence
in management's financial guidance
BUY: Expected return greater than 25%
ADD: Expected return between 0% and 25%
REDUCE: Expected negative return between 0% and -15%
SELL: Expected negative return greater than -15%
Our risk ratings are Low, Medium, High and Speculative and are determined
by ten factors: corporate governance, quality of earnings, management
strength, balance sheet and financing risk, competitive position, standard
of financial disclosure, regulatory and political uncertainty, company
size, free float and other company specific risks. These risk factors are
incorporated into our valuation models and are therefore reflected in our
price targets. Our models are available upon request to First Berlin
clients.
Up until 16 May 2008, First Berlin's investment rating system was three
tiered and was a function of our expectation of return (forecast price
appreciation and dividend yield) over the specified year. Our investment
ratings were as follows: BUY: expected return greater than 15%; HOLD:
expected return between 0% and 15%; and SELL: expected negative return.

ADDITIONAL DISCLOSURES
First Berlin's research reports are for qualified institutional investors
only.
This report is not constructed as an offer to sell or the solicitation of
an offer to buy any security in any jurisdiction where such an offer would
be illegal. We are not soliciting any action based upon this material. This
material is for the general information of clients of First Berlin. It does
not take into account the particular investment objectives, financial
situation or needs of individual clients. Before acting on any advice or
recommendation in this material, a client should consider whether it is
suitable for their particular circumstances and, if necessary, seek
professional advice. The material is based upon information that we
consider reliable, but we do not represent that it is accurate or complete,
and it should be relied upon as such. Opinions expressed are our current
opinions as of the date appearing on this material only; such opinions are
subject to change without notice.
Copyright (c) 2015 First Berlin Equity Research GmbH. All rights reserved.
No part of this material may be copied, photocopied or duplicated in any
form by any means or redistributed without First Berlin's prior written
consent. The research is not for distribution in the USA or Canada. When
quoting please cite First Berlin as the source. Additional information is
available upon request.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13271.pdf

Kontakt für Rückfragen
First Berlin Equity Research
Herr Gaurav Tiwari
Mohrenstraße 34
10117 Berlin
Tel. +49 (0)30 - 80 93 96 80
Fax +49 (0)30 - 80 93 96 87
info@firstberlin.com

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


Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
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