OJSC PhosAgro

  • Land: Russland

Nachricht vom 21.02.2020 | 10:00

4Q and FY 2019 Financial Results: Free Cash Flow for 2019 Increases by 38% to RUB 28.3 billion; Revenue Grows by 6.3% to RUB 248.1 billion

OJSC PhosAgro (PHOR)
21-Feb-2020 / 12:00 MSK
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

4Q and FY 2019 Financial Results: Free Cash Flow for 2019 Increases by 38% to RUB 28.3 billion; Revenue Grows by 6.3% to RUB 248.1 billion

 

Moscow, 21 February 2020. PhosAgro ("the Company") (Moscow Exchange and LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, today announces its consolidated IFRS financial results for 4Q and FY 2019.

PhosAgro's revenue for FY 2019 increased by 6.3% year-on-year to RUB 248.1 billion (USD 3.8 billion), driven by higher sales volumes of end products. Revenue in 4Q 2019 decreased by 10.8% year-on-year to RUB 53.1 billion (USD 0.8 billion).

EBITDA for FY 2019 increased by 0.9% to RUB 75.6 billion (USD 1.2 billion), while the EBITDA margin remained at a robust 30.5%. EBITDA for 4Q 2019 decreased by 39.7% year-on-year to RUB 11.2 billion (USD 176 million).

Free cash flow for FY 2019 increased by 37.8% year-on-year to RUB 28.3 billion (USD 437 million), driven by a 7.0% year-on-year increase in sales volumes and more efficient management of working capital. Free cash flow in 4Q 2019 was negative, in line with the seasonal nature of the business.

The net debt/EBITDA ratio improved to 1.7x as of year end (compared with 1.8x as of 31 December 2018), reflecting EBITDA performance and the appreciation of the rouble against the US dollar during the year. Net debt as of 31 December 2019 stood at RUB 131.6 billion (USD 2.1 billion).

Financial and operational highlights:

FINANCIAL HIGHLIGHTS

RUB million

4Q

2019

4Q

2018

Chng

%

FY

2019

FY

2018

Chng

%

Revenue

53,142

59,551

-10.8%

248,125

233,312

6.3%

EBITDA*

11,186

18,556

-39.7%

75,582

74,908

0.9%

EBITDA margin

21.0%

31.2%

 

30.5%

32.1%

 

Net income

6,701

4,504

48.8%

49,408

22,135

123.2%

Net income adj**

2,528

10,904

-76.8%

37,062

41,748

-11.2%

FCF

-4,292

-1,551

-

28,272

20,510

37.8%

 

31.12.2019

31.12.2018

 

 

 

 

Net debt

131,583

135,330

 

 

 

 

ND/LTM EBITDA

1.7x

1.8x

 

 

 

 

Sales, ths tonnes

4Q

2019

4Q

2018

Chng

%

FY

2019

FY

2018

Chng

%

Phosphate-based fertilizers

1,738

1,492

16.6%

7,255

6,635

9.4%

Nitrogen fertilizers

537

469

14.5%

2,197

2,196

0.1%

Total sales

2,276

1,961

16.1%

9,452

8,830

7.0%

 

The average RUB/USD exchange rate in 4Q 2019 was 63.7 compared with 66.5 in 4Q 2018; the exchange rate was 61.9 as of 31 December 2019 compared with 69.5 as of 31 December 2018.

*EBITDA is calculated as operating profit adjusted for depreciation and amortisation.

**Net profit as reported minus FX gain or loss.

 

Commenting on the Company's financial results, PhosAgro CEO Andrey Guryev said:

"2019 was a challenging year for the fertilizer market. Prices for our products came under pressure throughout the year due to adverse weather conditions in key sales markets, as well as increased global supply amid stable demand. As a result, prices for phosphate-based fertilizers reached near-record lows at the end of the year.

"Despite the unfavourable pricing environment, 2019 became a record year for us. PhosAgro, as one of the most efficient producers of phosphate-based fertilizers in the world, was able to increase sales volumes to 9.5 mln tonnes or by 7.0% year-on-year. As a result revenue grew by 6.3% year-on-year. Our strong revenue growth was the result of a balanced approach to investment and maintenance, high levels of self-sufficiency in key inputs, a flexible sales policy and the exceptional quality of our raw materials.

"As a result, the Company's EBITDA over the past year exceeded RUB 75 billion, with an EBITDA margin of 30.5%. Free cash flow increased by almost 40% from last year to more than RUB 28 billion. 

"Our improved financial performance meant we were able not only to fully self-finance our annual capex programme but also to improve debt ratios. As of the end of the year, the net debt/EBITDA ratio improved to 1.7x (compared with 1.8x at the end of 2018).

"Our excellent financial performance and comfortable debt level enabled us to pay out respectable dividends. Based on 2019 results, we expect to pay out dividends of RUB 24.9 billion, which corresponds to 88% of the Company's free cash flow for the year.

"Looking ahead to the rest of 2020, since the beginning of the year we have seen a considerable recovery in prices for phosphate-based fertilizers as a result of the approaching spring season, production cutbacks announced by a number of major players and the relative accessibility of fertilizers. There is also a risk of reduced fertilizer supply from China.

"The recovery in prices, combined with an expected increase in demand in markets where the Company has strong positions - our home market of Russia, as well as Eastern Europe and Latin America - position us well to expect increased sales volumes while maintaining high levels of profitability."

 

4Q 2019 market conditions

In 4Q 2019, the average price for DAP (FOB Tampa) reached USD 284 per tonne, down 34% year-on-year. The main factor negatively impacting the market for phosphate-based fertilizers was the addition of new capacities in Morocco and Saudi Arabia.

The average price for urea (FOB Baltic) in 4Q 2019 was USD 219 per tonne, down from USD 291 per tonne in 4Q 2018. The main reasons for this drop in price were the increase in urea exports from China and adverse weather conditions in the US, which had a negative impact on domestic demand.

The average price of ammonia (FOB Yuzhny) in 4Q 2019 was USD 226 per tonne, down from USD 330 per tonne in 4Q 2018. Ammonia prices decreased during the year following an increase in supply due to the launch and ramp-up to nameplate capacity of new plants in Russia and the US, as well as a reduction in production costs for marginal producers thanks to low global prices for natural gas. A slight price increase in 4Q 2019 compared to the previous quarter was due to the shutdown of a number of production capacities for maintenance purposes, which helped improve market balance.

The average price of sulphur (FOB Black Sea) in 4Q 2019 was USD 38 per tonne, down from USD 122 per tonne in 4Q 2018. The decrease in global sulphur prices in 2019 was the result of considerable stockpiles in China and the weak global market for phosphate-based fertilizers.

The average price for potash (FOB Baltic) in 4Q 2019 was USD 239 per tonne, down from USD 256 per tonne in 4Q 2018. The price correction in global potash markets was due to considerable stockpiles and a delay to the conclusion of a long-term contract in China, increased competition between suppliers in North and South America, as well as the expectation of additional new capacities in the coming years.

4Q and FY 2019 financial performance

In 2019, PhosAgro's revenue increased by 6.3% year-on-year to RUB 248.1 billion, mainly driven by a 7.0% increase in fertilizer sales compared to the previous year. However, revenue growth was slowed by a price correction for phosphate-based fertilizers that continued throughout the year.

This correction had its biggest impact in 4Q 2019, when prices for phosphate-based and nitrogen fertilizers decreased by 25% and 20% year-on-year, respectively. As a result, PhosAgro's revenue for this period decreased by 10.8% year-on-year to RUB 53.1 billion.

During the year, fertilizers were mainly exported to regions with the best pricing environment relative to the North American market, where prolonged adverse weather conditions led to an increase in fertilizer stockpiles. As of the end of 2019, PhosAgro had increased deliveries to the Russian and CIS markets (up 11% year-on-year), as well as the European market (up 28% year-on-year). This growth was made possible on the back of a well-developed distribution system and a favourable pricing balance between agricultural products and fertilizers.

Gross profit in 2019 increased by 2.4% year-on-year to RUB 111.9 billion (USD 1.7 billion), with a gross profit margin of 45%, down from 47% in 2018. Gross profit and the gross profit margin in the phosphate-based and nitrogen fertilizer segments changed as follows:

  • Gross profit for phosphate-based fertilizers increased by 2.4% to RUB 90.2 billion (USD 1.4 billion), while the gross profit margin decreased to 45% (from 47% in 2018) as global prices reached minimum levels in 4Q 2019.
  • Gross profit for the nitrogen segment increased by 3.4% to RUB 21.3 billion (USD 329 million), with a gross profit margin of 56%, unchanged year-on-year.

EBITDA for FY 2019 increased by 0.9% year-on-year to RUB 75.6 billion (USD 1.2 billion). EBITDA growth for the year was weaker due to record low prices in the fourth quarter, resulting in a 39.7% year-on-year decrease in EBIDTA in 4Q 2019 to RUB 11.2 billion (USD 176 million). Despite this, the EBITDA margin for FY 2019 remained a robust 30.5%.

Net profit adjusted for non-cash FX items for 2019 decreased by 11.2% year-on-year to RUB 37.1 billion (USD 573 million).

In 2019, net operating cash flow increased by 19.9% to RUB 71.6 billion (USD 1.1 billion), partly due to more efficient management of working capital.

Capital expenditure in 2019 amounted to RUB 36.0 billion (USD 555 million), excluding capital repairs, corresponding to 48% of EBITDA for the reporting period.

The net debt/EBITDA ratio improved to 1.7x as of 31 December 2019, reflecting EBITDA performance and the appreciation of the rouble against the US dollar during 2019. Net debt as of 31 December 2019 amounted to RUB 131.6 billion (USD 2.1 billion).

COST OF SALES

RUB million

4Q 2019

4Q 2018

Chng

%

FY

2019

FY

2018

Chng

%

D&A

5,242

3,946

32.8%

21,368

18,936

12.8%

Material and services

9,964

8,978

11.0%

41,221

37,306

10.5%

PhosRock transport

1,956

1,752

11.6%

8,641

7,671

12.6%

Repair expenses

2,363

2,372

-0.4%

10,119

9,485

6.7%

Drilling and blasting

678

300

126.0%

2,323

1,662

39.8%

Other materials and services

4,967

4,504

10.3%

20,138

18,488

8.9%

Raw materials

9,450

10,148

-6.9%

43,155

40,226

7.3%

Ammonia

1,173

1,475

-20.5%

4,095

4,195

-2.4%

Sulphur and sulph. acid

1,313

2,667

-50.8%

9,165

10,682

-14.2%

Potassium chloride

2,964

2,403

23.3%

13,691

10,238

33.7%

Natural gas

2,972

2,693

10.4%

12,627

12,096

4.4%

Ammonium sulphate

1,028

910

13.0%

3,577

3,015

18.6%

Salaries and social contributions

3,170

2,682

18.2%

12,744

11,760

8.4%

Electricity

1,439

1,279

12.5%

6,204

5,474

13.3%

Fuel

1,119

1,121

-0.2%

4,849

4,019

20.7%

Products for resale

1,216

1,615

-24.7%

6,683

6,287

6.3%

Total

31,600

29,769

6.2%

136,224

124,008

9.9%

 

Cost of sales increased in 2019 by 9.9% year-on-year to RUB 136.2 billion (USD 2.1 billion), mainly due to rising potash prices, as well as an accelerated increase in phosphate rock and fertilizer production.

  • Costs for materials and services in 2019 increased by 10.5% year-on-year to RUB 41.2 billion (USD 637 million) as a result of:
    • A 12.6% increase in the cost of transporting phosphate rock to RUB 8.6 billion (USD 133 million) as a result of increased production and a 4% increase in railway tariffs;
    • A 6.7% year-on-year increase in repair expenses to RUB 10.1 billion (USD 156 million), which was driven by cost inflation during the year and an increase in production capacities following the completion of the Company's long-term investment programme at the end of 2018;
    • A 39.8% year-on-year increase in drilling and blasting expenses to RUB 2.3 billion (USD 36 million) due to accelerated mine development.
  • Costs for raw materials in 2019 increased by 7.3% year-on-year to RUB 43.2 billion (USD 667 million) as a result of:
    • A 33.7% year-on-year increase in potash costs to RUB 13.7 billion (USD 211 million) mainly due to higher purchase prices for potassium compared to the previous year;
    • A 4.4% year-on-year increase in natural gas expenses to RUB 12.6 billion (USD 195 million) as a result of 3.7% year-on-year growth in ammonia production and higher sales of nitrogen fertilizers;
    • An 18.6% year-on-year increase in costs for ammonium sulphate to RUB 3.6 billion (USD 55 million), mainly due to an increase in the production of fertilizer grades containing sulphate;
    • A reduction in costs for sulphur and sulphuric acid limited the increase in raw materials expenses. These costs decreased by 14.2% year-on-year to RUB 9.2 billion (USD 142 million) mainly due to lower prices for sulphur and sulphuric acid.
  • Electricity costs increased by 13.3% year-on-year to RUB 6.2 billion (USD 196 million) mainly due to a nationwide programme to modernise the electricity industry (CDA 2), which led to a 15.0% year-on-year increase in the purchase price.

 

Administrative and selling expenses

RUB million

4Q 2019

4Q 2018

Chng

%

FY 2019

FY 2018

Chng %

Administrative expenses

4,658

3,914

19.0%

16,476

14,271

15.5%

Salaries and social contributions

2,365

2,121

11.5%

9,300

7,907

17.6%

Professional services

696

346

101.2%

1,963

1,677

17.1%

D&A

342

341

0.3%

1,378

1,242

11.0%

Other

1,255

1,106

13.5%

3,835

3,445

11.3%

Selling expenses

10,324

10,050

2.7%

38,121

34,888

9.3%

Railways services and operators' fees

2,614

2,651

-1.4%

11,441

10,363

10.4%

Freight, port and stevedoring expenses

5,530

5,707

-3.1%

18,340

17,829

2.9%

Salaries and social contributions

709

648

9.4%

2,662

2,257

17.9%

Material and services

619

246

151.6%

2,595

2,315

12.1%

Customs duties

458

582

-21.3%

1,898

1,391

36.4%

D&A

394

216

82.4%

1,185

733

61.7%

 

Administrative expenses in 2019 increased by 15.5% year-on-year to RUB 16.5 billion (USD 255 million), driven mainly by a 17.6% increase in expenses for salaries and social contributions to RUB 9.3 billion (USD 144 million) due to payment of a one-time bonus for the company's anniversary.

In 2019, selling expenses increased by 9.3% year-on-year to RUB 38.1 billion (USD 589 million). The main factors behind the increase were:

  • A 10.4% year-on-year increase in costs for Russian Railways services and operators' fees to RUB 11.4 billion (USD 177 million) due to an overall increase in sales and an increase in railway tariffs;
  • A 2.9% year-on-year increase in freight, port and stevedoring expenses to RUB 18.3 billion (USD 283 million), mainly due to higher freight tariffs;
  • A 36.4% year-on-year increase in spending on customs duties to RUB 1.9 billion (USD 29 million) due to changes in the delivery terms to the European market.

 

Market outlook

At the end of December 2019, leading global producers in Morocco, the US and China announced plans to cut back production. Combined with increased seasonal demand in Western markets (Europe, North America and Latin America), this helped rebalance the market and supported price growth in January 2020 of USD 20-50 per tonne, depending on the market.

Demand for phosphate-based fertilizers in the Russian market is expected to remain high in 2020 largely due to a national programme to increase agricultural exports, combined with high prices for these products. Demand growth in the Russian market this year could reach 5-10%, ahead of the expected average global growth rate of 1-2%.

In addition, seasonal demand in European and North American markets is expected to increase in 1Q 2020, while favourable weather conditions in India will help reduce inventories and thus lead to earlier resumption of import demand.

In turn, reduced production and potentially reduced exports from China could also lead to higher prices in some areas.

The affordability of fertilizers relative to prices for agricultural products will remain the main driver behind the recovery in global prices for phosphate-based fertilizers in the short term.

 

Conference call and webcast:

PhosAgro will hold a conference call and webcast today at 13:00 London time (16:00 Moscow; 08:00 New York).

 

The call will be held in English, with simultaneous translation into Russian on a separate line.

 

Webcast links:
English: https://webcasts.eqs.com/phosagro20200221/en
Russian: https://webcasts.eqs.com/phosagro20200221/ru

Participant dial-in numbers:

Russian Federation Toll  +7 495 213 1767
Russian Federation Toll-Free  8 800 500 9283
United Kingdom Toll  +44 (0)330 336 9128
United Kingdom Toll-Free 0800 358 6377
United States Toll-Free  +1 929-477-0402
United States Toll  888-224-1005

Conference ID numbers:

English conference ID: 5903277
Russian conference ID: 9069707
 

For further information please contact:

 

PJSC PhosAgro

Andrey Serov, Head of Investor Relations Department

+7 495 232 9689 ext 2183

ir@phosagro.ru

 

Timur Belov, Press Officer

+7 495 232 9689 ext 2652

pr@phosagro.ru

 

EM

Sam VanDerlip

vanderlip@em-comms.com

+44 207 002 7859

 

About PhosAgro

 

PhosAgro (www.phosagro.ru) is one of the world's leading vertically integrated phosphate-based fertilizer producers in terms of production volumes of phosphate-based fertilizers and high-grade phosphate rock with a P2O5 content of 39% and higher. PhosAgro's environmentally friendly fertilizers stand out for their high efficiency, and they do no lead to the contamination of soils with heavy metals.

 

The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of high-grade phosphate rock with a P2O5 content of 39% and one of the leading producers of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia, and Russia's only producer of nepheline concentrate (according to the RAFP).

 

PhosAgro's main products include phosphate rock, 39 grades of fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are used by customers in 100 countries spanning all of the world's inhabited continents. The Company's priority markets outside of Russia and the CIS are Latin America, Europe and Asia.

 

PhosAgro's shares are traded on the Moscow Exchange, and global depositary receipts (GDRs) for shares trade on the London Stock Exchange (under the ticker PHOR). Since 1 June 2016, the Company's GDRs have been included in the MSCI Russia and MSCI Emerging Markets indexes.

 

More information about PhosAgro can be found on the website: www.phosagro.ru.

 

 

 

 

 

2019

 

2018

 

RUB Million

 

RUB Million

Revenues

248,125

 

233,312

Cost of sales

(136,224)

 

(124,008)

Gross profit

111,901

 

109,304

 

 

 

 

Administrative expenses

(16,476)

 

(14,271)

Selling expenses

(38,121)

 

(34,888)

Taxes, other than income tax, net

(2,384)

 

(3,469)

Other expenses, net

(3,269)

 

(2,679)

Operating profit

51,651

 

53,997

 

 

 

 

Finance income

1,458

 

447

Finance costs

(4,271)

 

(6,721)

Foreign exchange gain/(loss), net

12,346

 

(19,613)

Profit before tax

61,184

 

28,110

 

 

 

 

Income tax expense

(11,776)

 

(5,975)

Profit for the year

49,408

 

22,135

 

 

 

 

Attributable to:

 

 

 

      Non-controlling interests ^

59

 

66

      Shareholders of the Parent

49,349

 

22,069

 

 

 

 

Other comprehensive (loss)/income

 

 

 

Items that will never be reclassified to profit or loss

 

 

 

Actuarial losses and gains

(133)

 

170

Items that may be reclassified subsequently to profit or loss

 

 

 

Foreign currency translation difference

(1,129)

 

2,872

Other comprehensive (loss)/income for the year

(1,262)

 

3,042

Total comprehensive income for the year

48,146

 

25,177

 

 

 

 

Attributable to:

 

 

 

      Non-controlling interests ^

59

 

66

      Shareholders of the Parent

48,087

 

25,111

Basic and diluted earnings per share (in RUB)

381

 

170

 

 

 

 

31 December 2019

 

31 December 2018

 

 

 

RUB million

 

RUB million

Assets

 

 

 

 

 

Property, plant and equipment

 

 

199,459

 

186,231

Advances issued for property, plant and equipment

 

 

13,006

 

6,759

Right-of-use assets

 

 

6,891

 

-

Catalysts

 

 

2,376

 

2,574

Intangible assets

 

 

1,567

 

1,786

Investments in associates

 

 

519

 

506

Deferred tax assets

 

 

8,214

 

8,995

Other non-current assets

 

 

1,636

 

1,843

Non-current assets

 

 

233,668

 

208,694

 

 

 

 

 

 

Other current investments

 

 

251

 

313

Inventories

 

 

29,405

 

31,710

Trade and other receivables

 

 

31,061

 

36,186

Cash and cash equivalents

 

 

8,236

 

9,320

Current assets

 

 

68,953

 

77,529

Total assets

 

 

302,621

 

286,223

 

 

 

 

 

 

Equity

 

 

 

 

 

Share capital

 

 

372

 

372

Share premium

 

 

7,494

 

7,494

Retained earnings

 

 

111,054

 

93,951

Actuarial losses

 

 

(689)

 

(556)

Foreign currency translation reserve

 

 

7,236

 

8,365

Equity attributable to shareholders of the Parent

 

 

125,467

 

109,626

Equity attributable to non-controlling interests

 

 

170

 

195

Total equity

 

 

125,637

 

109,821

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Loans and borrowings

 

 

96,736

 

122,877

Lease liabilities

 

 

4,701

 

376

Defined benefit obligations

 

 

857

 

630

Deferred tax liabilities

 

 

10,278

 

9,023

Non-current liabilities

 

 

112,572

 

132,906

 

 

 

 

 

 

Loans and borrowings

 

 

36,839

 

20,679

Lease liabilities

 

 

1,543

 

718

Trade and other payables

 

 

26,030

 

21,473

Derivative financial liabilities

 

 

-

 

626

Current liabilities

 

 

64,412

 

43,496

Total equity and liabilities

 

 

302,621

 

286,223

 

 

 

 

2019

 

2018

 

 

 

RUB million

 

RUB million

Cash flows from operating activities

 

 

 

 

 

Operating profit

 

 

51,651

 

53,997

Adjustments for:

 

 

 

 

 

Depreciation and amortisation

 

 

23,931

 

20,911

Loss on disposal of property, plant and equipment and intangible assets

 

 

611

 

586

Operating profit before changes in working capital and provisions

 

 

76,193

 

75,494

Decrease/(increase) in inventories and catalysts

 

 

1,593

 

(5,438)

Decrease in trade and other receivables

 

 

2,764

 

324

Increase in trade and other payables

 

 

5,398

 

655

Cash flows from operations before income taxes and interest paid

 

 

85,948

 

71,035

Income tax paid

 

 

(10,550)

 

(6,146)

Finance costs paid

 

 

(3,842)

 

(5,210)

Cash flows from operating activities

 

 

71,556

 

59,679

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Acquisition of property, plant and equipment and intangible assets

 

 

(42,656)

 

(38,416)

Loans issued, net

 

 

(84)

 

(257)

Proceeds from disposal of property, plant and equipment

 

 

86

 

19

Finance income received

 

 

637

 

307

Acquisition of investments, net

 

 

-

 

(8)

Other payments

 

 

(1,267)

 

(814)

Cash flows used in investing activities

 

 

(43,284)

 

(39,169)

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Proceeds from borrowings

 

 

48,725

 

83,874

Repayment of borrowings

 

 

(42,698)

 

(83,572)

Dividends paid to shareholders of the Parent

 

 

(32,244)

 

(13,598)

Dividends paid to non-controlling interests

 

 

(84)

 

-

Leases paid

 

 

(1,937)

 

(1,285)

Proceeds/(payments) from settlement of derivatives, net

 

 

112

 

(22)

Cash flows used in financing activities

 

 

(28,126)

 

(14,603)

Net increase in cash and cash equivalents

 

 

146

 

5,907

Cash and cash equivalents at 1 January

 

 

9,320

 

2,691

Effect of exchange rates fluctuations

 

 

(1,230)

 

722

Cash and cash equivalents at 31 December

 

 

8,236

 

9,320

 




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Mountain Alliance: „Großer Digitalisierungsschub“

Furioses Börsendebüt für den Datenbankspezialisten Exasol. Einer der Profiteure: Die Münchner Beteiligungsgesellschaft Mountain Alliance AG (MA, ISIN DE000A12UK08), die auch nach einem Teilexit noch rund 2% an Exasol hält. Aktuell notiert die MA-Aktie rund 30 % unter dem NAV. Financial.de sprach mit MA-CEO Daniel Wild über die stärksten Digitalisierungstrends, die kritische Größe von 100 Mio. Euro Börsenwert, den neuen Investor und weitere Aktienkäufe.

GBC-Fokusbox

Aves One AG: Kursziel 13,60 €

Die Aves One AG ist auch in der Corona-Krise als Bestandshalter von langlebigen Logistik-Assets mit langfristigen Mietverträgen gut aufgestellt. Das Unternehmen hat als Guidance einen Umsatz und ein EBITDA mindestens auf Vorjahresniveau verkündet. Unseres Erachtens sollte dies auch ohne Zukäufe gut machbar sein, da die im abgelaufenen Geschäftsjahr 2019 erworbenen Assets bereits zu einer höheren Umsatzbasis führen sollten. Auf Basis unseres DCF-Modells haben wir ein Kursziel in Höhe von 13,60 € ermittelt und vergeben ein KAUFEN-Rating.

News im Fokus

E.ON SE: E.ON zeigt Stärke und Zuverlässigkeit in der Krise

28. Mai 2020, 12:00

Aktuelle Research-Studie

Aroundtown SA

Original-Research: Aroundtown SA (von First Berlin Equity Research GmbH): BUY

28. Mai 2020