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Schloss Wachenheim AG
ISIN: DE0007229007
WKN: 722900
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Schloss Wachenheim AG · ISIN: DE0007229007 · EQS - Analysts (22 News)
Country: Germany · Primary market: Germany · EQS NID: 19717
13 May 2024 11:41AM

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.

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