Original-Research: Schloss Wachenheim AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Schloss Wachenheim AG
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: Volume fell 2.8% in Q1 24/25, driven mainly by a decline in exports from France. Sales outperformed volume, falling 0.3% to €102.4m (Q1 23/24: €102.7m; FBe: €105.3m) due to price rises implemented by SWA to cover higher raw material costs as well as product mix and foreign currency effects. EBIT came in at €4.2m (Q1 23/24: €6.5m; FBe: €5.5m). Exports from France have been falling for a year and we see limited scope for further declines. We expect France segment y-o-y sales comparisons to turn positive during the remaining quarters of the 2024/25 financial year (ends 30 June). At the same time, consumer confidence is improving moderately across SWA's markets as inflation falls and recent losses in purchasing power are at least partially compensated by wage and salary rises. Management is upbeat about the crucial Christmas quarter and has reiterated full-year guidance for a 5-7% increase in sales and EBIT in the range €31m-€33m. We maintain our Buy recommendation at an unchanged price target of €22. 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: Das Volumen ging in Q1 24/25 um 2,8 % zurück, was hauptsächlich auf einen Rückgang der Exporte aus Frankreich zurückzuführen ist. Der Umsatz entwickelte sich besser als das Volumen und sank um 0,3 % auf €102,4 Mio. (Q1 23/24: €102,7 Mio.; FBe: €105,3 Mio.), was auf Preiserhöhungen der SWA zur Deckung höherer Rohstoffkosten sowie auf Produktmix- und Währungseffekte zurückzuführen ist. Das EBIT belief sich auf €4,2 Mio. (Q1 23/24: €6,5 Mio.; FBe: €5,5 Mio.). Die Exporte aus Frankreich sind seit einem Jahr rückläufig, und wir sehen nur begrenzten Spielraum für weitere Rückgänge. Wir gehen davon aus, dass sich die Umsätze im Segment Frankreich in den verbleibenden Quartalen des Geschäftsjahres 2024/25 (bis 30. Juni) im Jahresvergleich positiv entwickeln werden. Gleichzeitig verbessert sich das Verbrauchervertrauen in allen SWA-Märkten leicht, da die Inflation sinkt und die jüngsten Kaufkraftverluste zumindest teilweise durch Lohn- und Gehaltserhöhungen kompensiert werden. Das Management ist zuversichtlich für das entscheidende Weihnachtsquartal und hat die Prognose für das Gesamtjahr bekräftigt, die einen Umsatzanstieg von 5-7% und ein EBIT in der Größenordnung von €31 Mio.-€33 Mio. vorsieht. Wir behalten unsere Kaufempfehlung bei einem unveränderten Kursziel von €22 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/31269.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
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2027211 11.11.2024 CET/CEST
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