Impreglon SE

12.08.2009 - Equity Research Einzelstudie // kaufen

Research Report Anno - Impreglon AG - Buy

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Unternehmen: Impreglon SE
Branche: Industrie-Maschinenbau-Technologie-Automotive
Rating: kaufen
Kurs bei Erstellung in €: 10.08.2009 - 8,85
Kursziel in €: 13,02
Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5

Despite a sales drop of almost 30 % in the first half year 2009, Impreglon was able to generate a clear positive operating profit as well as an EBITDA margin of more than 10 %. The continuing high level of profitability shows that the cost reduction measures already have had first effects. There have been strong cost cuts regarding TE Strake, Starnberger as well as the French subsidiary. In the past the Impreglon AG was successful in reaching EBITDA margins beyond 15 %. For the current financial year 2009 we expect sales amounting to € 36.2 m. At the same time we assume rising sales in the second half year in comparison to the first six months 2009.

We are optimistic that the stock reduction concerning important customers from the automotive industry is largely accomplished. This should lead to increasing incoming orders in the second half year 2009. Already in June and July the Impreglon AG was able to receive increasing incoming orders. As far as costs are concerned, Impreglon reacted to lower sales with considerable adjustment measures. Due to lower fixed costs as well as a gross profit margin of about 75 %, slightly rising sales should be reflected in
an above average high operating profit. We estimate an EBITDA margin of 14.4 % for the entire year 2009, respectively 17.3 % for the second half year 2009. Against the background of the economic downturn we think this is

Moreover, we assume that the Impreglon AG will make acquisitions in the field of surface technology in the current financial year 2009 as well. Geographic focus, in our opinion, should be on Eastern Europe and the United States. Due to the received liquid funds deriving from the issuing of the convertible participation certificate, the available authorized capital as well as the expected positive free Cash Flow in 2009, the company has sufficient funds for that.

Based on our DCF model we have calculated a fair value on basis of 2010 amounting to € 13.02 (previously: € 19.58) for the Impreglon AG. The fair value adjustment is the consequence of the dramatically changed economic situation worldwide since August 2008. With current prices of below 9 €, we recommend the Impreglon share as a “Buy”. We see a current price potential of more than 40 %.


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