Pfeiffer Vacuum Technology AG

Pfeiffer Vacuum provides vacuum technology solutions. Co.'s products are divided into the areas of vacuum generation, vacuum measurement and analysis, installation elements, vacuum chambers and vacuum systems. It includes a range of hybrid and magnetically levitated turbopumps, oil-lubricated and drycompressing low and medium vacuum pumps, leak detectors, mass spectrometers and gauge heads. Co. manufactures vacuum chambers in cubical, cylindrical and bell-shaped designs. Co. also develops and manufactures vacuum systems for customer specific processes, such as testing components for the automotive and electronics industries, testing pressure vessels or packaging in the food industry.
  • Ticker691660
  • ISINDE0006916604
  • SectorIndustrial Engineering
  • CountryGermany

Analysts

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2019

Although there are questions about whether the group's French telecoms business (32% of revenues) has reached maturity, we are expecting it to show organic growth north of 12% out to 2021. Based on relatively cautious estimates for the international business, consolidated organic growth should average 14% per annum over 2019-2021, to which M&A and subcontracting deals must be added. Amid today’s market turbulence, the current share price is an insufficient reflection of the group’s bu...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/11/2019

At the CMD on 13 November, the group will demonstrate that the price it paid for Medidata was worth it given the strategic rationale and profitable growth outlook. Medidata’s integration is set to have an accretive impact of +100bp on DSY’s structural organic growth profile and +10% on its 2020e EPS. On this basis, we have raised our target price to € 170. The recent pressure on valuation multiples offers a good entry point as the Q3 2019 results should be solid. - ...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2019

Alors que se pose la question de la maturité de l’activité Télécoms France (32% du CA), nous anticipons une croissance org >12% d’ici 2021e. Avec des estimations relativement prudentes sur l’International, la croissance org. groupe devrait se situer à 14% en moyenne par an sur 2019/2021e, à laquelle s’ajouteront le M&A et les « deals ». Dans un contexte boursier agité, le cours actuel sous-valorise le groupe dans son périmètre actuel (11.0 €) et encore plus le potentiel de futures opé...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/10/2019

Lors du CMD du 13 novembre, Dassault Systèmes démontrera que le prix payé pour Medidata se justifie par son intérêt stratégique et ses perspectives de croissance rentables. Son intégration devrait avoir un impact relutif de 100 pb sur la croissance org. structurelle de DSY et de 10% sur le BPA 2020e. Cela nous amène à relever notre OC à 170 €. La récente baisse des multiples offre un bon point d’entrée alors que les résultats T3 devraient être solides. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO : How to play Q3 in a sector at the low point in the cycle, but with valuations that already look to be at record highs...?

>Relatively optimistic view retained ahead of the Q3 2019 publications season, due to the arrival at the low point in the cycle - We have a relatively positive view of the sector ahead of the Q3 2019 publications season. It is not that there has been any significant improvement to end-demand since Q2 (the macroeconomic cycle remains uncertain), but 1/ stock levels appear to be under tighter control, 2/ the first signs of stabilisation have emerged in the memory segmen...

Emmanuel Matot ...
  • Stephane Houri

ODDO : How to play Q3 in a sector at the low point in the cycle, but with valuations that already look to be at record highs...?

>Relatively optimistic view retained ahead of the Q3 2019 publications season, due to the arrival at the low point in the cycle - We have a relatively positive view of the sector ahead of the Q3 2019 publications season. It is not that there has been any significant improvement to end-demand since Q2 (the macroeconomic cycle remains uncertain), but 1/ stock levels appear to be under tighter control, 2/ the first signs of stabilisation have emerged in the memory segmen...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Comment jouer les T3 dans un secteur au point bas du cycle, mais avec des valorisations en apparence déjà au plus haut… ?

>Vision toujours plutôt optimiste, à l'approche de la saison des publications des T3 2019, en raison de l’arrivée du point bas du cycle - Nous abordons la saison des publications du T3 2019 avec une vision toujours plutôt positive sur le secteur. Non pas que la demande finale se soit significativement améliorée depuis le T2 (le cycle macroéconomique reste incertain), mais 1/ les niveaux de stocks semblent mieux maîtrisés, 2/ les 1ers signaux de stabilisation sont appa...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Worldwide sales August 2019: in line, further improvement excluding memory, September will be key

>Worldwide sales in August in line (at -15.9%). Further improvement excluding memory (-4% vs -4.8% in July) - WSTS (World Semiconductor Trade Statistics) reported worldwide semiconductor sales for August 2019 over the weekend, as usual with a one-month lag. In terms of the three-month moving average, sales came to $ 34.2bn (in line with our forecast). This represents a 15.9% decline year-on-year, after -15.5% in July and -16.5% in June. Volumes were down by 11.1% vs -...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Ventes mondiales d’août 2019 : En ligne, poursuite de l’amélioration hors mémoires, septembre sera clé

>Ventes mondiales d’août en ligne (à -15.9%). Poursuite de l’amélioration hors mémoires (-4% vs -4,8% en juillet) - Les ventes mondiales de semi-conducteurs d’août 2019 ont été publiées ce week-end par la WSTS (World Semiconductor Trade Statistics), comme d’habitude avec un mois de décalage. En données lissées (MM3 – Moyennes Mobiles 3 mois), elles ressortent à 34.2 Md$, en ligne avec notre prévision. Il s’agit d’une baisse en données annuelles de 15.9% après -15.5% e...

Stephane Houri

Pfeiffer Vacuum AG : Fresh profit warning, downgrade to Reduce vs Buy

>Fresh warning due to the postponement of orders to 2020  - Yesterday evening, Pfeiffer Vacuum warned that its 2019 results would fall below the targets issued at the time of the interim earnings presentation. The reason for this fresh warning is the postponement of new orders at the semiconductors (35%-40% of revenues) and coatings activities (15%-20% of revenues), from end-2019 to 2020. The group now anticipates revenues of € 620m-€ 640m vs previous guidance of € 64...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2019

Although there are questions about whether the group's French telecoms business (32% of revenues) has reached maturity, we are expecting it to show organic growth north of 12% out to 2021. Based on relatively cautious estimates for the international business, consolidated organic growth should average 14% per annum over 2019-2021, to which M&A and subcontracting deals must be added. Amid today’s market turbulence, the current share price is an insufficient reflection of the group’s bu...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/11/2019

At the CMD on 13 November, the group will demonstrate that the price it paid for Medidata was worth it given the strategic rationale and profitable growth outlook. Medidata’s integration is set to have an accretive impact of +100bp on DSY’s structural organic growth profile and +10% on its 2020e EPS. On this basis, we have raised our target price to € 170. The recent pressure on valuation multiples offers a good entry point as the Q3 2019 results should be solid. - ...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2019

Alors que se pose la question de la maturité de l’activité Télécoms France (32% du CA), nous anticipons une croissance org >12% d’ici 2021e. Avec des estimations relativement prudentes sur l’International, la croissance org. groupe devrait se situer à 14% en moyenne par an sur 2019/2021e, à laquelle s’ajouteront le M&A et les « deals ». Dans un contexte boursier agité, le cours actuel sous-valorise le groupe dans son périmètre actuel (11.0 €) et encore plus le potentiel de futures opé...

Emmanuel Matot ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/10/2019

Lors du CMD du 13 novembre, Dassault Systèmes démontrera que le prix payé pour Medidata se justifie par son intérêt stratégique et ses perspectives de croissance rentables. Son intégration devrait avoir un impact relutif de 100 pb sur la croissance org. structurelle de DSY et de 10% sur le BPA 2020e. Cela nous amène à relever notre OC à 170 €. La récente baisse des multiples offre un bon point d’entrée alors que les résultats T3 devraient être solides. - ...

Christophe-Raphaël Ganet ...
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 09/30/2019

...

An unfavourable environment weighs on PFEIFFER VACUUM TECH. AG, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of PFEIFFER VACUUM TECH. AG (DE), active in the Industrial Machinery industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date May 14, 2019, the closing price was EUR 138.80 and its target price was estimated at EUR 122.72.

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