Buy Or Sell Opportunity • Jun 07
Now 20% undervalued Over the last 90 days, the stock has risen 24% to €15.10. The fair value is estimated to be €18.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 74% in the next 2 years. Announcement • Dec 09
Semperit Aktiengesellschaft Holding, Annual General Meeting, Apr 27, 2026 Semperit Aktiengesellschaft Holding, Annual General Meeting, Apr 27, 2026. Announcement • Jan 27
Semperit Aktiengesellschaft Holding, Annual General Meeting, Apr 23, 2025 Semperit Aktiengesellschaft Holding, Annual General Meeting, Apr 23, 2025. New Risk • Nov 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (102% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: €0.22 (vs €0.48 in 2Q 2023) Second quarter 2024 results: EPS: €0.22 (down from €0.48 in 2Q 2023). Revenue: €170.5m (down 10% from 2Q 2023). Net income: €4.53m (down 53% from 2Q 2023). Profit margin: 2.7% (down from 5.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.6% to €10.80. The fair value is estimated to be €13.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 66%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 74% in the next 2 years. Buy Or Sell Opportunity • Jul 02
Now 4.9% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.1% to €10.92. The fair value is estimated to be €11.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 66%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 74% in the next 2 years. Buy Or Sell Opportunity • Jun 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.7% to €11.54. The fair value is estimated to be €9.61, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 66%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 74% in the next 2 years. Buy Or Sell Opportunity • Jun 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.4% to €11.78. The fair value is estimated to be €9.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 66%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 74% in the next 2 years. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: €0.25 (vs €0.33 in 1Q 2023) First quarter 2024 results: EPS: €0.25 (down from €0.33 in 1Q 2023). Revenue: €176.7m (down 4.9% from 1Q 2023). Net income: €5.00m (down 40% from 1Q 2023). Profit margin: 2.8% (down from 4.5% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 18
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.2%). Declared Dividend • Mar 21
Final dividend of €0.50 announced Shareholders will receive a dividend of €0.50. Ex-date: 25th April 2024 Payment date: 30th April 2024 Dividend yield will be 31%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is not covered by earnings (130% earnings payout ratio) nor is it covered by cash flows (291% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 44% to bring the payout ratio under control. EPS is expected to grow by 34% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: €1.23 (vs €1.87 in FY 2022) Full year 2023 results: EPS: €1.23 (down from €1.87 in FY 2022). Revenue: €723.7m (down 7.5% from FY 2022). Net income: €25.1m (down 35% from FY 2022). Profit margin: 3.5% (down from 4.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Buying Opportunity • Dec 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €17.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 141% in the next 2 years. Buying Opportunity • Nov 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be €18.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 30% in 2 years. Earnings is forecast to decline by 41% in the next 2 years. Reported Earnings • Nov 10
Third quarter 2023 earnings released: €0.10 loss per share (vs €3.37 loss in 3Q 2022) Third quarter 2023 results: €0.10 loss per share (improved from €3.37 loss in 3Q 2022). Revenue: €174.0m (down 33% from 3Q 2022). Net loss: €2.16m (loss narrowed 97% from 3Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €19.14, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Machinery industry in Germany. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.07 per share. Announcement • Sep 01
HARPS GLOBAL PTE. LTD. completed the Aquisition of Medical business from Semperit Aktiengesellschaft Holding (WBAG:SEM) for €115 million. HARPS GLOBAL PTE. LTD. agreed to acquire Medical business from Semperit Aktiengesellschaft Holding (WBAG:SEM) for €115 million on December 16, 2022. The sales price of €115 million is subject to customary price adjustment mechanisms upon completion of the transactions. The execution of the transaction is subject to the approval of the competent authorities, regulatory authorities and is expected for the second quarter of 2023. Schoenherr advised Harps Global on the deal. The Schoenherr team advising on all Austrian and Hungarian aspects of the transaction was led by both Christian Herbst (partner) and Maximilian Lang (partner). It also included Volker Weiss (partner), Kinga Hetényi (partner), Constantin Benes (partner) as well as Teresa Waidmann (counsel), Zurab Simonishvili (attorney at law), Evelin Hlina (counsel), Iliyana Sirakova (counsel), Nina Zafoschnig (attorney at law). Credit Suisse (Singapore) Ltd acted as the exclusive financial advisor to Harps Global Pte. Limited. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to Semperit Aktiengesellschaft Holding in the transaction. Sharon Lau and Farhana Sharmeen of acted as legal advisors to Harps Global PTE. Ltd.HARPS GLOBAL PTE. LTD. completed the Aquisition of Medical business from Semperit Aktiengesellschaft Holding (WBAG:SEM) on August 31, 2023. All regulatory approvals received. New Risk • Aug 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 103% The company is paying a dividend despite having no free cash flows. Dividend yield: 7.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Aug 01
Semperit Aktiengesellschaft Holding (WBAG:SEM) completed the acquisition of Rico Group GmbH. Semperit Aktiengesellschaft Holding (WBAG:SEM) agreed to acquire Rico Group GmbH on April 17, 2023. The revenue of Rico Group was €90 million. Closing of the transaction is expected in the third quarter 2023. MP Corporate Finance GmbH acted as financial advisor in the transaction. Ernst & Young Steuerberatungs- und Wirtschaftsprüfungsgesellschaft m.b.H. acted as financial and tax due diligence provider to Semperit Aktiengesellschaft Holding (WBAG:SEM).BINDER GRÖSSWANG Rechtsanwälte GmbH acted as legal advisor to Semperit Aktiengesellschaft Holding (WBAG:SEM). MP Corporate Finance GmbH acted as financial advisor to Semperit Aktiengesellschaft Holding (WBAG:SEM). The deal is expected to close on July 31.As on June 20, 2023 Rico Group GmbH boards Approved the merger.Semperit Aktiengesellschaft Holding (WBAG:SEM) completed the acquisition of Rico Group GmbH on July 31, 2023. All approvals were obtained. Buying Opportunity • Jul 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €25.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 20% in the next 2 years. Announcement • Jun 22
Semperit AG Holding Appoints Gerfried Eder as A Member of the Executive Board (Chief Industrial Officer) Starting 1 July 2023 Semperit AG Holding announced that at it's Supervisory Board meeting, Gerfried Eder was appointed as a member of the Executive Board (Chief Industrial Officer) starting 1 July 2023. Gerfried Eder was previously Managing Director & Director Sales of the Semperflex segment (hydraulic and industrial hoses) and was responsible for more than 30% of group revenue in 2022. He has been with Semperit since 2000, has held various management positions within the Semperit Group and will assume responsibility for the Industrial Applications division. Gerfried Eder and his team have developed hose manufacturing into the most important production branch in terms of revenue and profitability in recent years. The Supervisory Board also approved the premature termination of COO Kristian Brok’s Executive Board contract with great regret: Kristian Brok will leave the company at his own request on 30 June 2023, to pursue a new professional challenge. Brok had been a member of the Executive Board since January 2020. Buying Opportunity • May 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be €25.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Upcoming Dividend • Apr 20
Upcoming dividend of €4.50 per share at 5.7% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 17 May 2023. Payout ratio is on the higher end at 80% but the company is not cash flow positive. Trailing yield: 5.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.8%). Reported Earnings • Mar 25
Full year 2022 earnings released: EPS: €1.88 (vs €11.99 in FY 2021) Full year 2022 results: EPS: €1.88 (down from €11.99 in FY 2021). Revenue: €782.5m (down 34% from FY 2021). Net income: €38.4m (down 84% from FY 2021). Profit margin: 4.9% (down from 21% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 19
Third quarter 2022 earnings released: €3.37 loss per share (vs €2.43 profit in 3Q 2021) Third quarter 2022 results: €3.37 loss per share (down from €2.43 profit in 3Q 2021). Revenue: €259.6m (down 2.6% from 3Q 2021). Net loss: €69.3m (down 238% from profit in 3Q 2021). Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Machinery industry in Germany are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: €0.93 (vs €4.29 in 2Q 2021) Second quarter 2022 results: EPS: €0.93 (down from €4.29 in 2Q 2021). Revenue: €294.5m (down 13% from 2Q 2021). Net income: €19.1m (down 78% from 2Q 2021). Profit margin: 6.5% (down from 26% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Over the next year, revenue is expected to shrink by 22% compared to a 8.8% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 21
First quarter 2022 earnings released: EPS: €0.75 (vs €4.13 in 1Q 2021) First quarter 2022 results: EPS: €0.75 (down from €4.13 in 1Q 2021). Revenue: €278.0m (down 14% from 1Q 2021). Net income: €15.5m (down 82% from 1Q 2021). Profit margin: 5.6% (down from 26% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Over the next year, revenue is expected to shrink by 20% compared to a 12% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 27
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 02 May 2022. Payment date: 04 May 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of German dividend payers (4.0%). Higher than average of industry peers (2.5%). Reported Earnings • Nov 20
Third quarter 2021 earnings released: EPS €2.43 (vs €1.65 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €266.7m (up 12% from 3Q 2020). Net income: €50.1m (up 47% from 3Q 2020). Profit margin: 19% (up from 14% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 22
First quarter 2021 earnings released: EPS €4.13 (vs €0.17 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €323.9m (up 62% from 1Q 2020). Net income: €84.9m (up €88.4m from 1Q 2020). Profit margin: 26% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Executive Departure • May 21
Independent Chairman of Supervisory Board Walter Koppensteiner has left the company On the 12th of May, Walter Koppensteiner's tenure as Independent Chairman of Supervisory Board ended after 9.1 years in the role. We don't have any record of a personal shareholding under Walter's name. A total of 4 executives have left over the last 12 months. Executive Departure • May 21
CFO & Member of Executive Board has left the company On the 17th of May, Gabriele Schallegger's tenure as CFO & Member of Executive Board ended after less than a year in the role. We don't have any record of a personal shareholding under Gabriele's name. A total of 4 executives have left over the last 12 months. Upcoming Dividend • Apr 22
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 03 May 2021. Trailing yield: 3.8%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.1%). Reported Earnings • Mar 20
Full year 2020 earnings released: EPS €9.06 (vs €2.50 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €931.1m (up 10% from FY 2019). Net income: €186.4m (up €237.8m from FY 2019). Profit margin: 20% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 22% share price gain to €32.60, the stock trades at a trailing P/E ratio of 5.3x, up from the previous P/E ratio of 4.3x. Average P/E is 40x in the Machinery industry in Germany. Total returns to shareholders over the past three years are 98%. Is New 90 Day High Low • Feb 16
New 90-day high: €26.40 The company is up 24% from its price of €21.30 on 18 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.78 per share. Is New 90 Day High Low • Jan 07
New 90-day high: €25.90 The company is up 22% from its price of €21.20 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.77 per share. Announcement • Dec 18
Semperit Aktiengesellschaft Holding (WBAG:SEM) signed a contract to acquire M+R Dichtungstechnik GmbH from its owner. Semperit Aktiengesellschaft Holding (WBAG:SEM) signed a contract to acquire M+R Dichtungstechnik GmbH from its owner on December 16, 2020. The previous sole owner will remain on board as managing director. M+R Dichtungstechnik GmbH will be continued with a clear focus on its given strengths and integrated into the Semperseal segment within the next twelve months. M+R Dichtungstechnik GmbH employs 25 people and generated revenue of around €8 million in 2019. The transaction is expected to close in January, 2021. Is New 90 Day High Low • Dec 04
New 90-day high: €24.50 The company is up 43% from its price of €17.16 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.10 per share. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS €1.65 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €238.9m (up 11% from 3Q 2019). Net income: €34.0m (up €75.2m from 3Q 2019). Profit margin: 14% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 22
Revenue beats expectations Revenue exceeded analyst estimates by 0.002%. Over the next year, revenue is forecast to grow 5.1%, compared to a 4.6% growth forecast for the Machinery industry in Germany. Analyst Estimate Surprise Post Earnings • Nov 20
Revenue beats expectations Revenue exceeded analyst estimates by 0.002%. Over the next year, revenue is forecast to grow 5.1%, compared to a 3.0% growth forecast for the Machinery industry in Germany. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS €1.65 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €238.9m (up 11% from 3Q 2019). Net income: €34.0m (up €75.2m from 3Q 2019). Profit margin: 14% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 07
New 90-day high: €22.95 The company is up 37% from its price of €16.80 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €19.64 per share. Announcement • Nov 07
Semperit Aktiengesellschaft Holding Announces Earnings Guidance for 2020 Semperit Aktiengesellschaft Holding announced that the annual result for 2020 is expected to be significantly above than in the previous year and the previous forecast. The company expects an EBIT of EUR 230.0 to 255.0 million for (EBIT forecast in September 2020: EUR 195.0 to 230.0 million; EBIT 2019: EUR -16.5 million) the full year 2020. Is New 90 Day High Low • Oct 21
New 90-day high: €22.80 The company is up 51% from its price of €15.06 on 22 July 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €20.32 per share. Is New 90 Day High Low • Oct 03
New 90-day high: €18.82 The company is up 47% from its price of €12.78 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.31 per share.