helma eigenheimbau
TRANSCRIPT
HELMA Eigenheimbau (Scale All Share, Construction & Materials)
A n a l y s t
Andreas Pläsier [email protected]
+49 40 309537-246
F I R S T G L A N C E Published 14.08.2020 08:15 1
RESEARCH
Buy
EUR 48.00
Price EUR 34.50
Upside 39.1 %
Value Indicators: EUR Share data: Description:
DCF: 48.04
Bloomberg: H5E GR
Reuters: H5EG
ISIN: DE000A0EQ578
Service provider for construction of owner-occupied homes and holiday property
Market Snapshot: EUR m Shareholders: Risk Profile (WRe): 2020e
Market cap: 138.0
No. of shares (m): 4.0
EV: 276.6
Freefloat MC: 83.1
Ø Trad. Vol. (30d): 260.69 th
Freefloat 60.2 %
Karl-Heinz Maerzke 39.6 %
G. Janssen CEO 0.1 %
André Müller MoB 0.1 %
Beta: 1.5
Price / Book: 1.3 x
Equity Ratio: 29 %
Net Fin. Debt / EBITDA: 9.5 x
Net Debt / EBITDA: 9.5 x
First Glance: H1 order intake and FY EBT guidance exceed expectations
� HELMA released preliminary figures for H1 yesterday afternoon.
� Order intake dropped 18% to EUR 115.5m which is significantly above our estimate of EUR 84m. The positive surprise should be driven by a
good start to 2020 and a significant improvement in June (yoy) in our view.
� Sales improved 5% to EUR 116m (WRe: 105m). The better H1 performance should reflect no construction delays, the mentioned strong
sales volume in June and stronger demand at Helma Ferienimmobilien in our view.
� Consequently, EBT of EUR 6.6m exceeded our estimate of EUR 5.4m.
� Against the background of H1 HELMA guided for an EBT in the range of EUR 14-17m in 2020 which is 20-45% above our estimate.
� -=> Better H1 result than expected. If we see a further catch-up effect in the remaining months and no significant weakening of current
economic environment HELMA’s target is within reach.
� -We stick to Buy.
in EUR m H1/20 H1/20e H1/19 yoy 2020e 2019 yoy
Sales 115,5 104,8 110,3 5% 223,8 263,2 -15%
EBIT n.a. 5,8 7,8 12,4 22,8 -45%
EBIT adjusted n.a. 6,5 8,5 13,2 23,5 -44%
EBIT-margin (adjusted) n.a. 6,2% 7,7% 5,9% 8,9%
EBT 6,6 5,4 7,5 -12% 11,5 23,6 -51%
Net income n.a. 3,7 5,2 7,9 16,1 -51%
EPS n.a. 0,93 1,29 1,97 4,04 -51%
Order intake 115,5 84,4 140,6 -18% 186,6 296,5 -37%
FY End: 31.12. in EUR m
CAGR (19-21e) 2015 2016 2017 2018 2019 2020e 2021e
Sales -1.1 % 210.6 262.9 266.5 253.3 263.2 223.8 257.3
Change Sales yoy 23.5 % 24.8 % 1.4 % -5.0 % 3.9 % -15.0 % 15.0 %
Gross margin adj. 0.2 % 24.3 % 21.4 % 21.0 % 24.5 % 24.8 % 24.0 % 24.9 %
EBITDA -7.6 % 19.5 22.6 21.7 23.8 25.2 14.6 21.5
EBIT -7.8 % 17.8 20.8 19.4 21.8 22.8 12.4 19.4
Margin 8.4 % 7.9 % 7.3 % 8.6 % 8.7 % 5.6 % 7.5 %
EBT 15.0 18.7 18.3 21.2 23.6 11.5 18.2
Net income -12.3 % 10.0 12.6 12.1 14.5 16.1 7.9 12.4
EPS -12.3 % 2.69 3.15 3.03 3.62 4.04 1.97 3.11
EPS adj. -12.3 % 2.69 3.15 3.03 3.62 4.04 1.97 3.11
DPS -13.0 % 0.75 1.10 1.40 1.30 1.85 1.30 1.40
Dividend Yield 2.0 % 2.1 % 3.2 % 3.5 % 4.9 % 3.8 % 4.1 %
FCFPS -10.49 -4.63 -4.31 -0.25 -1.44 12.01 -6.21
FCF / Market cap -28.6 % -8.8 % -9.8 % -0.7 % -3.8 % 34.8 % -18.0 %
EV / Sales n.a. 1.3 x 1.2 x 1.2 x 1.2 x 1.2 x 1.2 x
EV / EBITDA n.a. 14.9 x 15.0 x 12.9 x 13.0 x 18.9 x 14.3 x
EV / EBIT n.a. 16.1 x 16.8 x 14.1 x 14.4 x 22.2 x 15.9 x
P / E 13.6 x 16.7 x 14.5 x 10.2 x 9.4 x 17.5 x 11.1 x
P / E adj. 13.6 x 16.7 x 14.5 x 10.2 x 9.4 x 17.5 x 11.1 x
FCF Potential Yield n.a. 4.5 % 4.4 % 5.1 % 5.0 % 3.5 % 4.7 %
Net Debt 98.6 124.3 149.2 159.3 175.7 138.6 170.1
ROCE (NOPAT) 8.2 % 7.5 % 5.8 % 6.0 % 5.8 % 3.2 % 5.1 % Guidance: n.a.
Rel. Performance vs Scale All
1 month: -1.6 %
6 months: -19.0 %
Year to date: -19.1 %
Trailing 12 months: -10.7 %
Company events:
18.08.20 H1
HELMA Eigenheimbau
F I R S T G L A N C E Published 14.08.2020 2
RESEARCH
Sales development in EUR m
Source: Warburg Research
Order intake by segments 2019; in %
Source: Warburg Research
EBIT development in EUR m
Source: Warburg Research
Company Background
� Provider of construction services for brick-built homes that can be adapted to individual tastes.
� Focus on product development, sale, planning and building administration. Construction is outsourced to subcontractors.
� Via HELMA Wohnungsbau GmbH, HELMA in its role as a developer, acquires larger areas zoned for residential construction with up
to 250 building sites. Regional focus is on cities like Berlin, Hamburg, Hanover or Munich.
� Since early 2011 the company has been developing and selling holiday properties at the North Sea and Baltic Sea coasts as well as
attractive lakeside locations via the subsidiary HELMA Ferienimmobilien.
Competitive Quality
� Individualisation without additional costs: HELMA's homes are mainly distinguished by the range of individual design options at no
extra cost.
� High expertise in the future market of energy-efficient houses: HELMA offers a broad range of energy-efficient houses, e.g. the
ecoSolar house and, since May 2011, the EnergieAutarke Haus (energy self-sufficient home).
� Efficient sales concept: HELMA's 35 show houses throughout Germany are used by ca. 80 freelance sales representatives as a point
of sale.
� Business model expansion into apartment building completes product range
� Successful advancement of the development business in the holiday property area since 2011. Gradual expansion of the market
positioning makes attractive growth possible.
Sales by segments 2019 in %
Source: Warburg Research
Order intake in EUR m
Source: Warburg Research
Net income development in EUR m
Source: Warburg Research
HELMA Eigenheimbau
F I R S T G L A N C E Published 14.08.2020 3
RESEARCH
DCF model
Detailed forecast period Transitional period Term. Value
Figures in EUR m 2020e 2021e 2022e 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e 2031e 2032e
Sales 223.8 257.3 277.9 297.4 315.2 331.0 344.2 354.5 365.2 372.5 379.9 387.5 393.3
Sales change -15.0 % 15.0 % 8.0 % 7.0 % 6.0 % 5.0 % 4.0 % 3.0 % 3.0 % 2.0 % 2.0 % 2.0 % 1.5 % 1.5 %
EBIT 12.4 19.4 22.7 29.4 30.6 31.4 32.7 33.7 32.9 33.5 34.2 34.9 35.4
EBIT-margin 5.6 % 7.5 % 8.2 % 9.9 % 9.7 % 9.5 % 9.5 % 9.5 % 9.0 % 9.0 % 9.0 % 9.0 % 9.0 %
Tax rate (EBT) 31.5 % 31.5 % 31.5 % 31.5 % 31.5 % 31.5 % 31.5 % 31.5 % 31.5 % 31.5 % 31.5 % 31.5 % 31.5 %
NOPAT 8.5 13.3 15.5 20.2 20.9 21.5 22.4 23.1 22.5 23.0 23.4 23.9 24.2
Depreciation 2.2 2.1 2.1 2.4 2.5 2.6 2.8 2.8 2.9 3.0 3.0 3.1 3.1
in % of Sales 1.0 % 0.8 % 0.8 % 0.8 % 0.8 % 0.8 % 0.8 % 0.8 % 0.8 % 0.8 % 0.8 % 0.8 % 0.8 %
Changes in provisions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Change in Liquidity from
- Working Capital -40.4 35.1 10.7 -6.3 7.3 5.1 4.1 3.9 3.5 3.5 3.1 2.7 1.9
- Capex 2.6 3.2 3.2 2.7 2.8 3.0 3.1 3.2 3.3 3.4 3.4 3.5 3.5
Capex in % of Sales 1.2 % 1.2 % 1.2 % 0.9 % 0.9 % 0.9 % 0.9 % 0.9 % 0.9 % 0.9 % 0.9 % 0.9 % 0.9 %
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free Cash Flow (WACC Model)
48.6 -23.0 3.7 26.2 13.3 16.1 18.0 18.8 18.6 19.1 19.9 20.8 21.9 19
PV of FCF 49.5 -22.1 3.4 22.3 10.7 12.2 12.8 12.6 11.8 11.4 11.2 11.0 10.9 210 share of PVs 8.36 % 34.55 % 57.09 %
Model parameter Valuation (m)
Derivation of WACC: Derivation of Beta: Present values 2032e 158
Terminal Value 210
Debt ratio 45.00 % Financial Strength 1.50 Financial liabilities 192
Cost of debt (after tax) 1.7 % Liquidity (share) 1.50 Pension liabilities 0
Market return 7.00 % Cyclicality 2.00 Hybrid capital 0
Risk free rate 1.50 % Transparency 1.00 Minority interest 0
Others 1.50 Market val. of investments 0
Liquidity 17 No. of shares (m) 4.0
WACC 6.13 % Beta 1.50 Equity Value 192 Value per share (EUR) 48.04
Sensitivity Value per Share (EUR)
Terminal Growth Delta EBIT-margin
Beta WACC 0.75 % 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % 2.25 % Beta WACC -1.5 pp -1.0 pp -0.5 pp +0.0 pp +0.5 pp +1.0 pp +1.5 pp
1.83 7.1 % 27.81 29.21 30.72 32.36 34.16 36.14 38.31 1.83 7.1 % 16.79 21.98 27.17 32.36 37.55 42.74 47.93
1.67 6.6 % 33.71 35.45 37.35 39.43 41.73 44.28 47.11 1.67 6.6 % 22.38 28.07 33.75 39.43 45.12 50.80 56.49
1.58 6.4 % 37.06 39.01 41.15 43.52 46.13 49.05 52.31 1.58 6.4 % 25.61 31.58 37.55 43.52 49.48 55.45 61.42
1.50 6.1 % 40.72 42.92 45.35 48.04 51.03 54.39 58.18 1.50 6.1 % 29.18 35.47 41.75 48.04 54.32 60.61 66.89
1.42 5.9 % 44.74 47.23 50.00 53.08 56.53 60.42 64.86 1.42 5.9 % 33.16 39.80 46.44 53.08 59.71 66.35 72.99
1.33 5.6 % 49.17 52.01 55.18 58.73 62.73 67.29 72.52 1.33 5.6 % 37.63 44.66 51.69 58.73 65.76 72.79 79.83
1.17 5.1 % 59.56 63.31 67.54 72.36 77.89 84.30 91.82 1.17 5.1 % 48.40 56.38 64.37 72.36 80.35 88.33 96.32
� Modest increase of working capital quote and investment quote in the transitional period
HELMA Eigenheimbau
F I R S T G L A N C E Published 14.08.2020 4
RESEARCH
Valuation
2015 2016 2017 2018 2019 2020e 2021e
Price / Book 1.9 x 2.6 x 2.0 x 1.5 x 1.4 x 1.3 x 1.3 x
Book value per share ex intangibles 16.97 19.48 21.53 23.65 26.30 25.42 26.45
EV / Sales n.a. 1.3 x 1.2 x 1.2 x 1.2 x 1.2 x 1.2 x
EV / EBITDA n.a. 14.9 x 15.0 x 12.9 x 13.0 x 18.9 x 14.3 x
EV / EBIT n.a. 16.1 x 16.8 x 14.1 x 14.4 x 22.2 x 15.9 x
EV / EBIT adj.* n.a. 15.8 x 15.3 x 13.4 x 14.0 x 20.9 x 15.3 x
P / FCF n.a. n.a. n.a. n.a. n.a. 2.9 x n.a.
P / E 13.6 x 16.7 x 14.5 x 10.2 x 9.4 x 17.5 x 11.1 x
P / E adj.* 13.6 x 16.7 x 14.5 x 10.2 x 9.4 x 17.5 x 11.1 x
Dividend Yield 2.0 % 2.1 % 3.2 % 3.5 % 4.9 % 3.8 % 4.1 %
FCF Potential Yield (on market EV) n.a. 4.5 % 4.4 % 5.1 % 5.0 % 3.5 % 4.7 %
*Adjustments made for: -
Company Specific Items
2015 2016 2017 2018 2019 2020e 2021e
Order intake 269.4 286.8 245.4 278.6 296.5 186.6 305.9 Total output 264.0 273.1 282.4 279.0 273.0 233.8 267.3 Material expenses 212.8 216.8 226.4 217.1 207.8 180.1 203.3 Gross margin adj. 24.3 % 21.4 % 21.0 % 24.5 % 24.8 % 24.0 % 24.9 %
HELMA Eigenheimbau
F I R S T G L A N C E Published 14.08.2020 5
RESEARCH
Consolidated profit & loss In EUR m 2015 2016 2017 2018 2019 2020e 2021e
Sales 210.6 262.9 266.5 253.3 263.2 223.8 257.3
Change Sales yoy 23.5 % 24.8 % 1.4 % -5.0 % 3.9 % -15.0 % 15.0 % Increase / decrease in inventory n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Own work capitalised n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Total output 264.0 273.1 282.4 279.0 273.0 233.8 267.3
Material expenses 212.8 216.8 226.4 217.1 207.8 180.1 203.3
Gross profit 51.2 56.4 56.1 61.9 65.3 53.6 64.0
Gross profit margin 24.3 % 21.4 % 21.0 % 24.5 % 24.8 % 24.0 % 24.9 % Personnel expenses 17.5 19.8 20.9 23.9 25.0 25.3 26.1
Other operating income 1.0 1.7 1.7 1.6 2.6 1.0 1.0
Other operating expenses 15.2 15.7 15.2 15.9 17.7 14.7 17.5
Unfrequent items 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 19.5 22.6 21.7 23.8 25.2 14.6 21.5
Margin 9.3 % 8.6 % 8.1 % 9.4 % 9.6 % 6.5 % 8.3 %
Depreciation of fixed assets 1.7 1.8 2.3 2.0 2.4 2.2 2.1
EBITA 17.8 20.8 19.4 21.8 22.8 12.4 19.4
Amortisation of intangible assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill amortisation 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBIT 17.8 20.8 19.4 21.8 22.8 12.4 19.4
Margin 8.4 % 7.9 % 7.3 % 8.6 % 8.7 % 5.6 % 7.5 %
EBIT adj. 18.4 21.3 21.3 22.9 23.5 13.2 20.2
Interest income 0.0 0.0 0.0 0.1 1.7 0.0 0.0
Interest expenses 2.8 2.1 1.2 0.7 0.9 0.9 1.2
Other financial income (loss) 0.0 0.0 0.1 0.0 0.0 0.0 0.0
EBT 15.0 18.7 18.3 21.2 23.6 11.5 18.2
Margin 7.1 % 7.1 % 6.8 % 8.4 % 9.0 % 5.2 % 7.1 % Total taxes 5.0 6.0 6.1 6.6 7.4 3.6 5.7
Net income from continuing operations 10.0 12.6 12.1 14.5 16.2 7.9 12.5
Income from discontinued operations (net of tax) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net income before minorities 10.0 12.6 12.1 14.5 16.2 7.9 12.5
Minority interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net income 10.0 12.6 12.1 14.5 16.1 7.9 12.4
Margin 4.7 % 4.8 % 4.5 % 5.7 % 6.1 % 3.5 % 4.8 %
Number of shares, average 3.6 4.0 4.0 4.0 4.0 4.0 4.0
EPS 2.69 3.15 3.03 3.62 4.04 1.97 3.11
EPS adj. 2.69 3.15 3.03 3.62 4.04 1.97 3.11
*Adjustments made for:
Guidance: n.a.
Financial Ratios 2015 2016 2017 2018 2019 2020e 2021e
Total Operating Costs / Sales 116.1 % 95.3 % 97.8 % 100.8 % 94.2 % 97.9 % 95.5 %
Operating Leverage 1.1 x 0.7 x -5.0 x -2.5 x 1.2 x 3.0 x 3.7 x
EBITDA / Interest expenses 6.9 x 10.7 x 18.3 x 34.7 x 29.0 x 16.3 x 17.9 x
Tax rate (EBT) 33.3 % 32.3 % 33.5 % 31.4 % 31.4 % 31.5 % 31.5 %
Dividend Payout Ratio 27.4 % 34.8 % 46.1 % 35.8 % 45.7 % 65.8 % 45.0 %
Sales per Employee 829,205 906,721 876,773 779,311 817,525 694,896 783,461
Sales, EBITDA in EUR m
Source: Warburg Research
Operating Performance in %
Source: Warburg Research
Performance per Share
Source: Warburg Research
HELMA Eigenheimbau
F I R S T G L A N C E Published 14.08.2020 6
RESEARCH
Consolidated balance sheet In EUR m 2015 2016 2017 2018 2019 2020e 2021e
Assets
Goodwill and other intangible assets 1.9 2.2 2.6 3.0 3.3 3.9 4.5
thereof other intangible assets 0.5 0.8 1.2 1.6 1.9 2.5 3.1
thereof Goodwill 1.4 1.4 1.4 1.4 1.4 1.4 1.4
Property, plant and equipment 16.3 16.4 16.6 19.1 19.9 19.7 20.2
Financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other long-term assets 0.0 0.0 0.0 0.0 4.6 4.6 4.6
Fixed assets 18.5 18.6 19.2 22.2 27.9 28.3 29.4
Inventories 154.4 173.8 199.9 220.2 232.2 210.0 240.0
Accounts receivable 56.6 71.8 76.8 77.2 96.6 79.7 88.1
Liquid assets 12.5 11.3 16.7 16.3 16.7 43.0 19.2
Other short-term assets 3.0 2.7 5.1 5.5 6.8 6.8 6.8
Current assets 226.5 259.7 298.5 319.2 352.3 339.5 354.2
Total Assets 245.0 278.2 317.7 341.4 380.2 367.8 383.5
Liabilities and shareholders' equity
Subscribed capital 4.0 4.0 4.0 4.0 4.0 4.0 4.0
Capital reserve 41.5 41.5 41.5 41.5 41.5 41.5 41.5
Retained earnings 11.5 14.7 20.2 30.9 36.3 36.7 44.0
Other equity components 12.8 19.9 23.0 21.2 26.7 23.3 20.8
Shareholders' equity 69.8 80.1 88.7 97.6 108.5 105.5 110.3
Minority interest 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Total equity 69.9 80.2 88.8 97.7 108.6 105.7 110.4
Provisions 32.3 24.9 17.0 25.5 33.4 36.3 40.3
thereof provisions for pensions and similar obligations 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Financial liabilities (total) 111.1 135.7 165.9 175.6 192.4 181.6 189.4
thereof short-term financial liabilities 50.7 32.4 32.2 33.0 36.0 28.8 33.1
Accounts payable 8.1 9.7 8.5 9.5 15.0 13.5 12.7
Other liabilities 23.7 27.8 37.3 33.1 30.7 30.7 30.7
Liabilities 175.1 198.0 228.8 243.7 271.6 262.1 273.1
Total liabilities and shareholders' equity 245.0 278.2 317.7 341.4 380.2 367.8 383.5
Financial Ratios 2015 2016 2017 2018 2019 2020e 2021e
Efficiency of Capital Employment
Operating Assets Turnover 1.0 x 1.0 x 0.9 x 0.8 x 0.8 x 0.8 x 0.8 x
Capital Employed Turnover 1.3 x 1.3 x 1.1 x 1.0 x 0.9 x 0.9 x 0.9 x
ROA 53.7 % 67.9 % 63.1 % 65.1 % 57.9 % 27.8 % 42.3 %
Return on Capital
ROCE (NOPAT) 8.2 % 7.5 % 5.8 % 6.0 % 5.8 % 3.2 % 5.1 %
ROE 18.0 % 16.8 % 14.4 % 15.6 % 15.7 % 7.4 % 11.5 %
Adj. ROE 18.0 % 16.8 % 14.4 % 15.6 % 15.7 % 7.4 % 11.5 %
Balance sheet quality
Net Debt 98.6 124.3 149.2 159.3 175.7 138.6 170.1
Net Financial Debt 98.6 124.3 149.2 159.3 175.7 138.6 170.1
Net Gearing 141.1 % 155.0 % 168.0 % 163.0 % 161.8 % 131.2 % 154.1 %
Net Fin. Debt / EBITDA 505.7 % 551.0 % 689.3 % 670.1 % 698.2 % 947.1 % 792.1 %
Book Value / Share 17.4 20.0 22.2 24.4 27.1 26.4 27.6
Book value per share ex intangibles 17.0 19.5 21.5 23.7 26.3 25.4 26.4
ROCE Development
Source: Warburg Research
Net debt in EUR m
Source: Warburg Research
Book Value per Share in EUR
Source: Warburg Research
HELMA Eigenheimbau
F I R S T G L A N C E Published 14.08.2020 7
RESEARCH
Consolidated cash flow statement In EUR m 2015 2016 2017 2018 2019 2020e 2021e
Net income 10.0 13.5 13.0 14.5 16.2 7.9 12.5
Depreciation of fixed assets 1.7 1.8 2.3 2.0 2.4 2.2 2.1
Amortisation of goodwill 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Amortisation of intangible assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Increase/decrease in long-term provisions -0.5 0.1 0.1 0.1 -0.1 0.0 0.0
Other non-cash income and expenses 1.1 5.5 2.5 -1.6 -0.3 1.0 1.0
Cash Flow before NWC change 12.3 21.0 17.9 14.9 18.1 11.1 15.6
Increase / decrease in inventory -58.3 -16.8 -23.3 -16.9 -8.6 22.2 -30.0
Increase / decrease in accounts receivable -21.4 -14.9 -7.0 -1.3 -25.0 16.9 -8.4
Increase / decrease in accounts payable 1.3 2.2 7.0 -1.0 4.0 -1.5 -0.8
Increase / decrease in other working capital positions 28.5 -7.6 -7.9 8.3 8.0 2.0 2.0
Increase / decrease in working capital (total) -49.9 -37.0 -31.3 -10.9 -21.6 39.6 -37.2
Net cash provided by operating activities [1] -36.2 -16.1 -13.3 4.1 -3.5 50.7 -21.6
Investments in intangible assets 0.0 -0.5 -0.6 -0.7 -0.6 -0.6 -0.6
Investments in property, plant and equipment -1.7 -1.9 -3.2 -4.4 -1.7 -2.0 -2.6
Payments for acquisitions 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Financial investments 0.0 -0.3 -0.1 -0.1 -0.1 0.0 0.0
Income from asset disposals 0.1 0.3 0.5 0.5 0.1 0.5 0.5
Net cash provided by investing activities [2] -1.9 -1.8 -3.3 -4.4 -2.0 -2.1 -2.7
Change in financial liabilities 24.8 24.7 30.3 9.7 15.8 -10.8 7.8
Dividends paid -2.5 -3.2 -4.4 -5.6 -5.2 -7.4 -5.2
Purchase of own shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Capital measures 21.2 0.0 0.0 0.0 0.0 0.0 0.0
Other 0.3 -4.7 -3.9 -4.1 -4.7 -4.0 -2.0
Net cash provided by financing activities [3] 43.7 16.8 22.0 0.1 5.9 -22.2 0.6
Change in liquid funds [1]+[2]+[3] 5.6 -1.2 5.3 -0.3 0.4 26.3 -23.8
Effects of exchange-rate changes on cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash and cash equivalent at end of period 12.5 11.3 16.7 16.3 16.7 43.0 19.2
Financial Ratios 2015 2016 2017 2018 2019 2020e 2021e
Cash Flow
FCF -38.2 -18.5 -17.2 -1.0 -5.8 48.1 -24.8
Free Cash Flow / Sales -18.2 % -7.0 % -6.5 % -0.4 % -2.2 % 21.5 % -9.7 %
Free Cash Flow Potential n.a. 15.1 14.1 15.7 16.4 9.6 14.4
Free Cash Flow / Net Profit -384.2 % -147.0 % -142.2 % -6.8 % -35.8 % 610.7 % -200.0 %
Interest Received / Avg. Cash 0.0 % 0.0 % 0.0 % 0.3 % 10.2 % 0.0 % 0.0 %
Interest Paid / Avg. Debt 2.9 % 1.7 % 0.8 % 0.4 % 0.5 % 0.5 % 0.6 %
Management of Funds
Investment ratio 0.8 % 0.9 % 1.5 % 2.0 % 0.9 % 1.2 % 1.2 %
Maint. Capex / Sales n.a. 0.5 % 0.5 % 0.6 % 0.5 % 0.6 % 0.5 %
Capex / Dep 98.7 % 136.0 % 168.8 % 253.1 % 95.4 % 118.2 % 152.4 %
Avg. Working Capital / Sales 77.7 % 83.4 % 94.6 % 109.8 % 114.3 % 131.8 % 115.0 %
Trade Debtors / Trade Creditors 701.7 % 740.2 % 898.5 % 812.2 % 642.2 % 590.4 % 693.7 %
Inventory Turnover n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Receivables collection period (days) 98 100 105 111 134 130 125
Payables payment period (days) n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Cash conversion cycle (Days) n.a. n.a. n.a. n.a. n.a. n.a. n.a.
CAPEX and Cash Flow in EUR m
Source: Warburg Research
Free Cash Flow Generation
Source: Warburg Research
Working Capital
Source: Warburg Research
HELMA Eigenheimbau
F I R S T G L A N C E Published 14.08.2020 8
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SOURCES
All data and consensus estimates have been obtained from FactSet except where stated otherwise.
HELMA Eigenheimbau
F I R S T G L A N C E Published 14.08.2020 9
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Reference in accordance with section 85 of the German Securities Trading Act (WpHG) and Art. 20 MAR regarding possible conflicts of interest with companies analysed:
-1- Warburg Research, or an affiliated company, or an employee of one of these companies responsible for the compilation of the research, hold
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-2-
Warburg Research, or an affiliated company, within the last twelve months participated in the management of a consortium for an issue in
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-4-
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-5- The company compiling the analysis or an affiliated company had reached an agreement on the compilation of the investment
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Company Disclosure Link to the historical price targets and rating changes (last 12 months)
HELMA Eigenheimbau 3, 5 http://www.mmwarburg.com/disclaimer/disclaimer_en/DE000A0EQ578.htm
HELMA Eigenheimbau
F I R S T G L A N C E Published 14.08.2020 10
RESEARCH
INVESTMENT RECOMMENDATION
Investment recommendation: expected direction of the share price development of the financial instrument up to the given price target in the opinion of
the analyst who covers this financial instrument.
-B- Buy: The price of the analysed financial instrument is expected to rise over the next 12 months.
-H- Hold: The price of the analysed financial instrument is expected to remain mostly flat over the next 12
months.
-S- Sell: The price of the analysed financial instrument is expected to fall over the next 12 months.
“-“ Rating suspended: The available information currently does not permit an evaluation of the company.
WARBURG RESEARCH GMBH – ANALYSED RESEARCH UNIVERSE BY RATING
Rating Number of stocks % of Universe
Buy 131 65
Hold 56 28
Sell 11 5
Rating suspended 5 2
Total 203 100
WARBURG RESEARCH GMBH – ANALYSED RESEARCH UNIVERSE BY RATING K
K taking into account only those companies which were provided with major investment services in the last twelve months.
Rating Number of stocks % of Universe
Buy 35 88
Hold 3 8
Sell 0 0
Rating suspended 2 5
Total 40 100
PRICE AND RATING HISTORY HELMA EIGENHEIMBAU AS OF 14.08.2020
Markings in the chart show rating changes by Warburg Research
GmbH in the last 12 months. Every marking details the date and
closing price on the day of the rating change.
HELMA Eigenheimbau
F I R S T G L A N C E Published 14.08.2020 11
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EQUITIES Matthias Rode +49 40 3282-2678 Head of Equities [email protected] RESEARCH Michael Heider +49 40 309537-280 Thilo Kleibauer +49 40 309537-257 Head of Research [email protected] Retail, Consumer Goods [email protected]
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