First Take - Investor Relations
Transcription
First Take - Investor Relations
First Take 30/04/2015 Companies BASF SE Continental AG Fuchs Petrolub SE HOCHTIEF AG Leifheit AG Linde AG SHW AG Ströer Media SE Recommendation* Price target* Hold Buy Sell Buy Buy Hold Buy Buy 98.00 EUR 210.00 EUR 34.00 EUR 80.00 EUR 60.00 EUR 195.00 EUR 52.00 EUR 41.00 EUR Disclaimer Page 2 3 4 5 6 7 8 9 10 * as per last working day Bankhaus Lampe Düsseldorf, +49 (0)211 4952 -607, [email protected] See end of document for more details. BANKHAUS LAMPE // 2 BASF SE Strong Chemicals results in Q1 30/04/2015 Hold 98.00 EUR Close (29/04/2015) 89.07 EUR Bloomberg: BAS WKN: BASF11 Sector Chemicals Share price performance 52 week high 96.72 52 week low 65.61 Compared to DAX YTD 10.9% 1 month -0.1% 12 months 5.1% KEY TAKEAWAYS • BASF reported good quality Q1 results with significantly better-than-expected earnings in its Chemicals activities and in Agricultural Solutions. • EBIT before special items in Oil & Gas was higher than expected as well, but this, in our view, was mainly driven by a one-off impact in Natural Gas Trading. • The Others segment was significantly impacted by an increase in provisions for the long-term incentive programme and therefore showed much higher costs than expected. • A higher-than-expected tax rate led to a miss in EPS. • Operating cash flow was strong and improved 37%; the FCF increased by € 350 m. Q1 2015e (BHL) Q1 2015 in EUR m Sales 20,067 19,317 EBIT 1,995 1,875 EBIT before special items 2,070 1,990 EPS (in €), adjusted 1.43 1.58 Source: Company information, Bankhaus Lampe Research % yoy Q1 2014 19,512 2,221 2,112 1.62 2.8% -10.2% -2.0% -11.7% FIRST TAKE • The operating results for Q1 were strong, in our view, and of good quality. • As expected, BASF reiterated the guidance for 2015. • A conference call will start at 8:30 CET. Share data Market Cap (m EUR) 81,809 No. of shares (m) 918 Free float 100.0% Trading vol. Ø (m EUR) 199.8 in m EUR Next event 24/07/2015 Quarterly Results 2013 2014 2015e 2016e 2017e Sales 73,973 74,326 76,037 78,471 80,904 EBIT 7,160 7,626 7,451 8,121 8,738 EBIT margin 9.7% 10.3% 9.8% 10.3% 10.8% 12,563 13,647 13,561 12,319 9,827 2,106 2,462 2,519 3,763 5,100 5.22 5.61 5.42 5.97 6.47 Net financial debt Free cash-flow EPS (in EUR) DPS (in EUR) 2.70 2.80 2.90 3.00 3.20 Analyst Dividend yield 3.5% 4.0% 3.3% 3.4% 3.6% Heiko Feber, Analyst EV/Sales 1.2 1.2 1.4 1.3 1.2 Phone: +49 (0)211 4952-413 EV/EBIT 12.3 11.2 13.9 12.6 11.4 [email protected] Price Earnings ratio (P/E) 14.8 12.5 16.4 14.9 13.8 See end of document for disclaimer. Source: Company information, Bankhaus Lampe Research estimates First Take 30/04/2015 BANKHAUS LAMPE // 3 Continental AG Q1 headline figures out - earnings in line 30/04/2015 Buy 210.00 EUR Close (29/04/2015) 213.20 EUR Bloomberg: CON WKN: 543900 Sector Automotive Share price performance 52 week high 231.35 52 week low 139.00 Compared to DAX YTD 4.9% 1 month 1.5% 12 months -0.7% KEY TAKEAWAYS • The sales figures were surprisingly strong, most likely due to positive FX effects. • The adj. EBIT was more or less in line with our forecasts and street expectations. • Integration costs and one-off expenses for Veyance burdened the results by € 37 m • Conti considers its start to the year to be very encouraging as the end markets were only sluggish in its view. We expect an improvement of the replacement tyre market in Europe as well as an uptick in European car production in the months ahead • Conti sales and earnings are expected to improve in the coming quarters, according to CEO Degenhart Continental [Mio. €] Sales pQ1 2015 9.600 Automotive Rubber Group EBIT adj. EBIT adj.-Marge EBIT EBIT-Marge Net income (after min.) EPS [€] BHL Consensus Q1 2015e 9.092 5.494 Q1 2015e 9.285 5.602 Q1 2014 % yoy 8.375 5.129 14,6% 3.557 1.017 11,2% 979 10,8% 644 3,22 3.698 1.048 11,3% 1.000 10,8% 640 3,20 3.271 937 11,2% 889 10,6% 574 2,87 1.000 10,4% 0,0% - na na 6,7% -0,8 PP -100,0% -10,6 PP na na Source: Company information, Bankhaus Lampe Research Share data Market Cap (m EUR) 42,641 No. of shares (m) 200 Free float FIRST TAKE • This is a solid start to the year and the company is on track to meet its FY guidance, but we currently see no reason to increase our estimates significantly. • We are leaving our estimates, rating and PT unchanged until next week. • More details are due to follow when the full set of figures is published on Thursday, 7 May 2015. 54.0% Trading vol. Ø (m EUR) 82.8 in m EUR Next event 07/05/2015 Quarterly Results 2012 2013 2014 2015e 2016e Sales 32,736 33,331 34,496 37,978 40,757 EBIT 3,186 3,264 3,391 4,045 4,389 EBIT margin 9.7% 9.8% 9.8% 10.7% 10.8% Net financial debt 5,754 4,558 3,039 3,312 2,031 Free cash-flow 1,653 1,818 2,013 309 1,927 9.53 9.62 11.97 13.04 14.37 EPS (in EUR) DPS (in EUR) 2.25 2.50 3.00 3.30 3.60 Analyst Dividend yield 2.6% 1.6% 1.7% 1.5% 1.7% Christian Ludwig, CFA EV/Sales 0.8 1.2 1.2 1.3 1.2 Phone: +49 (0)211 4952-126 EV/EBIT 8.2 12.0 12.0 12.0 10.8 [email protected] Price Earnings ratio (P/E) 9.2 16.6 14.7 16.4 14.8 See end of document for disclaimer. Source: Company information, Bankhaus Lampe Research estimates First Take 30/04/2015 BANKHAUS LAMPE // 4 Fuchs Petrolub SE Q1 benefits from FX effects 30/04/2015 Sell 34.00 EUR Close (29/04/2015) Bloomberg: FPE3 Sector 38.36 EUR WKN: 579043 Basic Resources Share price performance 52 week high 39.93 52 week low 26.76 Compared to MDAX YTD -4.9% 1 month 12 months 2.0% -4.3% FIRST TAKE • The Q1 results are decent, in our view, although the margin is slightly disappointing. • The improved outlook for FY 2015 is in line with our expectations for a sales increase of 7.1% and an increase in EBIT of 7.7%. • Fuchs Petrolub will hold a conference call today at 14:30 CET. Share data Market Cap (m EUR) No. of shares (m) Free float Trading vol. Ø (m EUR) 5,120 71 100.0% 5.1 Next event 06/05/2015 KEY TAKEAWAYS • Fuchs Petrolub benefited from positive FX effect in Q1 and therefore showed higher-than-expected sales compared to consensus expectations. • The EBIT beat consensus expectations and slightly missed BHLe. • The main disappointment in our view is the EBIT margin of only 16.6%. We had expected 17% and the consensus forecast 16.9%. • Fuchs Petrolub has become more optimistic for FY 2015. Should the euro remain weak, EBIT and earnings after tax are expected to increase by a mid to higher single-digit percentage. Up until now, the company projected low single-digit growth. • In terms of free cash flow, Fuchs Petrolub reiterated its expectation that it should once again exceed € 150 m. AGM in m EUR 2013 2014 2015e 2016e 2017e Sales 1,832 1,866 1,998 2,078 2,161 EBIT EBIT margin Net financial debt 312 313 337 352 367 17.1% 16.8% 16.9% 17.0% 17.0% -167 -186 -260 -368 -485 Free cash-flow 150 188 183 228 243 EPS (in EUR) 1.54 1.58 1.68 1.76 1.83 DPS (in EUR) 0.70 0.77 0.85 0.90 0.95 Analyst Dividend yield 2.0% 2.3% 2.2% 2.3% 2.5% Heiko Feber, Analyst EV/Sales 2.5 2.4 2.5 2.3 2.2 Phone: +49 (0)211 4952-413 EV/EBIT 14.6 14.3 14.5 13.6 12.7 [email protected] Price Earnings ratio (P/E) 23.1 21.1 22.8 21.8 21.0 See end of document for disclaimer. Source: Company information, Bankhaus Lampe Research estimates First Take 30/04/2015 BANKHAUS LAMPE // 5 HOCHTIEF AG CIMIC (previously Leighton) again the profit earner 30/04/2015 Buy 80.00 EUR Close (29/04/2015) Bloomberg: HOT Sector 69.16 EUR WKN: 607000 Construction Share price performance 52 week high 74.08 52 week low 53.00 Compared to MDAX YTD -1.9% 1 month -1.3% 12 months 2.6% KEY TAKEAWAYS • Leighton has changed its name to CIMIC (Construction, Infrastructure, Mining and Concessions) in an attempt to distance itself from corruption allegations. The business remains the profit earner within Hochtief. • CIMIC (HOT Asia-Pacific) contributed € 108.8 m, or 72%, to group EBT (€ 151.2 m). • There was more good news: The other two regions (Americas doubled EBT) were also successful in improving their earnings in the first quarter (see table below). • Hochtief confirmed its outlook for FY 2015 today including growth of 15-35% in underlying net profit from € 190 m in 2014 to € 220-260 m. • Strategy remains unchanged: de-risk the balance sheet and improve earnings quality in all three regions. In Q1, margins improved in all regions, and we therefore believe that Hochtief is on track to achieving its targets. • According to ACS’s CEO Florentino Perez, Marcelino Fernandez Verdes might return to ACS after the successful streamlining at Hochtief and CIMIC. He would make a good successor to Perez at ACS, in our view, although Perez does not appear to be ready for retirement. BHL Hochtief AG [€ m] Sales EBT total operating EBT - Americas operating EBT - Asia / Pacific operating EBT - Europe operating EBT-margin Net income (after min.) operating EPS [€] Q1 2015 5058,9 151,2 46,4 108,8 2,4 3,0% 60,1 0,88 Q1 2015e 5065,5 144,6 36,8 110,8 2,0 2,9% 50,5 0,73 Q1 2014 4881,5 99,5 22,7 84,4 -7,7 2,0% 41,7 0,60 % yoy 3,6% 45,3% 62,1% 31,3% >-100% 1 PP 44,1% 46,7% Source: Company information, Bankhaus Lampe Research, Share data Market Cap (m EUR) No. of shares (m) Free float Trading vol. Ø (m EUR) 4,793 69 27.9% 6.2 FIRST TAKE • On 6 May, the AGM is to decide on extending the share buy-back programme as well as the dividend proposal of € 1.90 (incl. € 0.20 bonus). These factors should support the equity story going forward. • The strong start to the year fully supports our BUY rating and our PT of € 80.00. in m EUR Next event 06/05/2015 AGM Sales EBT 2013 2014 2015e 2016e 2017e 22,499 22,099 23,904 24,597 25,580 530 -177 478 553 575 EBT margin 2.4% -0.8% 2.0% 2.2% 2.2% Net financial debt -220 557 -822 -829 -850 Free cash-flow 858 576 1,514 148 163 EPS (in EUR) 2.37 3.64 3.33 4.00 4.29 DPS (in EUR) 1.50 1.90 2.00 2.00 2.20 Analyst Dividend yield 2.4% 3.2% 2.9% 2.9% 3.2% Marc Gabriel, CIIA, CEFA EV/Sales 0.2 0.3 0.2 0.2 0.2 Phone: +49 (0)211 4952-313 EV/EBT 10.4 -33.4 11.1 9.5 9.1 [email protected] Price Earnings ratio (P/E) 26.1 16.1 20.8 17.3 16.1 See end of document for disclaimer. Source: Company information, Bankhaus Lampe Research estimates First Take 30/04/2015 BANKHAUS LAMPE // 6 Leifheit AG Ad-hoc supports BUY case 30/04/2015 Buy 60.00 EUR Close (29/04/2015) 48.35 EUR Bloomberg: LEI WKN: 646450 Sector Consumer Share price performance 52 week high 59.66 52 week low 35.50 Compared to Prime All Share YTD -12.3% 1 month -1.3% 12 months -7.3% Share data Market Cap (m EUR) KEY TAKEAWAYS • Yesterday afternoon, Leifheit published an ad hoc and increased its EBIT guidance for 2015 on the back of the Q1 performance. • The company is now targeting an EBIT of between € 19 m and € 20 m. Up to now it had assumed that group earnings would be in line with the previous year’s adjusted result of € 16.4 m. • The numbers show that the guidance increase was mainly driven by foreign exchange rates as the performance of the US dollar led to a foreign-exchange result of € 3.2 m in Q1 2015 (Q1 2014: € 0.1 m). • Nevertheless the adj. EBIT increased by € 0.4 m to € 4.3 m, which leads to a margin improvement as we assume a 3.8% turnover increase in Q1 driven by brand business. • The turnover forecast for 2015 remains unchanged. Leifheit expects turnover growth of 2-3% (BHLe: 2.5%). FIRST TAKE • As our economists forecast an average EUR/USD of close to 1.15 for 2015, we believe that the positive dollar effect for Leifheit in 2015 will be around € 2 m. • Today, we feel fine with our current EBIT forecast for 2015 of € 19 m including the aforementioned € 2 m result from foreign-exchange rates. • This ad-hoc should support our BUY rating due to the guidance upgrade, but more important for us is that the adj. EBIT outgrew sales, which leads to margin improvements at the group level. • Our valuation is equally based on our DCF model and the results of our cashflow-yield model. Even though the share is too expensive in terms of the traditional multiples (EV/EBIT, PER), the dividend (current yield 3.7%) and the expectation of higher pay-outs make the share appear an attractive proposition. 230 No. of shares (m) 5 Free float 76.8% Trading vol. Ø (m EUR) 0.21 in m EUR Next event 12/05/2015 Quarterly Results Sales EBIT EBIT margin Net financial debt Free cash-flow EPS (in EUR) 2013 2014 2015e 2016e 2017e 221 221 226 238 249 15 22 19 20 22 6.8% 9.8% 8.3% 8.6% 8.8% -51 -59 -64 -64 -63 23 15 12 9 9 2.16 2.97 2.55 2.78 3.02 DPS (in EUR) 1.65 1.80 1.95 2.10 2.25 Analyst Dividend yield 5.3% 3.9% 4.0% 4.3% 4.7% Christoph Schlienkamp, Investmentanalyst DVFA EV/Sales 0.7 1.0 1.0 1.0 0.9 Phone: +49 (0)211 4952-311 EV/EBIT 10.2 10.7 12.5 11.5 10.8 [email protected] Price Earnings ratio (P/E) 14.3 15.6 18.9 17.4 16.0 See end of document for disclaimer. Source: Company information, Bankhaus Lampe Research estimates First Take 30/04/2015 BANKHAUS LAMPE // 7 Linde AG Strong FX benefits in Q1 30/04/2015 Hold 195.00 EUR Close (29/04/2015) Bloomberg: LIN 173.65 EUR WKN: 648300 Sector Chemicals Share price performance 52 week high 193.85 52 week low 144.30 Compared to DAX YTD -4.0% 1 month -4.4% 12 months -4.7% KEY TAKEAWAYS • Linde’s Q1 results are slightly below expectations, mainly due to the Others segment. • Margins of 27.5% in Gases and 8.5% in Engineering are in line with BHL forecasts. These results are higher than the consensus estimates for Gases and lower in Engineering. • Linde reiterated its guidance for FY 2015: Sales of € 18.2 - 19.0 bn and adjusted EBITDA of € 4.1 - 4.3 bn. BHL Q1 2015 Q1 2015e Linde AG [€ m] Sales 4,398 4,351 EBITDA 993 1,011 EBITDA-margin 22.6% 23.2% EBIT 523 544 EBIT-margin 11.9% 12.5% Net income (reported) 300 309 EPS [€], adjusted 1.69 1.92 Source: Company information, Factset, Bankhaus Lampe Research Q1 2014 % yoy 8.7% 7.1% -0.3 PP 1.0% -0.9 PP 3.4% -4.0% 4,045 927 22.9% 518 12.8% 290 1.76 FIRST TAKE • With the operating results in line with BHL estimates, we reiterate our HOLD rating. • Linde will host a conference call today at 14:00 CET. Share data Market Cap (m EUR) No. of shares (m) Free float Trading vol. Ø (m EUR) in m EUR 32,238 186 100.0% 59.3 Sales EBIT 12/05/2015 Analyst AGM 2014 2015e 2016e 2017e 17,047 18,547 19,660 20,643 2,171 1,885 2,332 2,771 2,911 13.0% 11.1% 12.6% 14.1% 14.1% Net financial debt 8,229 8,198 7,735 6,849 5,983 Free cash-flow 1,620 938 1,048 1,537 1,582 7.10 5.94 7.52 9.34 10.12 EBIT margin EPS (in EUR) Next event 2013 16,655 DPS (in EUR) 3.00 3.15 3.50 3.85 4.00 Dividend yield 2.0% 2.0% 2.0% 2.2% 2.3% Heiko Feber , Analyst EV/Sales 2.3 2.3 2.3 2.1 2.0 Phone: +49 (0)211 4952-413 EV/EBIT 17.6 20.7 18.1 14.9 13.9 [email protected] Price Earnings ratio (P/E) 21.4 26.0 23.1 18.6 17.2 See end of document for disclaimer. Source: Company information, Bankhaus Lampe Research estimates First Take 30/04/2015 BANKHAUS LAMPE // 8 SHW AG Q1 figures in line with expectations 30/04/2015 Buy 52.00 EUR Close (29/04/2015) Bloomberg: SW1 Sector 41.33 EUR WKN: A1JBPV Automotive Share price performance 52 week high 49.15 52 week low 29.80 Compared to SDAX YTD -6.0% 1 month -8.4% 12 months -16.7% KEY TAKEAWAYS • Solid set of results and largely in line with our expectations; EBITDA/EBIT even slightly better. • Order intake increased by 6% to € 118.8 m (b-2-b: 1.0x). • In the Pumps & MC divisions, the passenger car business grew by 18% while the industrial part declined slightly by ~4%. The EBITDA margin improved to 10% from 9.3% a year ago. Nevertheless, a less favourable product mix prevented an even higher margin. • In the brake disc division, the EBITDA margin climbed from 7.2% to 8.7% • Free CF came in negative at € -18.8 m due to some WCap build-up as well as a payment of € 8.9 m to the Chinese JV partner for the brake disc business. • SHW reiterated the FY guidance: sales of ~ € 460 m and an adj. EBITDA of between € 46 m and € 50 m. BHL SHW [€ m] Sales Pumps & EC Brake Discs EBITDA Q1 2015 Q1 2015e Q1 2014 % yoy 117,0 92,5 24,5 11,0 116,0 92,0 24,0 10,7 104,8 80,6 24,2 8,8 11,6% EBITDA-margin EBIT EBIT-margin Net income EPS [€] 9,4% 6,1 5,2% 4,1 0,67 9,2% 5,7 4,9% 3,9 0,64 14,8% 1,0% 24,9% 8,4% 4,8 4,6% 3,2 0,55 1 PP 25,6% 0,6 PP 26,1% 21,0% Source: Company information, Bankhaus Lampe Research Share data Market Cap (m EUR) No. of shares (m) Free float Trading vol. Ø (m EUR) 263 6 100.0% FIRST TAKE • As expected, SWH delivered a solid start to the year but some of the 2014 issues still remain: Very high demand led to additional cost for extra shifts and logistics especially in the powder metallurgy business. • No change to estimates required, more details after the CC at 14:00 CET. 0.64 in m EUR Next event 12/05/2015 AGM Sales EBIT EBIT margin Net financial debt Free cash-flow EPS (in EUR) 2013 2014 2015e 2016e 2017e 366 430 465 501 532 21 17 29 36 41 5.6% 3.9% 6.3% 7.1% 7.7% 3 14 4 5 -3 0 -6 -8 6 16 2.30 1.82 3.23 4.02 4.42 DPS (in EUR) 1.00 1.00 1.10 1.40 1.50 Analyst Dividend yield 2.2% 2.7% 2.7% 3.4% 3.6% Christian Ludwig, CFA EV/Sales 0.8 0.6 0.6 0.6 0.6 Phone: +49 (0)211 4952-126 EV/EBIT 14.5 15.6 10.1 8.5 7.2 [email protected] Price Earnings ratio (P/E) 20.2 20.2 12.8 10.3 9.4 See end of document for disclaimer. Source: Company information, Bankhaus Lampe Research estimates First Take 30/04/2015 BANKHAUS LAMPE // 9 Ströer Media SE Feedback from CMD 30/04/2015 Buy 41.00 EUR Close (29/04/2015) 34.69 EUR Bloomberg: SAX WKN: 749399 Sector Media Share price performance 52 week high 35.52 52 week low 12.40 Compared to Prime All Share YTD 23.8% 1 month 12.8% 12 months 27.2% Share data Market Cap (m EUR) 1,695 No. of shares (m) 49 Free float 40.0% Trading vol. Ø (m EUR) KEY TAKEAWAYS • Ströer held its CMD in Berlin yesterday and focused strongly on the digital strategy. The CMD was well attended with roughly 60 participants. • Ströer for the first time introduced a mid-term guidance expecting sales of € 1 bn by 2017 (BHLe € 913 m) and an EBITDA margin of 22-23%. Two thirds of this growth should be derived organically. 50% of sales should come from digital by 2020. • Ströer's big advantage versus other marketers is that it mainly markets thirdparty content while most other marketers (e.g. Axel Springer or Interactive Media) market their own content. However, we expect Ströer to cautiously build up its asset portfolio and thereby increase margins in the digital segment. • Ströer introduced a new segment reporting (OOH Germany, Digital, OOH international). In this new reporting, Public Video will be included in the Digital segment rather than the German OOH segment. With this move, Ströer intends to increase transparency, particularly with regard to the highly profitable public video segment. • Ströer is the only provider of public video. Ströer holds an exclusive agreement with Dt. Bahn until 2025, so we see only limited risk of rising competition in this field. • Ströer made clear that it looking for potential acquisition targets. However, if it does not find suitable targets, it would not rule out a special dividend. The company does not believe that reducing net debt/EBITDA to below 1.5x would any sense. In terms of new acquisitions, the company is aiming for a ROCE of at least 15% (in line with the overall business). FIRST TAKE • Overall, the CMD confirmed our positive view of the company. We reiterate our Buy rating. • We see the new medium-term guidance as a sign of management's confidence in the success of the current strategy. 2.1 in m EUR Next event 13/05/2015 Quarterly Results Sales EBITDA EBITDA margin Net financial debt Free cash-flow EPS (in EUR) 2013 2014 2015e 2016e 2017e 622 721 807 858 913 109 134 171 184 197 17.5% 18.6% 21.2% 21.4% 21.6% 358 302 240 181 117 4 65 82 86 95 0.08 0.44 0.98 1.20 1.43 DPS (in EUR) 0.10 0.40 0.56 0.64 0.72 Analyst Dividend yield 0.8% 1.6% 1.6% 1.8% 2.1% Alexandra Schlegel EV/Sales 0.8 2.2 2.5 2.2 2.0 Phone: +49 (0)211 4952 328 EV/EBITDA 4.3 11.6 11.6 10.5 9.4 [email protected] Price Earnings ratio (P/E) 161.3 55.7 35.4 28.8 24.2 See end of document for disclaimer. Source: Company information, Bankhaus Lampe Research estimates First Take 30/04/2015 BANKHAUS LAMPE // 10 Disclaimer Analyst declaration The relevant research analysts, as named on the front cover of this research report, certify that (a) all of the views expressed in this research report accurately reflect their personal views about the securities and companies mentioned in this research report; and (b) that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views expressed by them in this research report. Rating system Shares are rated based upon analyst forecasts with regard to the performance of the share during a period of twelve months. The rating “Buy” within this general concept means that the share’s forecast performance is at least 10%. “Hold” means a price movement in a bandwidth of 0% to 10%. “Sell” means that the share’s forecast performance is negative. Explanation of valuation Unless shown otherwise, the stated upside targets are based upon either a discounted cash-flow pricing or upon a comparison of the performance ratios of companies that the respective analyst considers to be comparable, or upon a combination of these two analyses. Analysts modify the result of this fundamental assessment to incorporate the potential trend in market sentiment. Overview of changes in our recommendations/price targets in the previous twelve months for: BASF SE (BAS GY), Close (29/04/2015): 89.07 EUR, Analyst: Heiko Feber (Analyst). Date of publication 17/04/2015 24/02/2015 16/12/2014 08/07/2014 02/05/2014 Price at recommendation Rating Price target 91.35 EUR 83.56 EUR 67.08 EUR 86.07 EUR 83.43 EUR Hold Buy Buy Buy Buy 98.00 EUR 94.00 EUR 86.00 EUR 95.00 EUR 90.00 EUR Overview of changes in our recommendations/price targets in the previous twelve months for: Continental AG (CON GY), Close (29/04/2015): 213.20 EUR, Analyst: Christian Ludwig (CFA). Date of publication 05/05/2014 Price at recommendation Rating Price target 166.30 EUR Buy 210.00 EUR Overview of changes in our recommendations/price targets in the previous twelve months for: Fuchs Petrolub SE (FPE3 GY), Close (29/04/2015): 38.36 EUR, Analyst: Heiko Feber (Analyst). Date of publication 22/04/2015 18/02/2015 13/11/2014 04/08/2014 06/05/2014 Price at recommendation Rating Price target 39.43 EUR 39.39 EUR 31.89 EUR 29.81 EUR 35.63 EUR Sell Sell Hold Hold Sell 34.00 EUR 32.00 EUR 32.00 EUR 30.00 EUR 30.00 EUR First Take 30/04/2015 BANKHAUS LAMPE // 11 Overview of changes in our recommendations/price targets in the previous twelve months for: HOCHTIEF AG (HOT GY), Close (29/04/2015): 69.16 EUR, Analyst: Marc Gabriel (CIIA, CEFA). Date of publication 26/02/2015 20/02/2015 13/11/2014 23/07/2014 Price at recommendation Rating Price target 68.13 EUR 69.09 EUR 58.20 EUR 64.93 EUR Buy Buy Buy Hold 80.00 EUR 77.00 EUR 70.00 EUR 70.00 EUR Overview of changes in our recommendations/price targets in the previous twelve months for: Leifheit AG (LEI GY), Close (29/04/2015): 48.35 EUR, Analyst: Christoph Schlienkamp (Investmentanalyst DVFA). Date of publication 24/04/2015 18/02/2015 19/08/2014 Price at recommendation Rating Price target 50.99 EUR 48.80 EUR 37.44 EUR Buy Buy Buy 60.00 EUR 55.00 EUR 50.00 EUR Overview of changes in our recommendations/price targets in the previous twelve months for: Linde AG (LIN GY), Close (29/04/2015): 173.65 EUR, Analyst: Heiko Feber (Analyst). Date of publication 21/04/2015 26/01/2015 30/07/2014 15/07/2014 Price at recommendation Rating Price target 185.30 EUR 165.20 EUR 156.20 EUR 152.90 EUR Hold Hold Hold Hold 195.00 EUR 170.00 EUR 160.00 EUR 157.00 EUR Overview of changes in our recommendations/price targets in the previous twelve months for: SHW AG (SW1 GY), Close (29/04/2015): 41.33 EUR, Analyst: Christian Ludwig (CFA). Date of publication 18/02/2015 Price at recommendation Rating Price target 42.95 EUR Buy 52.00 EUR Overview of changes in our recommendations/price targets in the previous twelve months for: Ströer Media SE (SAX GY), Close (29/04/2015): 34.69 EUR, Analyst: Alexandra Schlegel. Date of publication 13/04/2015 Price at recommendation Rating Price target 34.24 EUR Buy 41.00 EUR The distribution of recommendations in our investments universe is currently as follows (date: 01/04/2015) Rating Buy Hold Sell Under Review Basis: all analysed companies Basis: companies with investment banking relationships 52.5% 33.8% 13.7% 0.0% 71.4% 28.6% 0.0% 0.0% First Take 30/04/2015 BANKHAUS LAMPE // 12 Prevention and dealing with conflicts of interest The measures taken by Bankhaus Lampe KG within the framework of its management of conflicts of interest in order to prevent and handle conflicts of interest are based, among other things, on the functional separation of sensitive business units, the establishment of confidentiality units by setting up information barriers, the establishment of organisational regulations regarding the treatment of confidential and sensitive information both inside and outside the confidentiality units and the monitoring and limitation of private securities transactions conducted by employees working in sensitive areas of Bankhaus Lampe KG. Conflicts of interest that cannot be avoided despite the measures taken are disclosed. Compliance with the internal and organisational provisions to prevent and handle conflicts of interest is monitored by the independent Compliance unit. Conflict of interest Disclosures of potential conflicts of interest relating to Bankhaus Lampe KG, its affiliates and subsidiaries in the following companies named in this research report are valid as of the end of the month prior to the publication of this report (updating this information may take up to ten days after the month comes to an end). Potential conflicts of interests may exist in the following companies named in this research report. Company Disclosure BASF SE Continental AG Fuchs Petrolub SE HOCHTIEF AG Leifheit AG Linde AG SHW AG Ströer Media SE 6. 6 --------------- The author or a person contributing to the production of this financial analysis directly holds financial instruments or related derivatives of this company. Responsible regulatory authority: Federal Financial Supervisory Authority – Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Marie-Curie-Str. 24-28, D-60439 Frankfurt First Take 30/04/2015 BANKHAUS LAMPE // 13 Declaration of liability The information in this study is based on public sources which the author(s) believe(s) to be reliable. Nevertheless, neither Bankhaus Lampe KG, nor its affiliated companies, nor the legal representatives, supervisory board members and employees of these companies can assume any guarantee for the correctness, completeness and accuracy of the information. All opinions and evaluations expressed in this study only reflect the current opinions and evaluations of the author(s), which do not necessarily correspond to the opinions and evaluations of other spheres of business of Bankhaus Lampe KG or its affiliated companies. All opinions and evaluations can be changed at any time without prior notice. 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Further information may be obtained from Bankhaus Lampe KG. 30 April 2015 First Take 30/04/2015 BANKHAUS LAMPE // 14 Contacts HEAD OF CAPITAL MARKETS & ADVISORY Ute Gerbaulet + 49 (0)211 4952-656 [email protected] HEAD OF EQUITY Ralf Menzel + 49 (0)211 4952-282 [email protected] VIA INTERNATIONAL KBR FINANCE LLC CHAPERONE OF BANKHAUS LAMPE KG IN THE US EQUITY SALES CONTINENTAL EUROPE EQUITY SALES IN GB EQUITY SALES IN US Ulrich Klingmüller Yusuf Bilgic Jörg Hagenbuch + 49 (0)211 4952-784 + 44 (0)203 405 4318 +1 212 218 7411 [email protected] [email protected] [email protected] EQUITY SALES TRADING CONTINENTAL EUROPE EQUITY SALES TRADING IN GB EQUITY SALES TRADING IN US Nils Carstens Chris Ford Kim Last + 49 (0)211 4952-753 + 44 (0)203 405 1083 +1 212 218 7412 [email protected] [email protected] [email protected] Bankhaus Lampe Research Jägerhofstraße 10 D - 40479 Düsseldorf [email protected] + 49 (0)211 4952-678 + 49 (0)211 4952-494 First Take 30/04/2015