Rockwool - Q3
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Jeg regner med et pænt Q3, men forventningerne til fremtiden vil være afdæmpede og konservative.
Der er stadig godt gang i byggeriet, men konkurrencen på isolering er også blevet skærpet. Når jeg kigger ind på byggepladserne, så ligger der isolering fra andre producenter end Rockwool i højere grad end før.
Er der nogen med branchekendskab, som kan supplere ?
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Tak for svaret, nu så jeg også de kom med Q3 regnskabet allerede i går. Tænker resultatet isoleret set er ok - men at de let nedjusterede forventninger nok skuffer en del.
Tror I evt. de lavere forventninger i nogen grad kan være indregnet i kursen allerede (det kan vel ikke komme bagpå nogen af byggeriet i eks. Tyskland er for nedadgående)?
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Tror, at vi skal lidt ned, men svært at vurdere. Solgte 2/3 for nogen tid siden i forventning om, at kunne genkøbe længere nede.
Rockwool er en svær størrelse at vurdere på, fordi de er så globale. Ja - der er stigende konkurrence fra plastbaserede isoleringsprodukter, så som Polystyren, PU skum etc. PU skum isoleret cm for cm bedre end stenuld, men er ikke brandsikkert på samme måde. Desuden har Rockwoll flere ben at stå på, stenuld som gromedium i gartnerier, teknisk isolering, facadeplader m.v.
Gætter på, at vi skel ned i dag, men det må dagen vise -
Her indikeres en fair value på mellem ca. 1.200 og 1.400 kr. pr. aktie:
https://finance.yahoo.com/news/calculating-fair-value-rockwool-international-072313659.html -
Sales in the year's first nine months reached EUR 2,042 million, a growth of 3.2 percent in local currencies
In Q3 2019, sales increased 0.9 percent in local currencies and reached EUR 706 million.
EBIT in the first nine months ended at EUR 278 million, an increase of 7.8 percent, with a 13.6 percent EBIT margin, up 0.4 percentage points from last year.
EBIT in Q3 2019 reached EUR 100 million, an increase of 2.8 percent, with an EBIT margin of 14.1 percent, up 0.1 percentage points from Q3 last year.
Investments in the first nine months of 2019 reached EUR 292 million, up EUR 151 million compared to last year. The increase is primarily due to ongoing capacity expansions in Germany, Romania and the United States.
Annualised return on invested capital reached 21.8 percent compared to 22.8 percent last year, a decrease of one percentage point due to higher invested capital.
Outlook
Growth in full-year net sales is expected to be at the lower end of the guidance of 2-5 percent in local currencies.
EBIT margin is still expected at around the same level as last year (12.8 percent), including the one-off positive EBIT impact from the Rockfon North America legal case settlement.
Investment level is still expected around EUR 390 million excluding acquisitions.
CEO comment
Commenting on the Group's performance, CEO Jens Birgersson says:"As expected, we experienced mixed market conditions in the third quarter. The Insulation business performed well in important markets such as France, the UK, Russia and North America, while experiencing a continued slowdown in Germany, Eastern Europe and Asia. We have adapted capacity in these areas accordingly. Systems segment delivered solid results in all business areas and geographies, with strong sales and profitability."
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