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Aandeel Brunel International AEX:BRNL.NL, NL0010776944

  • 9,980 19 apr 2024 17:35
  • 0,000 (0,00%) Dagrange 9,840 - 9,980
  • 59.469 Gem. (3M) 63,9K

Brunel 2018

948 Posts
Pagina: «« 1 ... 43 44 45 46 47 48 »» | Laatste | Omlaag ↓
  1. geen pechvogel 18 december 2018 15:58

    BRUNEL: Feedback ING Benelux conference New York
    Event: ING Benelux conference New York; CEO Jilko Andringa
    Outcome: Positive
    Conclusion: Like at 3Q18 the trend in Brunel’s business remains strong with no signs of a slowdown in Automotive Germany and also NL remains robust. Oil&Gas is seeing strong trends and pipeline seems strong for 2019 and beyond as Exxon is expecting to scale up strongly. For this year we expect the outlook to be save and for 2019 the underlying expectations also still stand firm as long as we do not see a deep recession. However, even then Brunel will outperform the rest of the sector due to its different mix and especially due to Energy which has a different cycle.
    Highlights:
    · The Netherlands: still see good demand, do see that candidates are getting scarce but also see pricing improve and passing on wage inflation is easier now. Next year (2019) should see some operational leverage from costs that will not return. Overall still a healthy market.
    · Germany: Brunel sees no signs of a slowdown still and actually demand from clients still strong; continuous to see new records in sales. Automotive (40% of German sales) still strong as they are 90% exposed to electric car development (R&D) which is an area where OEMs cannot afford to slowdown. Outside Automotive also no signs of weakness explained by the fact that engineers in Germany are scarce and pointed to previous dips/downturns where demand also held up pretty good (different trends versus general staffers). EBIT margins of c.12% for Germany (not DACH) are realistic.
    · Global businesses / Energy: of the total Brunel group c.30-35% is Oil & Gas upstream and c.7% is mining. In O&G upstream some areas are growing c.30-40% with Americas, Russia being strong. Cost price for the oil majors is around $35-38 which is far lower than before the downturn as rates on CoS have come down significantly. As such it is still very attractive to invest for oil majors and Exxon (which they recently visited) sees an investment levels they have not seen in the last 30 years and they asked for commitment from Brunel for all projects (41 in total). Investments are needed as the Energy is higher than current supply. Australia is still muted but there are some large projects on the horizon that might start late 2019 or 2020 and these can be as sizeable as the previous large projects.
    · Outlook 2018: we expect that Brunel might come in at around and EBIT of €33-34m as the result is largely already determined by the end of November as for Brunel December is not a big month or even a slight loss normally.
    · Outlook 2019: if trends continue as they are or perhaps slightly weaken in the more cyclical areas then we believe Brunel could still reach an EBIT of €45-48m for 2019F which is significant improvement vs 2018.
    Price: €10.45.Last published target price €19.40 and recommendation BUY
    Marc Zwartsenburg, Amsterdam +31 20 563 8721
948 Posts
Pagina: «« 1 ... 43 44 45 46 47 48 »» | Laatste |Omhoog ↑

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