3. Nov. 2011
'Hold' recommendation by Hauck & AufhäuserPrice target EUR 1.40 |
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The analysts from Hauck & Aufhäuser classified the office furniture manufacturer Bene in their first analysis on "hold", target price has been calculated at 1.40 EUR. Under the title "The office angel fall", the analysts describe the development of Bene in a late-cyclically growing, highly fragmented market, with an expanded product portfolio. According to the analysts, the downside risk of Bene seems to be rather limited given that Bene’s shares are still trading close to the suppressed levels of the last recession. In their initial analysis Hauck & Aufhäuser predicts revenues of EUR 188.6 million (+10%) for the fiscal year 2011/12, EUR 201 million (+7%) for 2012/13 and EUR 208,8 million (+4%) for 2013/14. EBIT is expected to be EUR 0.8 million in fiscal year 2011/12 and to increase over the next two years to EUR 5.2 million and EUR 8.1 million. The Hauck & Aufhäuser Institutional Research AG serves as subsidiary of one of the oldest private banks in Germany, listed companies from the SME sector and has an excellent network of institutional investors in Germany, England, France, Switzerland and the USA. The equity analysis is based in Hamburg and currently serves about 60 publicly traded German and Austrian companies, with focus on small and mid-cap companies. |
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