(ron)g 0.35 0.31 0.31 0.31 0.30 0.31 -1.0% meggitt [gb] 13.5x … · 2017. 8. 17. · mtu aero...
TRANSCRIPT
17AUG17
P ret act iune (rebazat la 16/ 08/ 16)
n/a
n/a
n/a RON 0.053 RON 0.297
DoD WoW M oM YTD YoY
-1.1% -1.1% +56.5% +192.9% +392.3%
P/E P/B P/S EV/EBIT EV/EBITDA
7.2x 2.2x 1.0x 4.1x 3.1x
Sursa: BVB, EquityRT
F Y13 F Y14 F Y15 F Y16 Capitalizare
DPS (brut) n/a n/a n/a 0.01 Capitalizare
% Distribuit n/a n/a n/a 35.7% Numar de actiuni
Randament n/a n/a n/a 8.4% Valoarea nominala
D ate f inanciare (R ON mii) -
C umulat 6M 15 6M 16 9M 16 F Y16 3M 17 6M 17 Yo Y
Bilant
Active to tale 115,662 115,343 114,065 116,741 112,195 113,459 -1.6%
Datorii to tale 84,431 75,450 70,848 70,443 63,715 64,252 -14.8%
Capitaluri proprii 31,231 39,893 43,217 46,298 48,480 49,207 23.3%
Cont de profit si pierdere
Venituri to tale 24,069 34,177 54,539 84,020 21,721 46,527 36.1% Sursa: BVB
Cheltuieli to tale 23,206 30,300 46,272 70,551 18,110 36,847 21.6%
EBIT 863 3,877 8,266 13,468 3,611 9,680 149.7%
EBITDA 3,557 6,698 12,527 19,268 5,229 12,956 93.4%
P ro f it net -892 4,135 7,489 10,873 2,218 6,825 65.0%
T rimestria l 2Q15 2Q16 3Q16 4Q16 1Q17 2Q17 Yo Y
Cont de profit si pierdere
Venituri to tale 11,346 19,457 20,361 29,481 21,721 24,805 27.5%
Cheltuieli to tale 10,078 18,411 15,972 24,279 18,110 18,737 1.8%
EBIT 1,267 1,046 4,389 5,202 3,611 6,069 480.2%
EBITDA 2,593 2,476 5,829 6,741 5,229 7,726 212.0%
P ro f it net 295 2,492 3,354 3,384 2,218 4,607 84.9%
Info rmatii o perat io nale (R ON mii)
Venituri pe segmente 6M 15 F Y15 6M 16 F Y16 3M 17 6M 17 Yo Y
Europa n/a 68,786 n/a 82,586 n/a 39,241 n/a
SUA n/a 355 n/a 444 n/a 122 n/a
Asia n/a 0 n/a 0 n/a 1,496 n/a Sursa: Companie
Indicato ri cheie
6M 15 6M 16 9M 16 F Y16 3M 17 6M 17 Yo Y P / E P / B
EPS LT M (RON) (0.01) 0.02 0.03 0.03 0.03 0.04 52.8% 7.2x 2.2x
BVPS (RON) 0.09 0.10 0.10 0.11 0.12 0.12 25.3% 13.4x 3.8x
SPS LT M (RON) 0.16 0.20 0.22 0.22 0.25 0.26 31.0% 18.0x 3.6x
APS (RON) 0.35 0.31 0.31 0.31 0.30 0.31 -1.0% 13.5x 1.6x
ROaE⁷ -14.4% 25.0% 24.8% 26.4% 26.6% 30.4% 5.5pp 29.8x 2.3x
ROaA⁷ -3.6% 7.7% 8.1% 9.6% 10.2% 11.9% 4.2pp 18.1x 2.7x
marja EBIT 3.6% 11.3% 15.2% 16.0% 16.6% 20.8% 9.5pp 108.4x 1.0x
marja EBITDA 14.8% 19.6% 23.0% 22.9% 24.1% 27.8% 8.2pp 21.1x 1.6x
marja Profit net -3.7% 12.1% 13.7% 12.9% 10.2% 14.7% 2.6pp 42.6x 11.5x
Sursa: Companie, EquityRT, BT Equity Research Sursa: Reuters, BT Equity Research
CTT Systems [SE]
M eggitt [GB]
Senior [GB]
Figeac Aero [FR]
Latecoere [FR]
FACC [AT]
C o mpanii co mparabile (Ult imele date)
Turbomecanica [RO]
Safran [FR]
M TU Aero Engines [DE]
Structura act io nariatului 5
Venituri ( la 31/ 12/ 16)
Segmente de venit
Structura geografica (6M 17)
P o tent ial Pret M in /M ax (LTM )3
D escriere
Inf iintata in 1975, TBM este unicul producator de motoare cu
turbina de gaze si ansamble mecanice pentru aeronave din
cadrul industriei romanest i. Principalele produse/act ivitat i
realizate sunt: motoare Turmo, Viper, modernizare elicoptere
Puma, piese de schimb pentru motoare Turmo, Viper, Spey,
piese si motoare pentru Rolls-Royce. Actualmente, principalii
client i sunt pe piata interna (M in. Apararii si IAR Brasov), dar
TBM are totodata tranzact ii comerciale cu client i af lat i in
Europa (Rolls-Royce), SUA (General Electric USA). Capitalul
societat ii este privat, iar act iunile se tranzact ioneaza la BVB
(segment principal) si sunt incluse in componenta indicelui BET-
XT, BET-XT-TR, BET Plus.
D ividend (R ON ) 4 D etalii act iune ( la 16/ 08/ 17)
RON 98,271,698
EUR 21,486,258
369,442,475
RON 0.10
R ating Volum zilnic mediu (LTM )2 RON 0.08mn
R eco mandare B T Equity R esearch D etalii de tranzact io nare 1
P ret t inta Ultimul pret (la 16/08/2017) RON 0.266
7%
77%
16%Repere si piese deaviatie
Reparatii motoare
Altele
26%
15%59%
Viehmann Radu
Ciorapciu DanaMaria
Altii
-
0.5
1.0
1.5
2.0
0.0
0.1
0.1
0.2
0.3
0.4
Aug16 Dec16 Apr17 Aug17
Volume (RONmn) TBM BET-XT
96.0%
0.3% 3.7%
Europa
USA
Asia