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AGR 81.07 ( 0.00%) + AMAG 24.65 ( 0.00%) + AMS 98.66 ( 0.00%) + ANDR 43.66 ( 0.00%) + ATEC 0.00 ( 0.00%) + ATRS 4.09 ( 0.00%) + ATS 8.24 ( 0.00%) + ATX 2475.70 ( 0.00%) + AW2 0.00 ( 0.00%) + BAH 40.82 ( 0.00%) + BDI 0.00 ( 0.00%) + BENE 0.58 ( 0.00%) + BEO 2.73 ( 0.00%) + BETB 0.00 ( 0.00%) + BFC 1.70 ( 0.00%) + BIND 22.35 ( 0.00%) + BWIN 1.51 ( 0.00%) + BWT 15.81 ( 0.00%) + C2 26.50 ( 0.00%) + CAI 13.66 ( 0.00%) + CAT 14.29 ( 0.00%) + CNTY 4.58 ( 0.00%) + COV 0.00 ( 0.00%) + CWI 10.34 ( 0.00%) + DOC 39.59 ( 0.00%) + EBS 24.60 ( 0.00%) + ECO 5.01 ( 0.00%) + EVN 9.83 ( 0.00%) + FAA 8.00 ( 0.00%) + FKA 9.25 ( 0.00%) + FLU 70.44 ( 0.00%) + GROA 2.73 ( 0.00%) + HEAD 1.60 ( 0.00%) + HIS 6.00 ( 0.00%) + HTI 1.30 ( 0.00%) + IIA 3.23 ( 0.00%) + KTCG 37.99 ( 0.00%) + KTM 83.98 ( 0.00%) + LNZ 43.00 ( 0.00%) + MAI 0.06 ( 0.00%) + MIP 0.13 ( 0.00%) + MMK 89.88 ( 0.00%) + OMV 31.75 ( 0.00%) + PAL 28.04 ( 0.00%) + PARS 27.80 ( 0.00%) + POS 48.50 ( 0.00%) + POST 37.00 ( 0.00%) + PYT 7.25 ( 0.00%) + QINO 1.05 ( 0.00%) + RAP 0.01 ( 0.00%) + RBI 23.15 ( 0.00%) + RBT 0.00 ( 0.00%) + RHI 24.42 ( 0.00%) + ROS 67.02 ( 0.00%) + SAC 1.70 ( 0.00%) + SBO 87.83 ( 0.00%) + SEM 41.50 ( 0.00%) + SNT 0.00 ( 0.00%) + SNU 0.00 ( 0.00%) + SPI 5.51 ( 0.00%) + STR 19.74 ( 0.00%) + SWUT 6.95 ( 0.00%) + TAN 0.27 ( 0.00%) + TEAK 2.24 ( 0.00%) + TKA 6.91 ( 0.00%) + UIV 22.00 ( 0.00%) + UP2 3.10 ( 0.00%) + UQA 9.35 ( 0.00%) + VER 14.21 ( 0.00%) + VIG 36.51 ( 0.00%) + VLA 5.84 ( 0.00%) + VOE 31.04 ( 0.00%) + WIE 13.37 ( 0.00%) + WOL 18.68 ( 0.00%) + WWE 0.08 ( 0.00%) + WXF 1.55 ( 0.00%) + ZAG 15.83 ( 0.00%) +


 

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SBO has around 120 mn in potential M&A spend   Facebook



07.12.2012
 

Berenberg Bank confirmed Schoeller-Bleckmann at Hold with target price 80.00 euros. With regards to the current trading environment, Schoeller-Bleckmann’s management at a Berenberg conference commented on the fall in order intake in Q3, which has resulted in a book-to-bill ratio of 0.9x. Moreover, the North American market in particular has experienced some softening in demand, although this is still at high levels compared to historical averages. This softer demand is related to a slowdown in shale gas activity, which has led to declines in its customers’ profitability.

Management also noted that the capex investments of its key clients have to a large extent become depleted in 2012, Berenberg resumes. However, with new capex budgets available as of January, the company expects good order development in Q2 2013. Furthermore, management reiterated its target of a 10% organic revenue CAGR over the long term.

Commenting on its balance sheet structure with a low gearing ratio of 16% at Q3 2012 (versus 14% at year-end 2011) and a medium-term limit at 40-60%, management stated that it has around EUR120m in potential M&A spend in case it finds an appealing target. These potential acquisitions could relate to new exposure in production and completion, as well as technologies in downhole tools. The CFO says the company is currently spending significantly on due diligence processes, Berenberg says

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