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ForennameÖsterreichische Aktien im In- und Ausland
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30633, RCB erhöht Kursziel auf 35 Euro
Eingetragen von Wien Broker, 28.12.07 10:31
Datum/Zeit: 28.12.2007 09:00
Quelle: Raiffeisen Centrobank

RCB erhöht Kursziel auf 35 Euro

Wolford's strong 1H figures were not rewarded by the market. Since the beginning of 2007 the share price fell by more than 20%. Wolford is clearly undervalued compared to its peers. Based on our DCF model we see as well substantial upside. We therefore consider the recent weakness of the share a buying opportunity. 1H 2007/08: Wolford's 1H figures showed strong performance on the top- as well as on the bottom-line. Sales in all major regions grew double digit in euro terms. On the back of strong results management increased its sales guidance for the fiscal 2007/08 from EUR 150 mn to EUR 155 mn.

Outlook:

So far there is no sign of weakness in company's top line. Higher cost efficiency shown in the second quarter makes management's target of disproportional improvement of the bottom-line now more likely. The headcount increase should be almost completed, thus we expect Wolford's profitability to increase. At the beginning of 2008 management plans to raise prices, especially in the dollar area. We consider the demand as rather inelastic and believe that revenues will not be affected negatively by the planned increase. Based on a good Christmas shopping season we expect Wolford to post a rather positive 3Q result as well. On back of the strong 1H figures and the positive outlook we increase our sales, earning and dividend estimates.

Valuation:

The share fell by more than 20% since the beginning of 2007. Based on our 08/09 estimates it trades now well below the peer group. Only ROE looks less favourable due to Wolford's high equity ratio. Our DCF model confirms this picture. Our DCF based 12 month target price is EUR 35, i.e. we see more than 20% upside from the current level. Thus we raise our target price from EUR 33.5 to EUR 35.0 and upgrade our recommendation from "hold" to "buy".

aktueller Kurs: 29.19 -0.21%
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