Ziemlich euphorisch:

BWT: Water flows turn into cash fountain
Valuation: Based on our higher forecasts, we raise our target equity price to EUR 25.5 (after 21.0). On the peer group level, we observe discounts of 8-31% in terms of EV/EBITDA and EV/EBIT. We thus confirm our Buy recommendation.
3Q09 results: BWT's 3Q09 operating performance was outstanding. Sales rose 1.1% y/y, fuelled by a strong performance in the point-of-use segment (+43% y/y).
Cash flow: BWT's 1-3Q09 operating cash flow was a jackpot, rising 65% to EUR 29mn. Thus, as of September 30, 2009, BWT's net debt dropped to an historic low of EUR 27.4mn, bringing the gearing down to just 17.8%.
Outlook: Management targets EUR 390mn in sales, as well as slightly higher net profitability for 2009 compared to 2008, given the fact that pre-tax profit for 2009 benefits from a one-off gain of EUR 4.5mn.
Deep value: Given the fact that BWT is a 100% water pure play with substantial growth potential in the point-of-use segment (19% sales growth 1-3Q09 y/y), accompanied by
a very strong cash flow pattern, we deem this stock clearly undervalued.
Share buyback: As a reflection of the strong cash flow generation and rather low valuation levels, management plans another share buyback program. BWT's management is authorized to buy back up to 7.8% of shares outstanding until May 2010.

Die vollstndige Analyse:

http://produkte.erstegroup.com/CorporateClients/de/ResearchCenter/Overview/Research_Detai l/index.phtml?ID_ENTRY=1350


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