Pfeiffer Vacuum
Analyst Recommendations
Analyst Recommendations

Analyst Recommendations

About 15 financial analysts evaluate the business development of Pfeiffer Vacuum Technology AG on a regular basis. This webpage provide an overview of the current recommendations.

2017

Date Bank Author Recommendation Downloads
10-11-2017 Commerzbank Adrian Pehl Buy  
09-07-2017 Oddo BHF Veysel Taze Neutral  
08-31-2017 Commerzbank Adrian Pehl Buy  
08-08-2017 DZ Bank Harald Schnitzer Hold  
08-08-2017 Kepler Cheuvreux Craig Abbott Buy  
08-04-2017 Kepler Cheuvreux Craig Abbott Buy  
08-04-2017 Oddo BHF Veysel Taze Neutral  
08-03-2017 Deutsche Bank Uwe Schupp Hold  
08-03-2017 Independent Research Markus Friebel Hold  
08-03-2017 M.M. Warburg Eggert Kuls Hold  
08-02-2017 Commerzbank Adrian Pehl Buy  
08-02-2017 DZ Bank Harald Schnitzer Hold  
08-02-2017 Hauck & Aufhäuser Henning Breiter Sell  
07-28-2017 equinet Cengiz Sen Accumulate  
07-20-2017 Bankhaus Lampe Karsten Iltgen Hold  
07-18-2017 Commerzbank Adrian Pehl Buy  
07-17-2017 fairesearch Heinz Steffen Buy  
06-26-2017 Commerzbank Adrian Pehl Buy  
06-26-2017 DZ Bank Harald Schnitzer Hold  
06-26-2017 HSBC Philip Saliba Buy  
06-26-2017 M.M. Warburg Eggert Kuls Hold  
05-05-2017 HSBC Philip Saliba Buy  
05-04-2017 Independent Research Markus Friebel Hold  
05-03-2017 Commerzbank Adrian Pehl Buy  
05-03-2017 equinet Cengiz Sen Accumulate  
05-03-2017 M.M. Warburg Eggert Kuls Hold  
05-02-2017 Deutsche Bank Uwe Schupp Hold  
05-02-2017 DZ Bank Harald Schnitzer Buy  
05-02-2017 M.M. Warburg Eggert Kuls Hold  
04-13-2017 Commerzbank Adrian Pehl Buy  
04-12-2017 Hauck & Aufhäuser Henning Breiter Hold  
04-10-2017 M.M. Warburg Eggert Kuls Hold  
03-31-2017 Independent Research Markus Friebel Hold  
03-30-2017 DZ Bank Harald Schnitzer Buy  
03-28-2017 HSBC Philip Saliba Buy  
03-28-2017 Kepler Cheuvreux Craig Abbott Buy  
03-27-2017 Commerzbank Adrian Pehl Buy  
03-27-2017 Independent Research Markus Friebel Hold  
03-16-2017 Commerzbank Adrian Pehl Buy  
03-15-2017 DZ Bank Harald Schnitzer Buy  
03-15-2017 Hauck & Aufhäuser Henning Breiter Hold  
01-20-2017 M.M. Warburg Eggert Kuls Hold  
01-09-2017 Quirin Bank Harald Eggeling Sell  

2016

Date Bank Author Recommendation Downloads
11-01-2016 Commerzbank Adrian Pehl Buy  
11-01-2016 Deutsche Bank Uwe Schupp Sell  
11-01-2016 equinet Veysel Taze Hold  
11-01-2016 Hauck & Aufhäuser Henning Breiter Buy  
11-01-2016 Kepler Cheuvreux Craig Abbott Buy  
11-01-2016 M.M. Warburg Eggert Kuls Hold  
08-05-2016 HSBC Philip Saliba Hold  
08-03-2016 Commerzbank Adrian Pehl Buy  
08-03-2016 DZ Bank Harald Schnitzer Buy  
08-03-2016 Kepler Cheuvreux Craig Abbott Buy  
08-02-2016 Deutsche Bank Uwe Schupp Sell  
08-02-2016 Hauck & Aufhäuser Henning Breiter Buy  
08-02-2016 Quirin Bank Harald Eggeling Hold  
07-20-2016 Commerzbank Adrian Pehl Buy  
07-05-2016 Kepler Cheuvreux Craig Abbott Buy  
06-20-2016 Kepler Cheuvreux Craig Abbott Buy  
06-10-2016 Hauck & Aufhäuser Henning Breiter Buy  
04-09-2016 fairesearch Heinz Steffen Buy  
04-05-2016 Quirin Bank Harald Eggeling Hold  
04-04-2016 Hauck & Aufhäuser Henning Breiter Hold  
03-24-2016 Kepler Cheuvreux Craig Abbott Hold  
03-24-2016 Warburg Research Eggert Kuls Hold  
03-17-2016 M.M. Warburg Eggert Kuls Hold  
03-02-2016 HSBC Philip Saliba Buy  
02-22-2016 equinet Adrian Pehl Neutral  
02-19-2016 Hauck & Aufhäuser Henning Breiter Buy  
02-19-2016 M.M. Warburg Eggert Kuls Hold  
02-19-2016 Quirin Bank Harald Eggeling Hold  
02-18-2016 Hauck & Aufhäuser Henning Breiter Buy  
02-11-2016 Bankhaus Lampe Karsten Iltgen Hold  
01-19-2016 Hauck & Aufhäuser Henning Breiter Buy  
01-18-2016 M.M. Warburg Eggert Kuls Hold  
01-18-2016 M.M. Warburg Eggert Kuls Hold  
01-15-2016 DZ Bank Harald Schnitzer Buy  
01-08-2016 Hauck & Aufhäuser Henning Breiter Hold  

2015

Date Bank Author Recommendation Downloads
11-09-2015 DZ Bank Harald Schnitzer Buy  
11-09-2015 Exane BNP Paribas Gerhard Orgonas Neutral  
11-06-2015 Bankhaus Lampe Karsten Iltgen Hold  
11-04-2015 M.M. Warburg Eggert Kuls Sell  
11-03-2015 Bankhaus Lampe Karsten Iltgen Hold  
11-03-2015 Deutsche Bank Uwe Schupp Sell  
11-03-2015 Hauck & Aufhäuser Henning Breiter Hold  
11-03-2015 Kepler Cheuvreux Craig Abbott Hold  
11-03-2015 Quirin Bank Harald Eggeling Hold  
10-30-2015 equinet Adrian Pehl Neutral  
10-29-2015 M.M. Warburg Eggert Kuls Hold  
10-09-2015 DZ Bank Harald Schnitzer Buy  
10-05-2015 HSBC Christian Rath Hold  
10-01-2015 Kepler Cheuvreux Craig Abbott Hold  
09-30-2015 Exane BNP Paribas Gerhard Orgonas Outperform  
09-29-2015 Deutsche Bank Uwe Schupp Sell  
09-29-2015 Hauck & Aufhäuser Henning Breiter Hold  
09-08-2015 Hauck & Aufhäuser Henning Breiter Buy  
08-28-2015 Kepler Cheuvreux Craig Abbott Buy  
08-04-2015 DZ Bank Harald Schnitzer Buy  
08-04-2015 Hauck & Aufhäuser Henning Breiter Buy  
08-04-2015 Kepler Cheuvreux Craig Abbott Hold  
06-11-2015 Hauck & Aufhäuser Henning Breiter Buy  
05-28-2015 DZ Bank Harald Schnitzer Buy  
05-27-2015 Exane BNP Paribas Gerhard Orgonas Outperform  
05-06-2015 HSBC Christian Rath Buy  
05-06-2015 M.M. Warburg Eggert Kuls Hold  
05-05-2015 DZ Bank Harald Schnitzer Buy  
05-05-2015 equinet Adrian Pehl Neutral  
05-04-2015 Hauck & Aufhäuser Henning Breiter Buy  
04-20-2015 Kepler Cheuvreux Craig Abbott Hold  
04-15-2015 DZ Bank Harald Schnitzer Buy  
04-02-2015 Hauck & Aufhäuser Henning Breiter Buy  
03-27-2015 Commerzbank Norbert Kretlow Add  
03-27-2015 HSBC Christian Rath Buy  
03-27-2015 M.M. Warburg Eggert Kuls Hold  
03-19-2015 M.M. Warburg Eggert Kuls Sell  
02-23-2015 Bankhaus Lampe Karsten Iltgen Hold  
02-23-2015 Commerzbank Norbert Kretlow Add  
02-23-2015 Deutsche Bank Uwe Schupp Sell  
02-23-2015 Oddo Seydler Veysel Taze Buy  
02-20-2015 DZ Bank Harald Schnitzer Buy  
02-20-2015 equinet Adrian Pehl Buy  
02-20-2015 Hauck & Aufhäuser Henning Breiter Hold  
02-20-2015 M.M. Warburg Eggert Kuls Sell  
02-17-2015 equinet Adrian Pehl Hold  
02-17-2015 Hauck & Aufhäuser Henning Breiter Hold  
02-12-2015 M.M. Warburg Eggert Kuls Hold  
02-11-2015 DZ Bank Harald Schnitzer Buy  
01-12-2015 HSBC Christian Rath Overweight  

2014

Date Bank Author Recommendation Downloads
11-28-2014 Quirin Bank Klaus Ringel Buy  
11-27-2014 Bankhaus Lampe Karsten Iltgen Buy  
11-21-2014 DZ Bank Harald Schnitzer Buy  
11-20-2014 Goldman Sachs Jaap Pannevis Neutral  
11-12-2014 Commerzbank Norbert Kretlow Add  
11-05-2014 equinet Adrian Pehl Hold  
11-05-2014 HSBC Christian Rath Underweight  
11-04-2014 fairesearch Heinz Steffen Buy  
08-14-2014 DZ Bank Harald Schnitzer Buy  
08-11-2014 fairesearch Heinz Steffen Buy  
08-06-2014 equinet Adrian Pehl Hold  
08-05-2014 Deutsche Bank Uwe Schupp Sell  
08-05-2014 DZ Bank Harald Schnitzer Buy  
08-05-2014 Hauck & Aufhäuser Henning Breiter Buy  
08-05-2014 M.M. Warburg Eggert Kuls Hold  
06-04-2014 Goldman Sachs Jaap Pannevis Neutral  
06-03-2014 DZ Bank Harald Schnitzer Buy  
05-28-2014 Bankhaus Metzler Stephan Bauer Sell  
05-27-2014 M.M. Warburg Eggert Kuls Hold  
05-08-2014 Kepler Cheuvreux Craig Abbott Hold  
05-07-2014 equinet Adrian Pehl Reduce  
05-07-2014 M.M. Warburg Eggert Kuls Sell  
05-06-2014 Hauck & Aufhäuser Henning Breiter Buy  
05-06-2014 HSBC Christian Rath Underweight  
04-29-2014 equinet Adrian Pehl Hold  
04-02-2014 Berenberg Benjamin Gläser Buy  
03-21-2014 DZ Bank Harald Schnitzer Buy  
03-21-2014 equinet Adrian Pehl Reduce  
03-21-2014 Exane BNP Paribas Gerhard Orgonas Outperform  
03-21-2014 Hauck & Aufhäuser Henning Breiter Buy  
03-21-2014 M.M. Warburg Eggert Kuls Sell  
02-21-2014 DZ Bank Harald Schnitzer Buy  
02-21-2014 equinet Adrian Pehl Reduce  
02-21-2014 Hauck & Aufhäuser Henning Breiter Buy  
02-21-2014 M.M.Warburg Eggert Kuls Sell  
02-11-2014 equinet Adrian Pehl Reduce  
02-04-2014 DZ Bank Harald Schnitzer Buy  
01-24-2014 LBBW Walter Schneider Hold  
01-22-2014 Berenberg Benjamin Gläser Buy  
01-22-2014 equinet Adrian Pehl Reduce  
01-22-2014 M.M. Warburg Eggert Kuls Hold  
01-21-2014 Hauck & Aufhäuser Henning Breiter Buy  
01-21-2014 HSBC Christian Rath Neutral  

2013

Date Bank Author Recommendation Downloads
12-19-2013 Goldman Sachs Jaap Pannevis Conviction buy  
12-05-2013 DZ Bank Harald Schnitzer Buy  
12-03-2013 Hauck & Aufhäuser Henning Breiter Buy  
11-06-2013 Bankhaus Metzler Stephan Bauer Sell  
11-06-2013 Deutsche Bank Uwe Schupp Sell  
11-06-2013 fairesearch Heinz Steffen Sell  
11-06-2013 LBBW Walter Schneider Buy  
11-06-2013 M.M. Warburg Eggert Kuls Hold  
11-05-2013 Commerzbank Norbert Kretlow Add  
11-05-2013 DZ Bank Harald Schnitzer Buy  
11-05-2013 equinet Adrian Pehl Reduce  
11-05-2013 Exane BNP Paribas Gerhard Orgonas Outperform Details
"12% EPS beat as better margin offsets weak top line; Improving sales momentum from Q4; Pfeiffer should beat its 12% EBIT margin target; EPS broadly unchanged, long-term margin assumption raised; Valuation remains attractive on 2014/15 multiples"
11-05-2013 Hauck & Aufhäuser Henning Breiter Buy  
10-29-2013 HSBC Christian Rath Overweight  
10-18-2013 Berenberg Benjamin Gläser Buy  
10-15-2013 Goldman Sachs William Wyman Buy/neutral  
09-25-2013 Hauck & Aufhäuser Henning Breiter Buy  
09-18-2013 M.M. Warburg Eggert Kuls Hold  
09-17-2013 Bankhaus Lampe Karsten Iltgen Hold  
08-23-2013 DZ Bank Harald Schnitzer Buy  
08-22-2013 Bankhaus Metzler Stephan Bauer Sell  
08-19-2013 Commerzbank Norbert Kretlow Add  
08-19-2013 Hauck & Aufhäuser Henning Breiter Buy  
08-07-2013 Bankhaus Metzler Stephan Bauer Sell  
08-07-2013 Exane BNP Paribas Gerhard Orgonas Outperform  
08-07-2013 fairesearch Heinz Steffen Sell  
08-07-2013 Hauck & Aufhäuser Henning Breiter Buy  
08-07-2013 M.M. Warburg Eggert Kuls Hold  
08-06-2013 Close Brothers Seydler Veysel Taze Sell  
08-06-2013 Commerzbank Norbert Kretlow Add  
08-06-2013 equinet Adrian Pehl Reduce  
08-06-2013 Hauck & Aufhäuser Henning Breiter Hold  
08-02-2013 Hauck & Aufhäuser Henning Breiter Hold  
08-01-2013 M.M. Warburg Eggert Kuls Hold  
07-30-2013 Commerzbank Norbert Kretlow Hold  
07-26-2013 equinet Adrian Pehl Reduce  
07-15-2013 DZ Bank Harald Schnitzer Hold  
07-10-2013 Deutsche Bank Uwe Schupp Sell  
07-09-2013 Kepler Cheuvreux Craig Abbott Hold  
06-24-2013 Bankhaus Lampe Karsten Iltgen Hold  
06-20-2013 Exane BNP Paribas Gerhard Orgonas Outperform  
06-11-2013 M.M. Warburg Eggert Kuls Hold  
06-06-2013 EVA Dimensions Timothy Stanish Hold  
06-04-2013 LBBW Walter Schneider Hold  
05-29-2013 Commerzbank Norbert Kretlow Hold  
05-29-2013 Deutsche Bank Uwe Schupp Sell  
05-29-2013 DZ Bank Harald Schnitzer Hold  
05-29-2013 equinet Adrian Pehl Reduce  
05-29-2013 Goldman Sachs William Wyman Buy/Neutral  
05-29-2013 Hauck & Aufhäuser Finn Henning Breiter Hold  
05-29-2013 HSBC Christian Dominik Rath Neutral  
05-29-2013 Independent Research GmbH Markus Friebel Sell  
05-29-2013 Kepler Cheuvreux Craig Abbott Hold  
05-09-2013 BoA Merrill Lynch Claus Roller Neutral  
05-08-2013 Bankhaus Metzler Helena Wüstenfeld Sell  
05-08-2013 Close Brothers Equity Markets Veysel Taze Sell  
05-08-2013 Close Brothers Seydler Veysel Taze Sell Details
"... In our view visibility remains “poor” as demand in most of company´s end markets is still sluggish. ..."
05-08-2013 M. M. Warburg Eggert Kuls Buy Details
"... We raise our recommendation for Pfeiffer Vacuum shares from Hold to Buy following weak Q1 figures which were however better than expected. ..."
05-07-2013 Deutsche Bank Uwe Schupp Sell Details
"... This was a relatively weak start to the year with sales/EBIT/EPS of E100m/E11.1m/E0.76, ... Despite the weaker sales (both yoy and qoq) it was interesting to see that the gross margin stayed flattish at 35.6%, implying that product mix improvements (lower semi, ie backing pump business) were eaten up by lower utilization rates in the company’s plant in Annecy. ..."
05-07-2013 equinet Adrian Pehl Reduce Details
"... The good message is the order intake, however, we already anticipated stronger quarters to come – as consensus taken from the still too high sales projection for this year – but the bookings forecast of the ‘average analyst’ was very low. ..."
05-07-2013 Exane BNP Paribas Gerhard Orgonas Outperform Details
"... Management highlighted an apparent upturn in order intake (+7% sequentially to EUR104m) and stated that current negotiations with customers point to a stronger H2, in line with our estimate of a sequential pick-up in quarterly semiconductor capex. ..."
05-07-2013 Hauck & Aufhäuser Henning Breiter Hold Details
" ...Weak start into the year; order intake is the silver lining. ..."
05-07-2013 HSBC Christian Rath Underweight Details
"... Investors continue to like Pfeiffer because of its net cash balance sheet, the conservative management team and the solid dividend yield of c3% (FCF yield c7%). Having said that, we remain cautious since the current valuation (22x 2013e PE, 10x 2013e EV/EBITDA, 40-50% premium vs peer group) is hard to justify ... "
05-07-2013 LBBW Walter Schneider Hold  
05-07-2013 NordLB Wolfgang Donie Hold  
05-07-2013 NordLB Wolfgang Donie Hold  
05-06-2013 Deutsche Bank Uwe Schupp Sell Details
"... We do not expect much from Pfeiffer’s Q1 with results which should be coined by ongoing weakness in semis, an overall weak macro picture in Q1 and FX headwinds. ..."
05-06-2013 fairesearch Heinz Steffen Sell  
05-02-2013 Hauck & Aufhäuser Henning Breiter Hold  
05-02-2013 M. M. Warburg Eggert Kuls Hold Details
"... Rather weak start to the year expected ..."
05-01-2013 Berenberg Bank Benjamin Gläser Buy  
05-01-2013 Berenberg Bank Benjamin Gläser Buy Details
"... Looking ahead to 2015 and increasing our estimates closer to management’s targets, we upgrade Pfeiffer to Buy with a new price target of EUR107. We expect a relatively slow recovery in vacuum pump markets; however, we believe gross margin improvement and underestimated operating leverage will take Pfeiffer closer towards its 20% EBIT margin target. Along the way, shareholders are rewarded with a dividend yield of around 5%. ..."
04-30-2013 Commerzbank Norbert Kretlow Hold  
04-30-2013 DZ Bank Harald Schnitzer Hold  
04-23-2013 equinet Adrian Pehl Reduce Details
"... 1Q13 might add uncertainty to the margin upside story. ..."
04-09-2013 Hauck & Aufhäuser Henning Breiter Hold Details
"... Pfeiffer Vacuum presented two innovative product lines at the Hannover Fair which underpin the company’s innovative capacity: The new rotary vane backing pump DuoLine provides customers substantially reduced total costs of ownership due to a 34% reduction in electricity consumption, 20% lower service costs and a reduction of the size by 50%. At the same time, the weight of the pumps is reduced by 76% which should enable a reduction of material costs for Pfeiffer. The new leak detector ASM 340 is the first product jointly developed by adixen and Pfeiffer. The product was substantially improved regarding response times (best-in-class) and precision of the leak detection. Leak detection is crucial for an efficient vacuum generation process. ..."
04-05-2013 M. M. Warburg Eggert Kuls Hold Details
"... Following a meeting with the senior management at Pfeiffer Vacuum´s headquarters in Aßlar we keep our Hold recommendation for the time being. Two weeks ago the company released final figures for FY 2012 and hosted an analysts´ conference. No guidance has yet been given for 2013, in accordance with Pfeiffer´s policy not to do so earlier than the AGM in May because of the limited visibility from the order backlog of usually between two and three months. ..."
03-26-2013 LBBW Walter Schneider Hold  
03-25-2013 Commerzbank Norbert Kretlow Hold Details
"... We believe that the market first needs to digest a weak H1 2013 before the share has a chance to gain tailwind. We maintain our Hold recommendation. ..."
03-25-2013 Deutsche Bank Uwe Schupp Sell  
03-25-2013 fairesearch Heinz Steffen Hold Details
"... The weak demand continued in the first two months. Therefore management is quite reluctant to provide any guidance.We leave our “HOLD” recommendation unchanged but increased our price target from €90 per share to €95. The downside risks are limited due to the strong operating performance despite lower revenue growth. ..."
03-25-2013 NordLB Wolfgang Donie Hold  
03-22-2013 BoA Merrill Lynch Claus Roller Buy Details
"... Despite the current cyclical headwinds, we believe that Pfeiffer is well on the way to improve processes and launch new solutions which is the basis for future margin expansion. ..."
03-15-2013 Commerzbank Norbert Kretlow Hold Details
"... We believe that the sales development will remain muted in H1 2013. Efficiency gains from the margin optimisation strategy in the previous Adixen business should become an upside catalyst, but should only materialise in H2 2013. ..."
03-14-2013 M. M. Warburg Eggert Kuls Hold Details
"... We expect the company to have had a weak start to 2013 as order intake and order backlog has shrunk to record low levels since the integration of adixen as of the end of 2010. This reflects the much higher cyclicality of the company since the acquisition of adixen. ..."
03-06-2013 Bankhaus Lampe Dr. Karsten Iltgen Hold Details
"... The figures reported by the rival companies Edwards and Oerlikon now show that Pfeiffer, despite its focus on profitability (instead of market share), has not lost any market share up to now. In terms of margin, Pfeiffer has outshone its rivals once again ..."
02-27-2013 DZ Bank Harald Schnitzer Hold  
02-27-2013 Hauck & Aufhäuser Henning Breiter Hold Details
"... Pfeiffer Vacuum’s closest competitor, the UK based Edwards Group Ltd. Announced weak Q4 results, revealing that Pfeiffer vacuum has substantially outperformed in 2012 and most likely gained market share in a challenging environment. ..."
02-22-2013 fairesearch Heinz Steffen Hold Details
"... We changed our recommendation from “SELL” to “HOLD” and increased our price target from €83 to €90 per share. We do not expect the semiconductor market to recover soon. The downside risk however is limited due to the solid financials and the high dividend yield of the company. ..."
02-19-2013 BoA Merrill Lynch Dr. Claus Roller Buy Details
"... Pfeiffer reported 2012 preliminary EBIT up 10% to €68m despite a 11% decline in sales to EUR446m. We related the slight miss compared with €70mn consensus to a negative fx impact in 4Q. ..."
02-19-2013 Commerzbank Norbert Kretlow Hold Details
"... We assume non-structural issues to be responsible for the Q4 margin weakness. And we continue to expect positive effects from the production optimisation in Annecy/France to start phasing into H1 2013 earnings. However, we think it is too early to buy the weakness now. ..."
02-19-2013 Deutsche Bank Uwe Schupp Sell Details
"... Pfeiffer issued a few headline results earlier this morning missing both consensus and guidance. Given that guidance was only reiterated on 6 November this would be a further prove of how volatile the business has become since Adixen. ..."
02-19-2013 equinet Adrian Pehl Hold Details
"... Although we were aware of the likely guidance miss, the profit line came in somewhat weaker as expected, the order intake was disappointing. Qualitative statements about revenue volatility might increase uncertainty. ..."
02-19-2013 Exane BNP Paribas Gerhard Orgonas Outperform Details
"... We decrease our 2013/14e EPS estimates by 6-7% due to slower sales growth but re-iterate our Outperform rating as the margin improvement remains on track and will be in the mid-term focus. ..."
02-19-2013 Hauck & Aufhäuser Henning Breiter Hold Details
"... The weak Q4 order intake of 97.4m (0.91x b-t-b) and the order backlog of only € 71.8m (previous year € 87.6m) do not provide confidence that Pfeiffer should return to sales growth in 2013. Nevertheless, a gradual recovery in the course of the year is likely assuming that demand from the industrial customers should improve. ..."
02-19-2013 M. M. Warburg Eggert Kuls Hold Details
"... While short-term newsflow is likely to remain weak, we expect things to improve over the course of the year. This is based on the improvement in leading indicators over the last couple of months for the most important regions of the world. We also expect the semiconductor cycle to start in the second half of 2013. Pfeiffer has also stated that the focus is clearly on profitability rather than top-line growth. ..."
02-19-2013 NordLB Wolfgang Donie Hold Details
"... Erfreulich ist, dass die Rentabilitätsziele trotz der Marktschwäche nahezu umgesetzt wurden und das Unternehmen hier noch weiteres Verbesserungspotential sieht. Vor diesem Hintergrund sehen wir ein ausgeglichenes Chance-/Risikoprofil für die Aktie und bestätigen somit unsere Einschätzung „Halten“..."
02-18-2013 Deutsche Bank Uwe Schupp Sell Details
"... As former Pfeiffer fans for many years, the Adixen acquisition remains a tough nut that we have yet to crack. We continue to believe the deal was an expensive step in the wrong direction as it has both increased volatility in financial metrics and lowered the margin potential. ..."
02-15-2013 equinet Adrian Pehl Hold  
02-14-2013 Commerzbank Norbert Kretlow Hold Details
"... Pfeiffer Vacuum has scheduled the release of preliminary 2012 data for Tuesday, 19 February. We believe that Q4 sales were hit by a weak macro environment and estimate sales of €106m, down 7% year on year. ..."
02-14-2013 HSBC Christian Rath Underweight Details
"... We acknowledge Pfeiffer’s margin recovery potential in the coming years and its strong cash generation, but the current premium appears rich to us given limited growth in 2013. ..."
02-14-2013 LBBW Walter Schneider Hold  
02-14-2013 M. M. Warburg Eggert Kuls Hold Details
"... We expect Pfeiffer Vacuum to have had a weak final quarter in terms of sales. This assumption is based on low order intake of EUR 100.7m in Q3 and a record low order backlog of EUR 81.4m (as of 30.9.2012) since the acquisition of adixen. In this connection, we expect the lowest turnover on a quarterly basis since the adixen acquisition. However, in terms of earnings we believe that the company should have remained on track. ..."
01-29-2013 Bankhaus Lampe Karsten Iltgen Hold  
01-25-2013 Exane BNP Paribas Gerhard Orgonas Buy Details
"... Following the strong recent share price performance of Pfeiffer, we expect the shares to react negatively to Samsung's announcement as there is a possible risk of a slight revenue miss for Pfeiffer in Q4 and a weak Q1 outlook in Semiconductors (+ a high base effect from high Samsung capex in Q1 2012). ..."
01-17-2013 Commerzbank Norbert Kretlow Hold Details
"... We noticed a more cautious tone on the €470m 2012 sales guidance but we feel confirmed in our above-consensus expectations regarding efficiency gains and margin focus. We conclude that Q4 will be a mixed bag with sales below and margins above consensus expectations and thus remain on the sidelines for the time being. ..."
01-15-2013 M. M. Warburg Eggert Kuls Hold Details
"... We downgrade our recommendation for Pfeiffer Vacuum shares following a 27% rally since the end of October. ..."
01-09-2013 Berenberg Bank Benjamin Gläser Hold Details
"... As Pfeiffer's share price rally has, in our view, been driven by belief in management's ability to improve margins, as opposed to actual earnings upgrades, potential for disappointment remains high..."

2012

Date Bank Author Recommendation Downloads
11-23-2012 Close Brothers Seydler Veysel Taze Sell Details
"Recommendation: We think it is still too early to turn more constructive on the stock and reiterate our Sell .. recommendation. Thus we believe market expectations are still too “rich” implying a new round of sales/EPS cuts going into FY13E. ..."
11-07-2012 Bankhaus Lampe Gordon Schönell Sell  
11-07-2012 M. M. Warburg Eggert Kuls Buy Details
"- Pfeiffer Vacuum faced another weak quarter in terms of sales and especially in order intake. - Regarding sales even the lower end of the guided range looks somewhat ambitious. - In terms of EBIT margin Pfeiffer Vacuum is comfortably on track to reach its guidance of around 15%. - We keep our Buy rating. ..."
11-07-2012 NordLB Wolfgang Donie Hold  
11-06-2012 BoA Merrill Lynch Claus Roller Buy Details
"We leave our EPS forecast broadly unchanged and see the stock attractively valued compared to its peers as it offers double digit earnings growth potential on margin expansion drive by self-help. We reiterate our Buy rating have and made minor adjustments to our estimates. ..."
11-06-2012 Commerzbank Norbert Kretlow Hold Details
"With Q3 data coming in line with our estimates, we consider Pfeiffer on track for our 2012 estimates, seeing mild upside to our current €460m sales forecast and considering the €470m guidance realistic. The appointment of Nathalie Benedikt as CFO effective 1.1.2013 is a positive for us: Following the Adixen acquisition, there was some concern regarding the fact that the PFV had only two board members. ..."
11-06-2012 Deutsche Bank Uwe Schupp Sell Details
"Given our assumption of a weaker semi business in Q4 (with no major recovery before H2-13 expected) we maintain our sub-consensus/sub-guide forecast for FY12 as well as FY13. We continue to think that the addition of Adixen happened at a peak multiple and was just too expensive. The cross selling advantage and potential cost benefits are outweighed by higher cyclicality (profit warnings in both 2011 and 2012, ie since Adixen is consolidated versus a mostly very stable and predictable business from 1996-2010). ..."
11-06-2012 equinet Adrian Pehl Hold  
11-06-2012 Exane BNP Paribas Gerhard Orgonas Buy Details
"Pfeiffer shows impressive margin improvement despite macro headwinds, and it outperforms its peers (see figure 1). We see significant earnings leverage potential in a cyclical upturn from the currently implemented cost efficiency measures at Adixen, attractive end markets and innovative products in Systems. ..."
11-06-2012 Hauck & Aufhäuser Henning Breiter Buy Details
"The EBIT increased by 6% yoy to € 16.9m which came to a positive surprise. The negative operating leverage was clearly overcompensated by progress in the integration of adixen and supported by c. € 1.5m lower PPA amortisation. The positive margin development in the first year after the acquisition and in an adverse market environment provides confidence that management will be able to substantially enhance margins going forward. ..."
11-06-2012 HSBC Christian Rath Neutral Details
"4 Q3 earnings beat slightly on strong system sales and positive product mix effects 4 Guidance downgraded to the lower end, which will be still challenging given further weakness in semis 4 Maintain EUR79 target price but upgrade to Neutral from UW ..."
11-06-2012 Silvia Quandt Eerik Budarz Neutral Details
"Our Neutral recommendation remains. Potential disappointment from guidance implications may move the stock more towards more attractive valuation territory. We also welcome Ms. Benedikt and wish her a good start in Asslar. ..."
11-01-2012 Commerzbank Norbert Kretlow Hold Details
"We expect that full-year guidance will be reiterated. With no short-term upside catalyst in sight, we remain on the sidelines for the time being. ..."
11-01-2012 Goldman Sachs Simone Hirschvogl Buy  
11-01-2012 M.M. Warburg Eggert Kuls Buy Details
"Following a surprisingly weak Q2 we expect Pfeiffer Vacuum to release weaker figures also in Q3. This is due to a weaker economic environment as well as a negative impact from summer holidays in France. ..."
10-31-2012 Exane BNP Paribas Gerhard Orgonas Outperform  
10-30-2012 equinet Adrian Pehl Hold  
10-19-2012 Hauck & Aufhäuser Henning Breiter Buy Details
"... there is no reason to expect Pfeiffer’s Semiconductor business to fall off a cliff in 2013, in our view."
10-18-2012 Bankhaus Lampe Gordon Schönell Hold  
10-18-2012 Exane BNP Paribas Gerhard Orgonas Outperform Details
"We expect Pfeiffer to show continuous margin improvement, while we do not see a broad-based collapse of its end market. We therefore expect the shares to re-rate. ..."
10-16-2012 Kepler Research Ulrich Scholz Hold Details
"- Weakening semiconductor equipment orders Crisis in the solar industry - Exploiting cross-selling opportunities Unchanged strong dividend issue ..."
10-11-2012 DZ Bank Harald Schnitzer Hold  
10-10-2012 Deutsche Bank Uwe Schupp Sell  
10-09-2012 Cheuvreux Craig Abbott Outperform Details
"Pfeiffer Vacuum offers a quality secular growth case with rising energy efficiency standards, electronics miniaturisation, steel degassing, EUV commercialisation, etc. all driving demand growth. Highly FCF generative, with no leverage, attractive yield, the shares offer further upside potential even on assumptions more conservative than company targets upon completion of adixen integration. ..."
09-21-2012 GSC Research Thorsten Renner Hold  
08-10-2012 LBBW Walter Schneider Hold  
08-08-2012 Berenberg Bank Stephan Klepp Hold  
08-08-2012 Cheuvreux Craig Abbott Outperform Details
"Short-term sales visibility admittedly remains limited, current trends/order intake suggest Q3 likely to be similar to Q2 with some pick-up in demand expected in Q4, largely due to client projects in the pipeline (esp in semi). Despite short-term volatility we believe PFV is broadly on track to structurally improve profitability post adixen integration and remains a high-quality company..."
08-08-2012 Close Brothers Seydler Veysel Taze Sell Details
"Considering the deteriorating sentiment on most underlying end-markets and the low order backlog (i.e. visibility for 8-10 weeks) we think it is still too early to turn more constructive on the stock. ..."
08-08-2012 equinet Adrian Pehl Hold  
08-08-2012 Exane BNP Paribas Gerhard Orgonas Outperform Details
"Korea segment margin improvement demonstrates self-help potential The Korea segment contributed 16% to group earnings in Q2 2012, up from 4% in Q2 2011. The EBITDA margin in Korea improved significantly to 13.7% in Q2 2012, up from 2.9% in Q2 2011 despite an 11% decline in sales. Pfeiffer management relates this to improved controlling and processes at the Korean plant, which is led by a new CFO. ..."
08-08-2012 NordLB Wolfgang Donie Hold  
08-07-2012 Bankhaus Lampe Gordon Schönell Hold  
08-07-2012 BoA Merrill Lynch Claus Roller Buy Details
"Although Pfeiffer moved revenue recognition for direct exports from France to its distribution subsidiaries it managed to sustain a double digit EBITDA margin with €4.7mn EBITDA on €41m sales in 2Q12. The Korean subsidiary even increased EBITDA to €3.4mn in 2Q12 from €2.7m in 1Q12. Overall we believe that 2Q12 results reflect an underlying improvement at the former Adixen subsidiaries despite weaker overall market developments. This bodes well for 2013/14, in our view. ..."
08-07-2012 Commerzbank Norbert Kretlow Hold Details
"Despite Q2, we believe Pfeiffer Vacuum is on track to reach our full-year EBIT estimate (before considering a potentially up to 180bps higher underlying Q2 margin on impairments) though our 2012 sales estimate looks too optimistic. ..."
08-07-2012 Deutsche Bank Uwe Schupp Hold Details
"Q2 results look weak throughout the board, but the company maintains FY guidance. ... As a reminder Q1 was very strong courtesy also of FX one-offs and with the weak Q2 and weaker macro/semi picture in mind we think results will deteriorate further from here before getting better again. The company admits that lower revenues will weigh on margins but believes that internal improvements and the Adixen integration should help in protecting margin levels of H1. ..."
08-07-2012 equinet Adrian Pehl Hold Details
"2Q12 came in lower than expected in basically all metrics. This might trigger lower analyst estimates. As PFV has kept the guidance, a gearing towards the lower end is more likely now as regards the top line, whereas the margin target appears still achievable. ..."
08-07-2012 Hauck & Aufhäuser Henning Breiter Buy Details
"The miss to consensus estimates should be a short term burden for the share price development. A weakness in the share price is seen as good entry opportunity for longer term oriented investors aiming to benefit from the expected margin rebound in 2013. ..."
08-07-2012 M. M. Warburg Eggert Kuls Buy Details
"Pfeiffer Vacuum´s Q2 sales and order intake were even lower than our cautious assumptions ... The positive news in our view is that Pfeiffer Vacuum, despite the massive decline in sales, was able to maintain the EBIT margin at 14.5%, thus exactly on the level we had expected with 7% higher sales. ... Taking this into account, we see today´s weaker share price as a buying opportunity. ..."
07-13-2012 M. M. Warburg Eggert Kuls Buy Details
"Estimates revised downwards due to semi-warnings; PT reduced .. As Pfeiffer is looking for a much better price discipline on the adixen side, earnings are expected to be in line with 2012-2014 guidance. ..."
07-12-2012 DZ Bank Harald Schnitzer Hold  
07-12-2012 Exane Gerhard Orgonas Outperform Details
"We believe that Pfeiffer’s recent share price weakness is not justified by the temporary fall in semiconductor sales. ..."
07-11-2012 Bankhaus Lampe Gordon Schönell Hold  
07-11-2012 Commerzbank Norbert Kretlow Hold Details
"We remain convinced of Pfeiffer Vacuum's ability to execute on the targeted margin increases. However, we believe that the weakening environment in semiconductors, along with the increased macroeconomic uncertainty will weigh on the share short term. ..."
06-29-2012 Berenberg Bank Stephan Klepp Hold Details
"... Based on the most recent (deteriorating) sentiment on selected underlying end-markets and the company’s visibility of just two months approximately, we adopt a more cautious view..."
06-29-2012 DZ Bank Harald Schnitzer Hold  
06-22-2012 Commerzbank Norbert Kretlow Buy Details
"Our background research confirmed our positive view on Pfeiffer Vacuum. We expect that the company’s efforts to raise margins will bear fruit and we believe that the market continues to underestimate these effects..."
06-22-2012 equinet Adrian Pehl Accumulate Details
"We visited the Pfeiffer Vacuum (PFV) booth at the Achema fair in Frankfurt yesterday... We had the impression that PFV was quite satisfied with the leads generated at the fair so far, especially with respect to Tuesday that brought good activity. ..."
06-19-2012 Cheuvreux Craig Abbott Outperform Details
"Overall the message from the trade fair is that trading conditions in the general vacuum pump applications remains remarkably resilient though not euphoric. Visibility in semi remains low and the solar sector is not yet showing signs of recovery. ..."
06-18-2012 M. M. Warburg Eggert Kuls Buy Details
"During our Investment Conference Pfeiffer Vacuum´s CEO reiterated the most recently given guidance of sales between EUR 470 – 500m this year and an EBIT-margin of 15% (previously 14.5%). Following a strong Q1 driven by a very good business with the semi-conductor industry Q2 is expected to slow down somewhat. Going forward Q3 is expected to be generally a weaker quarter due to the holiday season in France. As Pfeiffer´s business visibility is rather short with roughly 2 months only, it is not clear what will happen in Q4. ..."
06-11-2012 Hauck & Aufhäuser Henning Breiter Buy Details
"Pfeiffer Vacuums recently listed competitor Edwards provided a cautiously optimistic guidance for Q2 underpinning our view that the market conditions should remain decent also for Pfeiffer. ..."
05-31-2012 Exane Gerhard Orgonas Outperform  
05-24-2012 fairesearch Heinz Steffen Sell Details
"Compared to the consensus estimates we are less optimistic. We also think that the lower revenue and earnings guidance were not updated yet. Management reduced guidance on the AGM which took place on 22nd, May. ..."
05-23-2012 equinet Adrian Pehl Accumulate  
05-23-2012 Hauck & Aufhäuser Henning Breiter Buy Details
"...the muted sales guidance might be a short term burden for the stock. Anyhow, we recommend to Buy the dip for the substantial margin improvements expected until 2014 and the structural growth potential evolving from the semiconductor exposure. ..."
05-23-2012 WestLB Wolfgang Fickus Add  
05-14-2012 Hauck & Aufhäuser Henning Breiter Buy  
05-07-2012 Commerzbank Norbert Kretlow Buy Details
"We reiterate our Buy recommendation and raise our target price €114 from €110 on higher earnings and cash estimates. ..."
05-07-2012 WestLB Wolfgang Fickus Add Details
"We have kept our sales estimates stable, but changed the mix to better semiconductor sales and weaker industry sales as the latter has a rather high exposure to Europe. Given the massively stronger bottom-line results in Q1 12 we have slightly raised our bottom-line estimates principally on more optimistic gross margin assumptions. Our estimates continue to be substantially ahead of Factset consensus estimates. ..."
05-04-2012 Bankhaus Lampe Gordon Schönell Hold  
05-04-2012 Exane Gerhard Orgonas Outperform  
05-04-2012 Hauck & Aufhäuser Henning Breiter Buy Details
"Overall, the conference call was reassuring that Pfeiffer is on track to enhance margins. In case of a continuation of the rebound of the Semiconductor business there should even be upside to our estimates. ..."
05-04-2012 M. M. Warburg Eggert Kuls Buy  
05-04-2012 NordLB Wolfgang Donie Hold  
05-03-2012 Berenberg Bank Stephan Klepp Hold Details
"Conclusion: PFV’s start into the year was strong. However, there seems to be an element of uncertainty as management flagged the unclear endmarket outlook. ... "
05-03-2012 BoA Merrill Lynch Claus Roller Buy  
05-03-2012 Deutsche Bank Uwe Schupp Hold  
04-30-2012 Close Brothers Veysel Taze Sell Details
"... considering the recent rally in the stock and the lack of short-term share catalysts we think the valuation is stretched. Thus we change our recommendation from HOLD to SELL with an unchanged PT EUR 73.00/share. ..."
04-26-2012 fairesearch Heinz Steffen Sell  
04-26-2012 WestLB Wolfgang Fickus Add Details
"Pfeiffer Vacuum is expected to release its Q1 12 set of results on May 3rd. ... We expect guidance to remain unchanged. We see more upside surprise than downside risk to our Q1 12 estimates. ..."
04-12-2012 Goldman Sachs Christian Reinecke Buy  
04-05-2012 Commerzbank Norbert Kretlow Buy Details
"After hosting a roadshow and conducting background research, we consider Pfeiffer Vacuum’s outlook to raise the EBIT margin from 12% in 2011 to 20% in 2014 clearly in reach. ..."
03-27-2012 Bankhaus Lampe Gordon Schönell Sell  
03-27-2012 Berenberg Bank Stephan Klepp Hold Details
"Pfeiffer Vacuum is a high-quality company with a ROCE potential of more than 20%. We consider the stock to be interesting for investors with a two- to three-year investment horizon. ..."
03-27-2012 equinet Bank Adrian Pehl Accumulate  
03-27-2012 Hauck & Aufhäuser Henning Breiter Hold  
03-26-2012 Bank of America Merrill Lynch Claus Roller Buy  
03-26-2012 Commerzbank Norbert Kretlow Add  
03-26-2012 Solventis WPH-Bank GmbH Ulf von Lengerich Hold  
03-26-2012 WestLB Wolfgang Fickus Add Details
"Order intake trends continued to be positive at the beginning of FY2012, clearly encouraging in contrast to the cautious assessment of the economic cycle. ..."
03-20-2012 Commerzbank Norbert Kretlow Add Details
"We reiterate our Add recommendation, expecting the semiconductors market to turn around in H2 2012. ..."
03-16-2012 WestLB Wolfgang Fickus Add  
03-01-2012 Goldman Sachs Christian Reinecke Buy Details
"... we significantly increase our 2013 EBIT estimate by 34% as we now assume a recovery in the semis equipment capex cycle. ..."
02-22-2012 WestLB Wolfgang Fickus Add Details
"Following the release of the preliminary headline figures of Pfeiffer Vacuum we make changes to our earnings model and reiterate our ADD rating with an unchanged target price of €94. The improved order intake has positive implications for our FY2012 top-line and earnings estimates due to more favourable cycle assumptions. ..."
02-21-2012 Bankhaus Lampe Gordon Schönell Sell  
02-20-2012 Commerzbank Norbert Kretlow Add Details
"We raise our target price to € 88 from € 63. We raise our rating to Add from Hold because we believe that the expected pick up in earnings momentum in H2 2012 will provide a further tailwind, though limited somewhat by current uncertainty. ..."
02-17-2012 Berenberg Bank Stephan Klepp Hold  
02-17-2012 Deutsche Bank Uwe Schupp Hold Details
"Overall results are much weaker than expected and significantly impacted by higher than expected purchase price allocation (PPA) related to the acquisitions of Adixen. ..."
02-17-2012 DZ Bank AG Harald Schnitzer Hold  
02-17-2012 Equinet Bank Adrian Pehl Accumulate  
02-17-2012 Exane BNP Paribas Gerhard Orgonas Outperform Details
"Q4 margin impacted by integration costs but solid orders. ..."
02-17-2012 Hauck & Aufhäuser Henning Breiter Hold  
02-17-2012 National Bank AG Steffen Manske Sell  
02-17-2012 WestLB Wolfgang Fickus Add  
02-15-2012 Hauck & Aufhäuser Henning Breiter Buy Details
"For the full year, our assumptions are slightly more optimistic than the latest company guidance of € 520m sales and 15% EBIT margin and consensus estimates. We would not expect the company to outperform our estimates given that management said on a conference end of November, that chances to exceed the margin target are only limited. ..."
02-09-2012 Commerzbank Norbert Kretlow Hold Details
"Pfeiffer Vacuum has scheduled the release of preliminary 2011 data for Friday, 17 February. We believe that underlying operations performed in line with our original expectations, however, we are concerned about the uncertainty from the first time recognition of PPA deprecation and amortisation from the Adixen acquisition. ..."
02-09-2012 equinet Adrian Pehl Accumulate Details
"...we upgraded our model assumptions in particular for the semiconductor related part of PFV’s business and since we abstain from a fully-fledged recessionary scenario. ..."
02-08-2012 Berenberg Bank Stefan Klepp Hold Details
"Downgrade to Hold: Following the strong ytd increase of c.25%, the stock price has strongly converged towards our price target of EUR84. Based on the currently limited upside and valuation being in line with the company’s historical average, we downgrade our recommendation from Buy to Hold. ..."
02-06-2012 fairesearch Heinz Steffen Sell Details
"We changed our recommendation from “BUY” to “SELL” because the price target of €83 per share has nearly been reached. ..."
01-16-2012 Berenberg Bank Stephan Klepp Buy  

2011

Date Bank Author Recommendation Downloads
12-15-2011 Bankhaus Lampe Gordon Schönell Hold  
12-09-2011 Close Brothers Veysel Taze Hold Details
"We reduce our estimates for PFV to reflect our more bearish view on the company´s earnings in the short term. Our new sales/EPS estimates are EUR 520.5m/EUR 5.25, EUR 468.4m/EUR 4.81 and EUR 534.0m/EUR 5.87 in FY11E, FY12E and FY13E respectively. Despite our more conservative view on short term business development we still believe that PFV has made good progress in the integration of Adixen. With improving global economic growth prospects (towards the end of FY12E), PFV should be able to grow at double digit rate in the top line and expand margins (mid-term EBIT margin goal ~20%). ..."
11-25-2011 Berenberg Bank Stephan Klepp/Dominik Podewils Buy Details
"We have changed our cautious stance towards Pfeiffer Vacuum after consensus and the share price have come down significantly following Q3 2011. From the current share price level, we believe the fundamentals are attractive again and there is the chance of a positive surprise given lowered expectations. We would buy into the stock at these levels, particularly with a potentially good Q4 to come. ..."
11-23-2011 Hauck&Aufhäuser Roland Rapelius Buy  
11-23-2011 WestLB Wolfgang Fickus Buy  
11-14-2011 Berenberg Bank Stephan Klepp/Dominik Podewils Buy Details
"The expectation towards Pfeiffer has come down after Q3 2011. We believe the share price of around EUR65 is an attractive entry level and again change our recommendation from Hold to Buy with a PT of EUR84.00 (old: EUR82.00). ..."
11-08-2011 NordLB Thomas Wybierek Buy  
11-04-2011 Bankhaus Lampe Gordon Schönell Hold  
11-04-2011 Cheuvreux Craig Abbott Outperform Details
"We cut our estimates sharply (see table) now expecting 'flat' sales in '12E reaccelerating in 2013E. We expect margin progression from the integration/cross-selling benefits to be offset somewhat by slightly lower capacity utilisation, but believe PFV should be able to increase margins slightly even in our now flat revenue scenario. ..."
11-04-2011 Commerzbank Norbert Kretlow Hold Details
"We cut our 2011 sales estimate by 6.6% to €521.5, in line with company guidance. Our 2012 sales estimate is down 5.7% to €521.3m, based on the assumption that solar and semiconductor equipment sales will remain the major downside drivers and that both should bottom out in H1 2012. We cut our 2011 EBIT estimate by 7%, roughly in line with sales. We forecast a 2011 EBIT margin of 15.0%, in line with company guidance and a constant margin for 2012. ..."
11-04-2011 Deutsche Bank Uwe Schupp/Benjamin Kohnke Hold Details
"Pfeiffer reported sales of E120.4m vs. our estimate of E130m (Reuters consensus: E129m), blaming adverse Semi and Solar (from the Coating segment) weakness, which we estimate makes up a combined 43% of sales. The good news is that the Semi business carries lower margins (bigger customers, higher volumes), which helped to keep the margin flat qoq despite a 15% drop in revenues. Hence, the ~10% EBIT miss (E19m vs. our and consensus estimate at E21m) was not more pronounced. EPS was E1.29 vs. our estimate of E1.41 (consensus: E1.45). Also, the third-biggest end market, Industrial, was down, but only by 6% qoq, due to either seasonality or the first signs of macro weakness (we suspect both). ..."
11-04-2011 Equinet Adrian Pehl Accumulate Details
"PFV could achieve a solid EBIT margin of 15.8% vs. expectations of 15.4%. One-off cost for the adixen integration were said to be EUR 2m in the 9M11 period, but not quantified for 3Q11. We noticed that the G&A development was volatile in the past three quarters. The CEO expects further integration cost to come (we forecast > EUR 1m in 4Q11). ..."
11-03-2011 Bank of America Claus Roller Buy Details
"Pfeiffer reported 3Q EBIT up 95% to €19mn (consensus €20mn) on the back of sales rising 104% to €120mn (consensu €130mn). 3Q EBIT was impacted by a positive €2.4m from US$ exchange rate effects. Pfeiffer reduced its sales forecast to €520m from €550m sales (Consensus of € 552mn) due to weak semiconductor and coating markets. It however confirmed its forecast of a 15% EBIT margin or €78mn EBIT (consensus €85mn). Medium term, Pfeiffer is confident that it will again reach a group margin of 20% after the successful integration of Adixen. ..."
11-03-2011 Commerzbank Norbert Kretlow Hold  
11-03-2011 Deutsche Bank Uwe Schupp Hold  
11-03-2011 Equinet Adrian Pehl Accumulate  
11-03-2011 fairesearch Heinz Steffen Buy  
11-03-2011 Hauck & Aufhäuser Roland Rapelius Buy  
11-03-2011 M. M. Warburg Eggert Kuls Buy Details
"We have reduced our price target from € 98 to € 89 after the release of disappointing Q3 figures. However, as we see an upside potential of some 39% on a 12-month horizon we keep our Buy recommendation. We regard particularly the order intake number of € 109.8m (-22.3% qoq) as disappointing due to a weaker demand from the semi and photovoltaic industries. We were expecting an order intake of € 130m. In addition, we were surprised by a sales volume of € 120.4m only (-15% qoq, expected € 135m). Both numbers underpin the strongly increased cyclicality of the company after the takeover of French-based adixen which is heavily dependent on the semiconductor industry. ..."
11-03-2011 WestLB Wolfgang Fickus Buy Details
"We expect a weak share price reaction to the results, but point out that expectations for the semiconductor and photovoltaic end markets have been persistently revised down over recent quarters. Relative to our current estimates, we see 5-10% EPS pressure on our current 2012 view. While the cycle picture looks weaker than previously assumed, we highlight that pricing action at, and commercial synergies with, Adixen will start to play a role in 2012. We are very likely to reiterate our positive view of Pfeiffer Vacuum following an in-depth look at Q3 11 and today’s conference call, but view the share more than previously as dead money before a cycle upswing will really start to transform the company, in our view. ..."
11-02-2011 Bankhaus Lampe Gordon Schönell Hold  
11-02-2011 fairesearch Heinz Steffen Buy  
10-28-2011 Equinet Adrian Pehl Accumulate Details
"We expect that PFV will keep its outlook for sales of c. EUR 550m and for the EBIT margin of c. 15% which might prove to be sufficiently challenging. Here, we expect the company to slightly miss at the top line. ..."
10-26-2011 Goldman Sachs Christian Reinecke Buy  
10-24-2011 Berenberg Bank Stephan Klepp Buy  
10-21-2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"- Sales look set to decline sequentially
- Another factor to watch is the integration of adixen
- This year’s sales guidance of > €550m looks too optimistic ..."
10-20-2011 WestLB Wolfgang Fickus Buy Details
"As many companies with cyclical end market exposure, PV is on the one hand trading on very low valuation multiples (see below), but is also facing an uncertain short-term outlook with the difference to the pack of industrials that it will generate 20% EBIT-margin in the future and will generate very solid free cash also in the downturn. ..."
10-17-2011 Commerzbank Norbert Kretlow Hold Details
"We have cut our 2012 EPS estimates for Pfeiffer Vacuum by 10% on increasing macroeconomic concerns: Commerzbank Economic research has cut its macroeconomic estimates for 2012, forecasting a mild recession in the winter half for the euro area. We now expect the semiconductor equipment market to be down 15% year over year compared to our previous estimate of a 5% decline. ..."
10-14-2011 M. M. Warburg Eggert Kuls Buy Details
"- Following a roadshow with the management and keeping in mind the probable slowdown in the economic development we have adjusted our forecasts for Pfeiffer Vacuum.
- While Pfeiffer Vacuum is currently feeling a certain slowdown in demand from the semi and solar industries, all other customer industries are on a stable growth path so far.
- For 2012 we have lowered our sales forecast from +5% to -5%. ..."
10-04-2011 WestLB Wolfgang Fickus Buy Details
"We reduce our EPS estimates following a weaker-than-expected beginning of the semiconductor reporting for Q3 11, and despite confident management at a Singapore roadshow last week. Overall, we regard the current PV share price level as a bargain, even in view of question marks over the economic cycle and near-term semiconductor capex. The US-dollar strength against the euro and the Korean Won, a better mix and Adixen synergies (mostly pricing) should help to fuel further q-o-q margin improvements despite lower q-o-q revenues, which should trigger a positive share price performance in the short term, in our view. ..."
09-27-2011 DZ Bank Harald Schnitzer Hold Details
"Given many customers' uncertainty in relation to the current direction of the world economy, PV's rate of growth is likely to slow. Whilst we expect only slight fallout in Analytics and R&D, the two branches of industry relevant for PV, demand for semiconductors and coatings (Solar is affected here) is likely to fall sharply. "
09-20-2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"Having spoken to the company this morning, our impression is that the integration of adixen is on track. Management is currently in the process of consolidating the regional entities into only 1 entity per country which seems to be running well. ..."
09-01-2011 WestLB Wolfgang Fickus Buy Details
"The company sees an h-o-h decline of its semiconductor revenues as likely, but has no clear sign of a major slowdown at this point of time. ... We clearly reiterate our buy rating on Pfeiffer Vacuum, as we view the August share price weakness as overdone. ..."
08-30-2011 DZ Bank Harald Schnitzer Buy  
08-22-2011 Berenberg Bank Stephan Klepp Buy Details
"Pfeiffer has changed, but adixen acquisition not reflected in valuation. ..."
08-05-2011 Independent Research Rossen Koev Hold  
08-04-2011 Credit Suisse Karsten Iltgen Outperform Details
"The current order visibility is limited at €100m; however in line with the historical trend of less than a quarter. We see potential upside to these estimates from better than feared developments in the semiconductor space and faster than expected realization of synergies. ..."
08-04-2011 DZ Bank Harald Schnitzer Buy Details
"- The Q2 2011 figures (sales: EUR 141.4m / EBIT: EUR 23.2m / EPS: EUR 1.51 / new orders: EUR 141.5m) turned out in line with expectations.
- The EBIT margin came to 16.4%, an improvement on the previous quarter (14.3%)
- Result still burdened by acquisition costs
- PV is selling the hydrogen leak detection specialist Adixen Skandinavia to Inficon
- The forecast for 2011 (sales of EUR 550m and EBIT margin of 15%) has been confirmed
- We expect orders to decline in succeeding quarters
- Earnings estimate for 2012/13 and FV lowered to EUR 95 (115) ..."
08-04-2011 HSBC Christian Rath Neutral Details
"- Mixed Q2 results with sales -2% qoq and orders -7% qoq on weaker semis but EBIT up 13% sequentially
- Margin recovery will be challenging, given continuous FX headwinds and slowing semi: 2011-13e EPS cut by c10%
- Cutting target price to EUR80 from EUR105 on reduced margin assumptions and top-line forecasts; reiterate N rating ..."
08-03-2011 Close Brothers Veyzel Taze Hold Details
"Since our last update (04 May 2011) the share price has dropped by more than 20% and is currently trading below our PT. Thus we change our recommendation from SELL to HOLD. However to reflect our lower estimates for upcoming years we reduce our PT from EUR 82.00/share to EUR 77.00/share. ..."
08-03-2011 equinet Adrian Pehl Buy Details
"We confirm our ‘Buy’ rating, but lower our PT by 11% as we expect slower momentum especially in semiconductor and industrial markets served by PFV. Our reduced estimates now include a 2-3% sales drop in FY12. We remain positive, however, as PFV has still good opportunities for cross-selling and synergies after the Adixen acquisition and the integration of which appears to run on track. We also believe that there is still a chance for relative pricing stability as PFV has consolidated the market that was already in an oligopolistic state. ..."
08-03-2011 M. M. Warburg Eggert Kuls Buy  
08-03-2011 Metzler Helena Wüstenfeld Buy Details
"Sales of EUR 141 m slightly declined versus Q1 however it is still on a high level. The run rate of EUR 133 for the following two quarters in order to reach the sales guidance of EUR 550 m is in our view even with a further decline in the semiconductor business still realistic. ..."
08-03-2011 NordLB Thomas Wybierek Buy  
08-02-2011 Bankhaus Lampe Gordon Schönell Hold  
08-02-2011 BoA Merrill Lynch Claus Roller Buy Details
"Pfeiffer is making good progress with the integration of Adixen: combining sales teams, currently developing an integrated product portfolio and sharing production know-how. Furthermore it is introducing Pfeiffer’s premium pricing structure to Adixen, changing incentives for sales-people form volume to EBIT contribution. ..."
08-02-2011 Cheuvreux Craig Abbott Outperform Details
"The shares have been down sharply the past couple of weeks driven by concerns of a slowdown in the semi-conductor industry. We believe PFV is on track with the Adixen integration programme; we welcome the changes in the sales mix and the shares at these levels offer compelling value. ..."
08-02-2011 Commerzbank Norbert Kretlow Hold Details
"Pfeiffer Vacuum’s Q2 sales were €141.4m, in line with estimates. Q2 EBIT of €23.2m was in line with our estimates but 5% ahead of consensus. Guidance was reiterated. The sale of a manufacturer of leak-detection systems, which was part of the Adixen portfolio, is a step of focusing on the core business but has limited impact on our estimates. We consider today’s reporting positive, but prefer to stay on the sideline for the time being on adverse sentiment from semiconductors and increasing macroeconomic concerns. ..."
08-02-2011 equinet Adrian Pehl Buy Details
"We confirm our ‘Buy’ rating, but our PT of EUR 113 will come under review. Nevertheless, 2Q11 proved to be a very solid quarter. ..."
08-02-2011 fairesearch Heinz Steffen Buy Details
"We leave our price target of €87 but changed our recommendation from “HOLD” to “BUY”. Management has already accelerated the integration process and is streamlining overlapping activities. ..."
08-02-2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"Action: Our model is adjusted to reflect the Q2 results.
Valuation is based on FCFY 2012E and leads to a PT of € 102 per share: BUY. ..."
08-02-2011 WestLB Wolfgang Fickus Buy Details
"Based on the results, Pfeiffer Vacuum reiterated its full year guidance of 'about €550m sales' and 'about 15% EBIT-margin' looking 'coutiously optimistic into the future - despite the slight decrease in market dynamics, which had already been considered in the previous sales forecast'. Given the robust set of results and the share weakness prior to the results, we expect the Pfeiffer Vacuum share to recover today. ..."
07-29-2011 Deutsche Bank Uwe Schupp Hold Details
"Upside risk stems from stronger-than-expected semiconductor demand. Downside risks are increasing competition, a weaker macro environment, and integration risk, as Adixen is a materially bigger company than Pfeiffer. ..."
07-29-2011 WestLB Wolfgang Fickus Buy Details
"We do not forecast a major downturn of the semiconductor market in 2012 ... However, the Pfeiffer Vacuum share now reflects such a downturn (WLB bear case fair value for Pfeiffer Vacuum is €70 per share). This opens a compeeling buying opportunity in our view triggered by a sequential margin recovery in the course of FY2011 albeit below our initial expectation post Adixen. ..."
07-22-2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"Roth & Rau yesterday withdrew its 2011 forecast on the back of slow order intake in Q2 of € 29m and cancellations of existing orders of € 17m. A call with PFV’s management today was reassuring. PFV’s broad exposure by end markets and regions should dampen earnings volatility..."
07-11-2011 WestLB Wolfgang Fickus Buy Details
"Pfeiffer Vacuum shares have suffered from a de-rating of historic dimensions. We find the share close to a 14-year low in terms of its 1-year-forward PER after initial reporting of combined Pfeiffer Vacuum-Adixen group disappointed in terms of reported EBIT margin and competitor Edwards Vacuum pulled its IPO. We highlight that the Pfeiffer Vacuum share seems to be increasingly behaving like a semiconductor stock. ... From a valuation point of view - just looking at PER ratios - we see the historic de-rating as a buying opportunity as we argue that its valuation is compellingly low and its earnings visibility strong..."
06-27-2011 Commerzbank Norbert Kretlow Hold Details
"We attribute this discount in particular to adverse sentiment from semiconductors (c. 37% of Q1 sales) with warnings from Novellus, ASML, Cymer and ST Micro. We believe our forecasts properly reflect a related slowdown. In addition, we believe that weaker margins than expected in Adixen in Q1 are negative for sentiment. We see upside to the share once respective concerns ease which we expect to happen in the course of H2 2011. ..."
06-26-2011 equinet Adrian Pehl Buy Details
"2Q11 will be the second time PFV reports in the new structure including Adixen. .. We expect that PFV will keep its outlook for sales of c. EUR 550m and for the EBIT margin of c. 15% (or c. EUR 82.5m in absolute terms). The company should again confirm that the Adixen integration continues to run well..."
06-21-2011 M.M. Warburg Eggert Kuls Buy Details
"- Meeting with the management: Adixen integration ahead of schedule
- Earnings assumptions for 2012 and 2013 raised upwards
- Price target raised to € 110, upgrade from Hold to Buy"
06-09-2011 fairesearch Heinz Steffen Hold Details
"- In the first quarter ending in March revenues jumped 190% to €143.6m.
- The operating performance of the company was driven by the acquisition of adixen.
- The margin decline in the first quarter was mainly attributable to the lower profitability of adixen.
- We leave our “HOLD” recommendation unchanged but reduced our price target from €108 to €87 per share..."
05-31-2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"PFV yesterday said it is selling its adixen Japan unit to Hakuto, the existing distribution partner in Japan. Details have not been disclosed, however, the impact should be minor as Japan accounts for possibly only 3% of group sales..."
05-27-2011 Berenberg Bank Simon Götschmann Hold Details
"We ... remain on the sidelines and differ from the 19 analysts who forecast sales and earnings growth in the coming years. We would, however, recommend to buy Pfeiffer on valuation should the shares drop substantially from current levels..."
05-27-2011 Cheuvreux Craig Abbott Outperform Details
"- Low hurdle set with 15% EBIT margin guidance for FY 11. Still on track to return to 20% margin in 2 to 3 years
- Appears integration process is proceeding swiftly, restructuring costs we believe likely to be more forward weighted
- Shares offer attractive value at these levels (11.4x PE, 6.4x EV/EBITDA, 8.7% FCF yield, 4.8% Div yield)."
05-27-2011 equinet Adrian Pehl Buy Details
"We continue to believe that the integration of Adixen is not at all risk-free, but should pay out at the end in the oligopolistic vacuum pumps market. We continue with our ‘Buy’ rating and our PT of EUR 113..."
05-27-2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"Pfeiffer Vacuum yesterday afternoon on the AGM specified the 2011 EBIT margin guidance slightly below our and consensus expectations. The mid term guidance has been reiterated, which is encouraging. It is more important than a slight shortfall to expectations in 2011, which is a transition year in any case..."
05-27-2011 NordLB Thomas Wybierek Buy  
05-27-2011 WestLB Wolfgang Fickus Buy Details
"We reduce our target price to €125 today and reduce our EPS estimates by between 8% for FY2011 and 5% for FY2011/12. We believe that the level of expectations has now come down significantly and that the company is back in the terrain of possible positive surprises over the upcoming quarters..."
05-13-2011 Cheuvreux Craig Abbott Outperform Details
" - Challenges exposed with the Q1 results
- But these challenges are addressable; potential still intact
- Shares offer compelling value after pull-back
- New TP EUR103.5 (EUR107): pull-back as a buying opportunity"
05-13-2011 DZ Bank Harald Schnitzer Buy  
05-05-2011 Commerzbank Norbert Kretlow Hold Details
"After looking deeper into reported Q1 2011 data we conclude that demand is strong, but we are concerned about two major factors: 1) Adverse currency effects could weigh on Pfeiffer Vacuum’s earnings and 2) we understand that the market sentiment for semiconductor equipment manufacturers could become negative in H2 2011, which should also provide headwind for Pfeiffer Vacuum. We cut our EBIT estimate by 5% for 2011 and by 4% for 2012. We cut our target price to €90 from €98 and downgrade our recommendation to Hold from Add..."
05-04-2011 Berenberg Bank Simon Götschmann Hold Details
"Factoring in the low gross margin base of Adixen and an unfavourable EUR/USD development as well as forthcoming integration costs (eEUR5m due in H2 2011) and a peaking semiconductor cycle endmarket (38% of Q1 sales), we struggle to see Pfeiffer now reaching its mid-term targets and reduce our estimated earnings forecast despite higher sales estimates. We reduce our revised CFRoEV 1012/2013 based PT accordingly from EUR104.3 to EUR96. Based on the limited upside, we downgrade Pfeiffer Vacuum from Buy to Hold..."
05-04-2011 Close Brothers Veysel Taze Sell Details
"We think the market still anticipates a swift recovery in margins which in our view increases the risk of disappointments going forward. Thus we think the stock provides at current level more downside risk than upside potential. Accordingly we change our recommendation to SELL with PT of EUR 82.00/share..."
05-04-2011 equinet Adrian Pehl Buy Details
"Hence, we have lowered our FY11 EBIT margin assumption to 15.5%. Again, thanks to higher sales, the change in absolute terms is limited and even positive in coming periods as we continue to believe that PFV will manage to achieve its 20% margin goal in 2-3 years..."
05-04-2011 HSBC Christian Rath Neutral Details
"- Mixed Q1: Sales and order intake beat expectations, but USD related FX losses and Adixen’s weak margin are concerns
- 2011 sales guidance looks too cautious; we upgrade our sales forecast by c10% but EPS by only c2% on average
- Increase TP to EUR105 (from EUR95) on higher estimates; downgrade rating to N (from OW) on limited potential return..."
05-04-2011 NordLB Thomas Wybierek Buy  
05-04-2011 WestLB Wolfgang Fickus Buy Details
"We reiterate our Buy recommendation on Pfeiffer Vacuum, with a target price of €135. Our sales and EBIT estimates remain unchanged, but a higher tax rate estimate leads to EPS downgrades of between 3% and 5% over the forecast period..."
05-03-2011 Bankhaus Lampe Gordon Schönell Buy  
05-03-2011 BoA Merrill Lynch Gerhard Orgonas Buy Details
"An investment in Pfeiffer Vacuum offers exposure to a technology-leading German high-tech components supplier with an excellent track record, high margins and strong cash generation, With the acquisition of Adixen from Alcatel-Lucent, Pfeiffer now has a strong foothold in Asia's semiconductor industry and in backing pumps, which we consider, i s still underestimated by the market..."
05-03-2011 Deutsche Bank Uwe Schupp Hold Details
"Given strong orders in Q1 the company issues first time guidance on revenues of E550m for the full year, ahead of consensus of E527m and DBe E525m. Balancing this with lower full-year margin assumptions we estimate consensus will not move materially post today..."
05-03-2011 DZ Bank Harald Schnitzer Buy Details
"We will review our estimates. With regard to the sound order intake and favourable business climate, sentiment should remain positive all in all..."
05-03-2011 equinet Adrian Pehl Buy Details
"The figures show that the ‘new PFV’ is clearly more cyclical with a stronger exposure to economically sensitive industries. Bookings were very strong, probably compensating to a large extent for the shortfall in margin. ... Although the profit development might be disappointing for some, the merger of PFV old and Adixen could not be expected to come without cost. Overall, we will stick to our positive stance..."
05-03-2011 Hauck & Aufhäuser Roland Rapelius Buy Details
"… the strong order intake is a positive as it underscores the assumption that the cross selling strategy, a key rationale for the adixen acquisition, will actually work. Margins look set to increase driven by operating leverage and efficiency improvements, mainly in the underperforming Asian region. Remains a BUY, PT € 106 based on FCFY 2012E..."
05-03-2011 WestLB Wolfgang Fickus Buy Details
"Strong top line and order intake, but very weak gross margin - WLB has five reasons to believe gross margin will improve..."
04-29-2011 WestLB Wolfgang Fickus Buy Details
"Without exact historic data on Adixen individual cost lines and assuming strength of semiconductors, we are bullish on sales and order intake, but prefer to take a cautious stance on margins in Q1 11. We expect sales to have almost tripled and EBIT to be close to 2 times as high as one year ago. Sales growth will be particularly fuelled by backing pumps according to our estimates. Due to a higher share of lower margin backing pumps (up from 13% in Q1 2010 to 42% in Q1 2011) and a correspondingly lower share of higher margin turbo molecular pumps we expect an EBIT-margin of 14.3% in Q1 2011. The y-o-y margin decline should not be taken as a sign of weakness, but a benchmark for margin potential in the enlarged Pfeiffer Vacuum group as the integration process just starts..."
04-28-2011 Commerzbank Norbert Kretlow Add Details
"We forecast Q1 2011 sales of €144m, up 191%. A major part of the forecast sales growth is attributable to the first-time consolidation of Adixen, but we estimate that a massive 43 percentage points were contributed by organic growth. While there is quite some uncertainty regarding sales (since historical Adixen data is not available), haziness regarding EBIT is even higher. We forecast €21.7m, assuming some acquisition-related extraordinary expenses. Add reiterated..."
04-20-2011 equinet Adrian Pehl Buy Details
"In contrast to the EBIT development, we expect strong bookings in 1Q11 in line with management statements about a strong start into the financial year (in fact, Inficon increased its sales outlook by 4% today after a strong 1Q11 that was up 36% yoy). Thus, we forecast a 1Q11 order intake of EUR 133m, bringing backlog north of EUR 120m. … We confirm our ‘Buy’ recommendation and our price target of EUR 110..."
04-05-2011 Hauck & Aufhäuser Roland Rapelius Hold Details
"Valuation based on adjusted FCF 2012E points to a fair value of € 103 (old: 98) per share, remains a HOLD..."
04-01-2011 fairesearch Heinz Steffen Hold Details
"We leave our "HOLD" recommendation unchanged but increased our price target from €95 to €108 per share. The company still offers an attractive dividend yield of 2.9%..."
03-31-2011 NordLB Thomas Wybierek Buy  
03-31-2011 WestLB Wolfgang Fickus Buy Details
"The key risk remains an abrupt downturn of the semiconductor cycle as well as other cyclical end markets. Currently the company has no indication for such a downturn. On the contrary all vertical end markets remain very strong, a reiteration of the February statement at the occasion of the preliminary results announcement. We raise our target price to €140 based on peer group, DCF and 'discount to historic PER' valuation..."
03-30-2011 Bankhaus Lampe Gordon Schönell Buy  
03-30-2011 BoA Merrill Lynch Gerhard Orgonas Buy Details
"Raising PO to €115 on positive outlook
We raise our 2011-13 EPS estimates by 3-6% on the back of continuing strong sales trends in Pfeiffer’s end markets. Following progress on the integration of adixen, we raise our sustainable EBIT margin to 19% from 18.5%, leading to an increase in our DCF based PO to €115. At our PO Pfeiffer would trade on 16x P/E, at a c.10% discount to Pfeiffer’s historic stand-alone valuation, which we believe is justified given the increased cyclicality..."
03-30-2011 Close Brothers Seydler Veysel Taze Hold Details
"We continue to rate PFV with HOLD and unchanged PT of EUR 95.00/share. We think the current valuation level adequately reflects the growth potential in company´s underlying business. In our opinion a higher valuation would be only justified by substantially higher margins than currently anticipated..."
03-30-2011 Deutsche Bank Uwe Schupp Hold Details
"The positive surprise was that Pfeiffer exits FY10 even with a small net cash position (E6m) while we expected net debt of E20m..."
03-29-2011 Commerzbank Norbert Kretlow Add Details
"Final full-year sales (€220.5m) and EBIT (€52.9m) are in line with preliminary results. An unexpectedly high tax rate of 37% in Q4 is the reason why the €9.3m net income is 11% short of our estimate (15% below consensus). The €2.90 DPS is somewhat below our €3.00 estimate and the €3.10 consensus. Management points to initial success in the integration of Adixen and a positive order intake year to date. The ‘above €500m’ 2011 sales outlook (which we consider conservative) is reiterated..."
03-29-2011 equinet Adrian Pehl Buy Details
"As expected, the company has not provided an outlook. The management was only cited that integration of Adixen runs as planned and order intakes in January and February are convincing. Thus, the business development in FY11 should not disappoint..."
03-29-2011 WestLB Wolfgang Fickus Buy Details
"Final full-year sales (€220.5m) and EBIT (€52.9m) are in line with preliminary results. An unexpectedly high tax rate of 37% in Q4 is the reason why the €9.3m net income is 11% short of our estimate (15% below consensus). The €2.90 DPS is somewhat below our €3.00 estimate and the €3.10 consensus. Management points to initial success in the integration of Adixen and a positive order intake year to date. The ‘above €500m’ 2011 sales outlook (which we consider conservative) is reiterated..."
03-23-2011 Berenberg Bank Simon Götschmann Hold Details
"We believe that Pfeiffer Vacuum will see a strong 2011 … . The semiconductor industry has increased its planned capex spending by 20% yoy and the solar industry is picking up strongly in China. Together with an estimated dividend yield of 4.7% in 2011, we are positive in the short term, seeing 8% upside on the stock. However, Pfeiffer is not the bullet-proof stock it was 12 months ago. Its exposure to the highly volatile semiconductor industry, which we believe will peak in 2011, increased from 10% to 30%, and we would not underestimate the integration risk (Pfeiffer has not yet implemented a new organisational structure). Combining the target bands given for Adixen's and Pfeiffer's margins, an EBIT margin above 20% seems achievable but ambitious, in our view, given the pricing pressure on Adixen's dry pumps. We therefore feel comfortable with our HOLD rating..."
03-22-2011 Cheuvreux Craig Abbott Outperform Details
"Despite the shares’ strong outperformance since the deal was announced, we still see further upside potential. Our new target price of EUR107 (EUR87) is based on the average of our absolute EV/CE valuation model (EUR110) and a peer multiple comparison (EUR104) and suggests further upside potential of ~13%..."
03-11-2011 Deutsche Bank Uwe Schupp Hold Details
"We think that the proposed acquisition of Adixen makes financial and strategic sense, but we are nervous about the integration risk. Pfeiffer's first-ever significant acquisition should almost triple its size and take it into new markets. It will also arguably increase the long-term growth potential but could do so at the expense of greater cyclicality. The financial accretion may be partially offset by a lower multiple, at least until the integration dust settles..."
03-03-2011 Kepler Research Tobias Loskamp Buy Details
"Inficon, a leading producer of vacuum process components, reported a strong set of Q4 figures and provided reassuring 2011 outlook statements. … All in, the positive outlook provided by the company underline the management's former statements that the vacuum technology equipment market is set to grow 5-10% in 2011. On this basis it seems that also Pfeiffer Vacuum should be off to a strong start into 2011 and consensus needs to meaningfully increase, in our view..."
03-02-2011 WestLB Wolfgang Fickus Buy Details
"The NEW Pfeiffer Vacuum will dominate the global vacuum pump market with Edwards Vacuum, both combining 38% market share (thereof PV 15%). Our sales growth analysis shows a multitude of drivers, not only a robust semi capex cycle, which improves visibility. We estimate 7.3% (11%) organic sales growth (CAGR 2011/13) for PV (Adixen). We see Q1 and Q2 results strongly surprising the market..."
02-18-2011 Hauck & Aufhäuser Roland Rapelius Hold Details
"Prelims above expectations, adj. est. & PT, HOLD (BUY) after recent strong performance..."
02-17-2011 Kepler Research Tobias Loskamp Buy Details
"- Off to a strong start amid low comps and healthy business trends
- Perception of Adixen deal further improves, cross-selling kicks off
- We expect increased investor confidence and positive news
- Buy rating reiterated: target price upped from EUR92 to EUR110"
02-16-2011 Bankhaus Lampe Gordon Schönell Buy  
02-16-2011 BHF Bank Stephan Bauer Market Weight Details
"Increasing TP to €98.00 / Market Weight rating confirmed: Due to increased estimates as well as peer multiples expansions, we raise our DCF and peer group based TP to €98.00 (prev. €82.50). Downside risks to our rating: difficulties in the integration process of Adixen. Upside risk: Higher profitability of Adixen..."
02-16-2011 Commerzbank Norbert Kretlow Buy Details
"No worries on order intake The €58.4m Q4 order intake was 5% short of estimates. Pfeiffer Vacuum has a way short order cycle (only a couple of weeks), thus the predictive power of orders is limited. Historically, the book-to-bill ratio hovered around 1, dropping blow it even in growth phases (e.g. 0.94 estimated for Q4 2007). Our view is confirmed by CEO Bender’s statements in a Dow Jones interview: No indication that the positive 2010 sales trend is reversed, annual growth of 5% to 7% expected, targeting the upper end of the range..."
02-16-2011 Nord/LB Thomas Wybierek Buy  
02-16-2011 WestLB Wolfgang Fickus Buy Details
"We see our positive investment case as fully confirmed and do not take Pfeiffer Vacuum's silence about the previously estimated €40 m EBITDA as a bearish sign on Adixen profitability … Order intake strength at Adixen is clearly a sign of semi capex cycle strength, which we believe is not in consensus earni9ngs forecasts or in the share price. Profitability estimates for the combined group in 2011 are likely to show upside surprise on positive operating leverage in Adixen to semi strength and an earlier-than-expected return to old Pfeiffer Vacuum profitability. We see the company as a compelling mix of growth and value..."
02-15-2011 Commerzbank Norbert Kretlow Add Details
"We believe that currently positive industry trends in semiconductor equipment and expected benefits from the acquisition, in particular cross selling effects, will provide the Pfeiffer Vacuum share with further upside..."
02-14-2011 equinet Adrian Pehl Buy Details
"PFV belongs to our top picks. We recommend to ‘Buy’, PT EUR 110m..."
02-14-2011 Nord/LB Thomas Wybierek Buy  
01-31-2011 Sylvia Quandt Research Eerik Budarz Buy Details
"We remain optimistic towards Pfeiffer Vacuum and believe that triple-digit share prices are possible as future EPS is likely to move past EUR 7.00 in 2013e…"
01-11-2011 Kepler Research Tobias Loskamp Buy Details
"In any case, we are highly confident with regards to our Buy rating and EUR112 target price for Pfeiffer Vacuum. The vacuum industry remains an attractive industry to invest due to its comparably high structural growth. Pfeiffer itself has a strong product portfolio and an attractive customer mix by industry. We believe expectation for FY11 and beyond are too low. Cross-selling effects are likely to surprise the market positively..."
01-11-2011 WestLB Wolfgang Fickus Buy Details
"The acquisition of Adixen announced in early November 2010 transforms Pfeiffer Vacuum. We believe it has found the right balance between growth, profitability and cyclicality and expect gross-cycle sales growth to accelerate from 6.1 % to 8.8 %... "
01-10-2011 equinet Adrian Pehl Buy Details
"We rate PFV as one of the most attractive technology stocks going into FY11... We also rate PFV an interesting pick for the case of the lagging US economy turning more favourable in FY11 (PFV exposure c. 20-25%). We have increased the DCF based PT from EUR 93 to EUR 110, putting PFV at a FY12 target P/E of 15.4x. ‘Buy’ confirmed..."

2010

Date Bank Author Recommendation Downloads
12-10-2010 Berenberg Bank Simon Götschmann Hold Details
"We learnt that targets given by management for the combined Pfeiffer-Adixen business were on a standalone basis, excluding any synergies. We therefore now assume higher margins for 2011-12, raising our CFRoEV 2011-12-based PT from the previous €84.70 to €89.60. However, we maintain our cautious stance regarding the sustainability of returns, as Pfeiffer’s exposure to the highly cyclical semi industry increased from 10% to 30% with the acquisition of Adixen. As our new PT does not reflect more than 10% upside, we remain on the sidelines, maintaining our Hold rating. With the announcement of the annual report on 22 March 2011, we will have better visibility on Adixen’s profitability and capital structure..."
12-07-2010 Close Brothers Seydler Hold Details
"Pfeiffer Vacuum has entered a new dimension with the acquisition of Adixen. Worldwide the new company will be ranked number two after the UK market leader Edwards. The strong product offering and the regional fit will reduce integration costs and increase synergy effects. On paper the integration looks easy to handle however we still expect some frictions. We have to say goodbye to the high EBIT margins reached in the past and the predictable business model. The capital spending of the semiconductor industry will be the major driver of the operating performance in the near future. To reach the next level however the acquisition of Adixen was necessary..."
11-19-2010 Solventis Ulf van Lengerich Hold  
11-18-2010 Hauck & Aufhäuser Roland Rapelius Buy Details
"Our model is adjusted to reflect the capital increase of 897,059 new shares at € 82.50 per share, a placement of 456,352 treasury shares at a similar level, resulting in assumed total cash proceeds of ca. € 112m which lowers debt levels and interest expenses going forward. In addition, a onetime fee in 2010 is assumed. New price target € 95 (old € 98) based on adjusted FCF yield 2012E. Remains a BUY..."
11-09-2010 DZ Bank Harald Schnitzer Buy  
11-08-2010 Commerzbank Norbert Kretlow Add Details
"Despite the expected slower earnings growth in Adixen, the deal is expected to be highly earnings accretive due to the comparatively low acquisition price of €200m and low interest rates on the financing facility. The targeted sale of up to 0.456m treasury shares and an additional 10% capital increase (Pfeiffer considers an up to 10% capital measure) would result in a 16% dilution..."
11-08-2010 WestLB Wolfgang Fickus Buy Details
"Despite the expected slower earnings growth in Adixen, the deal is expected to be highly earnings accretive due to the comparatively low acquisition price of €200m and low interest rates on the financing facility. The targeted sale of up to 0.456m treasury shares and an additional 10% capital increase (Pfeiffer considers an up to 10% capital measure) would result in a 16% dilution..."
11-05-2010 Bankhaus Lampe Gordon Schönell under review  
11-04-2010 BoA Merrill Lynch Gerhard Orgonas Buy Details
"Pfeiffer has announced that it plans to acquire Alcatel-Lucent’s Vacuum Technology (Adixen) business, which will more than double Pfeiffer’s sales to over €500mn in 2011. We forecast 38% EPS accretion in 2011 already without accounting for synergies and 41% for 2012 EPS. We see this acquisition as a transformational deal, which will improve Pfeiffer’s positioning in backing pumps and provide better access to the semiconductor industry and Asia. We raise our DCF-based PO for Pfeiffer to €100 from €69, implying 16x 2011E P/..."
11-04-2010 Close Brothers Seydler Buy Details
"Due to the strong operating performance in Q3 management increased guidance for the current year. In Q4 management is expecting revenues to reach €51.5m. Total revenues will reach €210m. EBIT margin will at least reach 23% (previously 22%)..."
11-04-2010 Commerzbank Norbert Kretlow Add Details
"Pfeiffer announced the acquisition of Adixen. At first glance, we consider this a positive particularly due to 1) appealing multiples (2010 EV/EBITDA 2010 of 5x for Adixen vs. c. 10x for Pfeiffer), 2) potential sales synergies and 3) a tailwind from increased exposure to the semiconductor equipment business..."
11-04-2010 equinet Adrian Pehl Buy Details
"We have altered our model. PFV appears to be targeting a 20% EBIT margin for the combined entity, which is ambitious, but not out of reach. Including both margin and potential share dilution, we nevertheless end up with a FV of EUR 93 per share. The target P/E’12 stands at 13.6x. New ‘Buy’..."
11-04-2010 Goldman Sachs Karan Khemani/Simone Hirschvogl Buy Details
"Pfeiffer has announced that it plans to acquire Alcatel-Lucent’s Vacuum Technology (Adixen) business, which will more than double Pfeiffer’s sales to over €500mn in 2011. We forecast 38% EPS accretion in 2011 already without accounting for synergies and 41% for 2012 EPS. We see this acquisition as a transformational deal, which will improve Pfeiffer’s positioning in backing pumps and provide better access to the semiconductor industry and Asia. We raise our DCF-based PO for Pfeiffer to €100 from €69, implying 16x 2011E P/..."
11-04-2010 Kepler Tobias Loskamp Buy Details
"For many years, management has sat atop a large cash pile as if waiting for it to hatch. While the acquisition of larger competitor Adixen is a surprise and a big bet on semiconductor capex trends, high earnings accretion could outweigh re-rating effects. Buy, target price up from EUR67 to EUR92..."
11-03-2010 BHF Bank Stephan Bauer Market Weight Details
"Pfeiffer Vacuum intends to acquire its French-based competitor Adixen, a subsidiary of the telecommunications group Alcatel Lucent. Negotiations have been largely finalized, i.e. only a hearing of employee councils of Alcatel Lucent is required before the contract can be signed. … On the positive side, the acquisition would strengthen the company’s position in the backing pump market and help to get a larger footprint in the growing Asian market. On the negative side, given the size of the acquisition, we see the risk of a long-lasting and difficult integration process..."
11-03-2010 Deutsche Bank Uwe Schupp Hold Details
"We value the combined Pfeiffer/Adixen entity on 8x pro-forma FY11E EBITDA, which was the average multiple for stand-alone Pfeiffer over the last five years. Upside risk stems from stronger-than-expected semiconductor demand (one-third of the new company’s sales). Downside risks: increasing competition, a weaker US dollar against the euro and a pronounced slowdown in demand for vacuum pumps..."
10-29-2010 WestLB Wolfgang Fickus Buy Details
"Pfeiffer Vacuum targets 5-7% sales growth over the cycle (cf WestLB est. 2009-12: 12.4%), a moderate target given the (new) focus on Asia and emerging (re)newed success in verticals like solar, industrial, analytical and coating. Pfeiffer Vacuum underpinned its clear strategic vision not to become a systems vendor, but to remain focused on vacuum pumps and solutions in the solar market. We hence do not believe that Pfeiffer Vacuum will become a big vendor of CIGS coaters as the ramp up with Solibro in 2008(09 suggested..."
10-18-2010 Hauck & Aufhäuser Roland Rapelius Buy Details
"Key share price drivers and expected sentiment
- Strong Q3 order intake expected
- Margins and cash flow to benefit from mix effects
- Dividends look set to increase as the company is expected to stick to ist generous 75% payout ratio policy
- Capex cycle in the investor’s favour..."
10-13-2010 Close Brothers Seydler Buy Details
"In October the company held its first capital markets day. The main objective was to explain the product portfolio and the growth strategy. The company is the world market leader in turbo pumps, the most profitable product range. The technology leadership combined with the strong balance sheet will enable management to increase market share further. The product portfolio of backing pumps is still limited..."
10-06-2010 Bankhaus Lampe Gordon Schönell Sell  
10-06-2010 Commerzbank Norbert Kretlow Add Details
"After attending the company’s Capital Markets Day we increase our EBIT forecasts for both 2010 and 2011 by 4%. While full-year guidance was reiterated, this was a mild disappointment to the market, resulting in yesterday’s share price underperformance. The share price will likely be held back by the current valuation, but upside to consensus should provide some support. We raise our target price to €72 from €64 and reiterate our Add recommendation..."
10-06-2010 equinet Adrian Pehl Hold Details
"...after the good share price performance, ...we downgrade the stock from ‘Accumulate’ to ‘Hold’ as no big points were released at the investor event and since the current P/E’11 of 15.6x renders the investment not necessarily a bargain (target P/E’11 16.5x)..."
10-05-2010 DZ Bank Harald Schnitzer Buy  
09-29-2010 Close Brothers Seydler Buy Details
"We leave our “BUY” recommendation unchanged but increased our price target from €75 to €78 per share..."
09-22-2010 Berenberg Bank Simon Götschmann Hold Details
"Pfeiffer Vacuum will hold an Investor Day on 5 October in Asslar, Germany. Having more visibility into 2011 by then, we will potentially reassess Pfeiffer again. Meanwhile, we regard the stock as fairly valued..."
09-21-2010 Bankhaus Lampe Gordon Schönell Sell  
08-18-2010 Bankhaus Lampe Gordon Schönell Hold  
08-13-2010 Kepler Tobias Loskamp Buy Details
We remain cautious on business prospects with Solibro, but see the upside option increasingly supporting our Buy case (TP EUR67).
08-04-2010 Cheuvreux Craig Abbott Outperform Details
Applying higher sales growth and margin assumptions following Pfeiffer's strong Q2 performance and our subsequent management contact, we raise our EPS forecasts for 2010-12E by 4.3% on average and our TP to EUR72 (EUR65) and reiterate our 2/Outperformance rating.
08-04-2010 Close Brothers Seydler Buy Details
We leave our “BUY” recommendation unchanged but increased our price target from €70 to €75 per share. Management reiterated guidance for the current year. Revenues are expected to reach the 2008 pre-crisis level and EBIT margin is expected to be above 22%
08-04-2010 NordLB Thomas Wybierek Buy  
08-03-2010 BHF Bank Stephan Bauer Buy Details
- Pfeiffer Vacuum released a solid set of 2Q10 results, being slightly ahead of our estimates.
- Order intake momentum continued to be strong. Order intake +9% QoQ.
- On the back of the better-than-forecast quarterly results, we have increased our 2010F and 2011F estimates. Therefore, we have raised the target price to €69.00 from €66.00 while we confirm our Buy rating.
08-03-2010 BoA Merrill Lynch Gerhard Orgonas Buy Details
An investment in Pfeiffer Vacuum offers exposure to a technology-leading German high-tech components supplier with an excellent track record, high margins and strong cash generation, We believe that following the Trinos acquisition and the optimisation of its production facility, which increased production capacity to EUR300m sales p.a., Pfeiffer is well placed to pre-crisis margins. We have started to see an upturn in order income since 4Q09 and a strong margin recovery since 2Q10.
08-03-2010 equinet Adrian Pehl Accumulate Details
Our analysis: Overall, a solid set of figures which were slightly better than consensus and in line with our expectations. We still believe that the outlook of PFV is not aggressive and intend to stick to our more optimistic assumptions (sales of EUR 212m at an EBIT margin of 23%).

Conclusion & Action: We confirm our positive stance on the company and keep both rating (‘Accumulate’) and PT of EUR 67
07-29-2010 Berenberg Bank Simon Götschmann Buy Details
We do not expect Pfeiffer to be a skyrocketing growth story but the company’s financials should make investors prick up their ears, in our view:
- Sales declined only 8% for 2009, while competitors’ revenues plunged 20-50%
- The company has recorded a gross margin of above 43% and an EBIT margin of above 20% for every year of the past decade – the crisis included
- Sustainable ROCE > 30%
- Dividend payout ratio >70%

Pfeiffer Vacuum is late cyclical in nature. While the share price has seen a decent rebound from its low last year, we still see upside potential, as increasing capex spend in its end markets should materialise in H2 2010 and FY 2011 and increase earnings. Pfeiffer Vacuum is late cyclical in nature.

Based on 2011-12E CFRoEV, we derive a fair value of €74.00, giving us upside of c.25% to the current share price. Given the low-risk, high-return profile, we reinitiate on Pfeiffer Vacuum with a Buy rating.
07-29-2010 WestLB Wolfgang Fickus Buy Details
Pfeiffer Vacuum will release Q2 10 results on August 3, which we expect to be strong with sales growth of 2.3% and EBIT growth of 23.6%. Based on the company's positive assessment of 2010 business prospects we substantially increase our FY2010/2011 estimates today and raise our DCF-based target price to €73.
06-23-2010 AC Research Henning Wagener Hold  
05-17-2010 Kepler Tobias Loskamp Buy Details
- Vacuum markets rebounding more quickly than expected - Trinos pricier than expected = stronger synergies? - Solibro now an upside option - Upgrade from Reduce to Buy ahead of 20 May AGM, TP EUR65
05-10-2010 WestLB Achim Henke Buy Details
"The company has the best margins within the German Engineering sector, and also a strong balance sheet including a large net-cash position. Sales should rise in 2010 despite a lack of solar energy orders, thanks to the contribution from Trinos Vakuum-Systeme..."
05-06-2010 Bankhaus Lampe Gordon Schönell Buy  
05-05-2010 Cheuvreux Craig Abbott Outperform Details
"- 10/11E EPS raised as indicated by 14.5%/12% following strong Q1 results. New 10E sales +8.6%, EBIT margin 22.7% - Sales growth accelerating due to consolidation/macro recovery but also synergy gains, new products & services - Multiples undemanding given high cash conversion, balance sheet strength, growth potential. Reiterate 2/OP"
05-05-2010 Commerzbank Norbert Kretlow Add Details
"Pfeiffer Vacuum released strong Q1 figures yesterday (EBIT of €11.3m, 6% above our and 9% above consensus estimates). The conference call confirmed our view that the pick up in Q1 should be sustainable. Consequently, we raise our estimates: Our new EBIT estimates for 2010 and 2011 are up 17% each and between c. 11% and 14% ahead of consensus. Guidance will be given at the AGM on 20 May. We raise our target price to €64 and our recommendation to Add from Hold..."
05-05-2010 equinet Adrian Pehl Accumulate Details
"Our old fair value stood at EUR 55 plus EUR 3 derived from a scenario analysis regarding a potential large solar order. As the latter does not appear to be in sight, we drop the scenario contribution. Nevertheless, our new fair value benefits significantly from the model upgrades and moves to EUR 67..."
05-05-2010 NordLB Thomas Wybierek Buy  
05-04-2010 BHF Bank Stephan Bauer Buy Details
"Due to better-than-expected results we have lifted our 2010F and 2011F forecasts. Therefore, our DCF- and multiple-based target price increases to €66.00 from previously €58.00. We confirm our Buy rating..."
05-04-2010 BoA Merrill Lynch Gerhard Orgonas Buy Details
"Following a solid Q1 EBIT margin of 22.7% despite the first-time consolidation of Trinos, we raise our EBIT margin estimates by 30-150bps for 2010-12E and increase the sustainable EBIT margin in our DCF from 22% to 23% to reflect the recent productivity gains. We raise our PO from €62 to €67 and re-iterate our Buy rating..."
05-04-2010 Close Brothers Seydler Buy Details
"We leave our “BUY” recommendation and price target of €65 per share unchanged based on the strong order intake in the first quarter..."
05-04-2010 Credit Suisse Karsten Iltgen Outperform Details
"We like Pfeiffer as a defensive play with high dividend yield of 5% and c. 20% long term exposure to the high unit growth in solar..."
04-29-2010 equinet Adrian Pehl Hold Details
"Without FY10 guidance, the impulses from the 1Q10 reporting should be limited. We continue with our ‘Hold’ recommendation and our PT of EUR 58..."
04-19-2010 DZ Bank Harald Schnitzer Buy Details
"Bottom of cycle reached / buy recommendation (sell) / fair value per share € 60 (50)
- 2009 as expected
- Good start 2010/ New orders stabilised
- EBIT margin should be at least at 2009 level (just over 20%)
- PV has survived the crisis relatively well so far / we see the share in a more positive light again
- Profit estimates for 2010 and 2011 increased
- PV is in a very good financial position
- We are upgrading the share from sell to buy..."
03-29-2010 Solventis Ulf van Lengerich Buy  
03-26-2010 Credit Suisse Karsten Iltgen Outperform Details
"We have updated our model for final 2009 figures. Our estimates for 2010/11 remain unchanged. Due to the improved visibility we have reduced our risk premium, bringing our WACC from 10% down to 9%. As a result our TP rises from € 53 to € 60..."
03-25-2010 Bankhaus Lampe Gordon Schönell Hold  
03-25-2010 Close Brothers Seydler Buy Details
"We changed our recommendation from “HOLD” to “BUY” and increased our target price from €60 to €65 per share. Management experienced a positive trend in order intake during the first two months of the current year. The semiconductor and photovoltaic industry will drive revenue growth in 2010..."
03-25-2010 Commerzbank Norbert Kretlow Hold Details
"Having collected further information on Trinos (acquired in December 2009), we adjust our 2010 and 2011 estimates, factoring in Trinos figures: We raise our EBIT estimate by 14% for 2010 and by 4% for 2011. Our target price moves up to €59 from €50, implying a 10 x 2011E EV/EBIT multiple. We reiterate our Hold recommendation..."
03-25-2010 Deutsche Bank Uwe Schupp Hold Details
"PFV's results were fully in line with the pre-results release. The company describes order development as 'encouraging', but q/q improvement is not a given. Unlike previous years, there are no major frame order contracts, which reflect continuously low visibility. While the company declined to provide guidance at this stage, we expect guidance at the AGM in May. We have incorporated recent M&A into our forecast, which is the main reason for our EPS increase. We raise our target price to E55 from E40 and maintain our Hold rating..."
03-25-2010 HSBC Christian Rath Neutral Details
"Trinos acquisition should compensate for missing systems business in 2010, but we forecast only 2% top-line growth
- We expect the 2010 gross margin to benefit from a more favourable product mix and the absence of renovation costs
- Target price raised to EUR60 from EUR50 on switch to midcycle margin assumptions; upgrade to Neutral (V) but stock remains fully valued and we see no near-term catalysts..."
03-25-2010 Kepler Tobias Loskamp Reduce Details
"We stick to our negative stance (Reduce/EUR54) following final fiscal 2009 results. Even cut to EUR2.45 the dividend is still high – but it is no longer a killer argument. Expectations could be too high for fiscal 2010, as Trinos and a normalisation of demand can barely make up for the lost Solibro business..."
03-09-2010 Credit Suisse Karsten Iltgen Outperform Details
"We initiate coverage on Pfeiffer Vacuum with an Outperform rating and a target price of € 53. We view the company, which currently benefits from its diversified end-market structure, as a derivative play on the solar, semi and engineering sectors."
02-23-2010 BHF Bank Stephan Bauer Buy Details
"- Pfeiffer Vacuum's 2009 preliminary sales, EBIT and order intake figures were slightly better than expected by us.
- 4Q09 order intake increased by 18% QoQ, clearly indicating that demand has seen the troughs.
- We leave our 2010F and 2011F estimates unchanged. Thus, we confirm our Buy rating with a target price of €58.00..:"
02-23-2010 BoA Merrill Lynch Gerhard Orgonas Buy Details
"Our EPS estimates are 10% ahead of consensus for 2010E and 25% ahead for 2011E. We believe consensus underestimates Pfeiffer’s margin recovery potential, as well as the accretive impact of the recent Trinos acquisition. We reiterate our Buy rating and raise our PO to €62 from €60 based on our DCF with a WACC of 9.7%, an intermediate growth rate of 5%, 3% terminal growth and a sustainable EBIT margin of 22%..."
02-23-2010 Close Brothers Hold Details
"- The company reported preliminary 2009 results. Revenues declined 8.1% to €182m (estimate: €195.9m). Operating profit dropped 26.6% from €51.5m to €37.8m (estimate: €44.9m). EBIT margin declined from 26.0% to 20.8% but still remained on a high level. Order intake dropped 28.5% to €161.2m and book-to-bill ratio reached 0.89 compared to 1.14 in 2008
- Revenues in the fourth quarter 2009 declined 20.6% to €44.5m and gross margin reached 45.7% compared to 45.5% in 2008. EBIT dropped 31.2% to €10.1m. EBIT margin reached 22.7% compared to 26.2% in 2009. The operating performance in the fourth quarter gained momentum again when compared to the third quarter 2009 where EBIT margin reached 15%. Order intake increased marginally from €42.6m to €43.9m. Order backlog reached €40.2m which was considerable lower compared to €61m in 2008. However the order backlog in 2008 was influenced by a large order from the photovoltaic industry
- The weak operating performance was already visible in the third quarter 2009. However EBIT margin still remained well above 20% and the worst-case scenario of the management (EBIT margin 20% and a revenue decline ranging between 10% and 15%). We leave our “Hold” recommendation unchanged but increased our price target from €53 to €60 per share..."
02-23-2010 equinet Adrian Pehl Hold Details
"After a solid set of prelims, we set our new PT at EUR 58 (46) and recommend to ‘Hold’ (‘Reduce’), putting PFV at a target P/E’11 of 16x..."
02-23-2010 M.M. Warburg Eggert Kuls Buy Details
"We upgrade the Pfeiffer-Vacuum share to Buy after better than expected preliminary figures for fiscal 2009 and raise the PT from € 62 to € 65..."
02-23-2010 NordLB Thomas Wybierek Hold  
02-23-2010 WestLB Wolfgang Fickus Buy Details
"Preliminary FY09 results are in line with our and Reuters consensus estimates. Fourth quarter results show strong order intake of €43.9m vs €37.6m in Q3. During Q4 the group EBIT margin improved to 19.8% after 15% in the previous quarter. Net profit data were not provided yet. The year end order book of 40.2m (ahead of our €35.62m estimate) provides a satisfactory level for the current business year. Shorter ordering cycles are compensated by restructuring of German production operations. The integration of the recent acquisition of Trinos Vakuum-Systeme should be finalised in FY2010. The bottom seems to be reached, order intake is accelerating and margins should further improve in FY2010, in our view. BUY..."
01-18-2010 M.M. Warburg Eggert Kuls Hold  
01-06-2010 WestLB Wolfgang Fickus Buy Details
"We view Pfeiffer Vacuum as unique in our German engineering universe. The company boasts a strong competitive lead, management boasts strategic vision as well as a superior financial model with EBIT-margins and RoE above 20% in any single year since 2003 yielding strong cash returns in the form of dividend yields and share buy backs..."

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