Hab grad festgestellt: Hauck & Aufhäuser hat eine neue Analyse veröffentlicht, das Original befindet sich zum Download auf der Systaic-Seite (wie üblich unter IR, Aktie, Analystenstudien, dann unten den Knopf drücken, etc.) Hier mal ohne weiteren Kommentar meinerseits ein Auszug, zur Information:
"Cash inflow from Spain Topic: Eagerly awaited cash inflow of € 17.4m from Spain looks set to prevent liquidity crisis. Yesterday, systaic reported to have received € 17.4m from a project in Spain, which had already been conducted in 2008. Earlier this month, the company had to report a profit warning for 2009, which was partly explainable by this project. However, while the cash inflow looks set to prevent an immediate liquidity crisis, the refusal of the customer to pay was neither the only explanation for the profit warning nor the justification for the massive adjustment of the guidance 2010. In fact, several challenges remain: • Systaic will have to find an agreement with its banks to extend the credit lines in order to finance future growth, i.e. the pending greenhouse power plant projects in Sardinia. • The business model in the field of Energy Roofs had to be adjusted; a division, which reported sales of c. € 8m in 2009E instead of c. € 30m initially guided for. • The company has to restore confidence: After a series of capital increases, the dismissal of the former CFO Piossek, the promise to improve transparency and communication followed by an abandonment of any dialogue with capital markets and a profit warning, Systaic has recently established the position of a “general agent” (CFO Zimmer), who is in charge of restructuring the financial situation of the company. Theme looks set to remain negative based on an expected very weak Q1 2010E as the solar park business does not seem to pick up before Q2 and as the Energy Roof division remains a restructuring case with no visibility at all. While a short-term insolvency is no longer pending, in our view, it is nevertheless too early to Buy the stock despite the existing solid pipeline, which would be more valuable than the current market cap. Remains a Sell until the financial issues have been solved." |