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The Palfinger (WKN: 919964) share does not benefit from the very good half-year figures, it loses -1. 7% and is currently at €26. Since the most of €32 in Goal, it has lost -17%. Is this decline justified? And what does that mean for investors?
After the strong first 1 / 4, the second 1 / 4 was also very good. Overall, the best sales and earnings figures in the company’s history were achieved in the first half of the year.
Sales improved by 16. 9% to €1. twenty-one billion. Growth in United states was particularly strong. To be able to serve the us market better, a new headquarters is built in Schaumburg (US state of Illinois). However, the success is also based on other factors such as a good product mix and higher sales prices.
The income situation improved disproportionately. Operating EBIT rose by 38. 7% to €111. 3 million, resulting in an EBIT perimeter of 9. 2%. This matches to an improvement of 1. 5 percentage points when compared to the same period of the last year. Group earnings exploded by 61. 5% to €63. 3 million.
The Austrian company is also confident for the second half of the year, thanks to the high order backlog. Accordingly, an annual turnover of 2. 4 billion euros should be achieved. A more cautious figure of €200 million is expected for EBIT.
By 2027, sales should be €3 billion and the EBIT perimeter should then be 10%. In my view, this is a conservative outlook.
In the half-year report, the Management Board describes the expectations as follows:
Up against the background of a strong first half of the year and our order backlog, we are aiming for sales of €2. 4 billion and an EBIT of €200 million for the full year 2023, despite the macroeconomic and geopolitical concerns.
Order intake declined
The crane and hoist manufacturer’s products are very dependent on the economy, especially the construction industry. Cooling is expected here. It has already had an effect on inward bound orders in the EMEA market.
In order to compensate for the decline here, increased investments will be made in United states. A further dynamic course of business is expected there.
How is the price drop to be looked at?
The decline of around -17% since Goal is especially due to the weakened construction sector and not to business development. The turning down order development in the EMEA market is overestimated here, this is offset by the development in other markets. Nevertheless, it leads to a damaging attitude among market participants.
From my point of view, the decline should be viewed positively, as it created a more favorable starting point. Overall, I expect higher prices, my first goal is 30 €. Whether the increase will continue beyond that depends heavily on the development of the construction industry in Europe.
The multi-year chart demonstrates the stock is extremely volatile. This development is likely to continue, so it is important to regularly realize higher price gains.
My conclusion: I am positive at the moment and expect prices to receive. However, investors should take advantage of the imbalances.