HÖFT & WESSEL rare stock, sector solid

, together with its subsidiaries, develops, manufactures, and distributes hardware and software products primarily in Germany, the United Kingdom, and the rest of Europe. Its Almex segment provides ticketing solutions and telematics systems for public transport; and check-in solutions for aviation companies, as well as mobile GSM-rail communications systems for shunting and construction operations. Metric, operated through the United Kingdom-based subsidiaries Metric Group Holdings Ltd. and Metric Group Ltd., manufactures, distributes and services products for parking space management, including on- and off-street parking meters. Its Skeye segment provides a range of mobile terminals for retail and logistics; field services; warehouse; hospitality; parcel service; and point-of-sale solutions and services. The company was founded in 1978 and is headquartered in Hannover, Germany. As of December 31, 2010, Hoeft & Wessel AG owned subsidiaries in Germany, the United Kingdom and the United States. Employees 508



Track Record:
In a corporate history exceeding 30 years, the Hoeft & Wessel Group has delivered well over 250,000 mobile data capture/processing terminals and nearly 100,000 ticket vending machines and car park ticket terminals.
Since its IPO in 1998, the sum of sales revenues of the Hoeft & Wessel Group exceeded the EUR 1,000,000,000 mark in fiscal 2010.
The products and systems of the group of companies are already deployed in more than 30 countries.
Business operations of the group of companies are concentrated in Europe with its two home markets, Germany and the United Kingdom. In addition to Europe, the United States also play a major role. However, regions like South America, Asia, Africa or Australia are likewise expected to gain increasing importance in future.

Numbers
Market Cap 23.4M EUR
Sales 102M EUR (increase from 78M EUR in 2002, maybe it looks like a slow growth of 30% in 10Y but considering EUR was so high compared to other currencies, this is a growth stock for the price of value)
P/S 0.24!
EBITDA 4.2M EUR (EBIT profitable, average 2M EUR, lost money only in 2002, 25M EUR)
EPS 0.18EUR (0.10EUR dividend!)
P/E 16
Cash 800,000 EUR
LT Debt 22.6M EUR (this is real concern for some investors, but I see it as opportunity, very often small companies are acquired in such a situation when sales are very high compared to debt & market cap, but premium here must be very high maybe even 100M EUR possible at X1 sales only, besides company is 50% owned by insiders who will not settle for less as they know in the future anyway stock will be worth that much or more, their market is not saturated & competition is very low, how many stocks you know in this industry?)
Assets 73M EUR
Liabilities 44.5M EUR
Shares Outstanding 8,500,000 (increase by only 10% in 10Y!)
Float 4,040,000 (smar investment for hedge fund or corporate interested to acquire Höft+Wessel AG)
Major Shareholders
H & W Holding GmbH 40.60% (founder's company)
Dimensional Fund Advisors, Inc. 0.75%
Zollner Elektronik AG 10.49%
Mr. Rolf W. 0.58% (founder)
Mr. Michael H. 0.43% (founder)
Mr. Manfred Z. 0.02% (CEO of Zollner Elektronik AG)

Resume: Very good company at the low price, more assets than liabilities, no default risk. Might be acquired in the future maybe by Init Innovation in Traffic Systems AG current market cap 142M EUR, similar industry. I advise-You decide.  

Da muss ich wohl durch - ein wenig hatte ich ja damit gerechnet. Wenigstens der Ausblick stimmt positiv.

Höft & Wessel AG erwartet 2011 deutlichen Verlust


10.02.2012

- Neubewertungen führen zu einmaliger Abschreibung - Neuer CEO schafft jetzt Voraussetzungen für positive Geschäftsentwicklung - Bereits 2012 wieder schwarze Zahlen erwartet

Hannover, 10.02.2012. Die Höft & Wessel-Gruppe konnte im vierten Quartal 2011 nicht an die gute Entwicklung des Vorjahres anknüpfen. Deshalb werden nach vorläufigen Zahlen die Umsatzerlöse im Geschäftsjahr 2011 auf rund EUR 88 Mio. zurückgehen. Projektverschiebungen in das Jahr 2012 und weniger Erlöse als geplant führten mit rund EUR -3,2 Mio. zu einem negativen Betriebsergebnis vor Sonderabschreibungen. Deshalb kann für das Geschäftsjahr 2011 keine Dividende ausgeschüttet werden. Demgegenüber wird der operative Cashflow nach den vorläufigen Zahlen positiv ausfallen.