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AC Research - Pfleiderer accumulate
Westerburg (aktiencheck.de AG) - Henning Wagener, analyst of AC Research, continues to rate the shares of Pfleiderer (ISIN DE0006764749/ WKN 676474) as "accumulate".
Pfleiderer wants to buy back some of its own stock.
The group’s executive board decided - and got the approval of the board or supervisors - to buy back a total number of up to 4,872,610 of its own stock via the market until December 31, 2007. This equals 9% of the group’s equity capital. The shares bought back will primarily be used to meet subscription rights for the group’s stock, which have been issued in the course of Pfleiderer’s stock option programs or will be issued as part of such in the coming years. In addition, the shares bought back might be used as an acquisition currency as well. In the course of the share buyback, Pfleiderer may not acquire more than 25% each day of the average trading volume during the 20 days prior to the date of purchase.
As far as the analysts of AC Research are concerned, this new item is positive. It seems likely that the increase in demand for Pfleiderer’s stock will have a positive effect on share price development in the coming months. However, the shares seemed modestly valued from a fundamental point of view at yesterday’s closing price of EUR 16.50, trading at price-earnings ratios of just about 9, based on profit estimates for 2008. While the group had to reduce its full fiscal year EBITDA-guidance to EUR 240-250 million when it presented semi-annual figures - owing to implemented structural measures in Northern America - semi-annual results were largely in line with expectations.
On the back of a positive economic environment, the analysts anticipate an encouraging business development for Pfleiderer, notably in Western and Eastern Europe. This is likely to overcompensate the expected ongoing weakness in Northern America. However, the analysts also anticipate a significant operative improvement in Northern America after the structural measures have been completed.
The analysts of AC Research continue to rate the shares of Pfleiderer as "accumulate". (Analysis of August 22, 2007) (22.08.2007/ac/a/d)