lördag 12 december 2015

Hornbach vinstvarnar - kursen rasar

Hornbach har tidigare prognostiserat oförändrad vinstnivå mot fjolåret men upplever nu en kraftig försämring av den tyska byggvarumarknaden. Hornbach estimerar att koncernens EBIT för sep-nov är 40% lägre än ifjol.

Som följd av vinstvarningen rasade Hornbach Baumarkt med ca 10% och Hornbach Holding med ca 20% (se tidigare inlägg för info kring koncernens uppbyggnad). Jag finner det mycket märkligt att kursen på holdingbolaget rasat mer än byggmarknaden. Holdingbolagets intjäning (med 50% fastighetsuthyrning) är rimligen säkrare än byggmarknadens.
 
Jag anser att Mr Market överreagerar och jag planerar öka i Hornbach Holding nästa vecka.
Med värdering av fastigheter enligt ursprunglig investering uppgår holdingbolagets P/B till 0,7.
Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf
Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

5 kommentarer:

  1. Jag tyckte ocksåbdet var mycket märkligt. Så jag så sålde mina baumarkt och köpte holding.
    Tycker det borde varit tvärtom.
    Men jag gillar inte marginalerna som baumarkt har. Men blir inte riktigt klok på
    vad det beror på. Skulle varit intressant och veta hur det går för hb konkurrenter

    T

    SvaraRadera
    Svar
    1. vad jag kan bedömma beror de svaga marginalerna på mördande konkurrens i Hornbachs hemmamarknad. Det sista decenniet har Hornbach Baumarkt rörelsemarginal snittat 7% utanför Tyskland mot 2% på hemmaplan. Praktiker, en av de största tyska aktörerna, gick i konkurs häromåret.

      Radera
  2. Var kommer uppgiften på att de har 7% marginal utanför tyskland?
    I sverige går de med lite förlust enligt allabolag.

    Praktokermgick väl i konkurs 2013? Detmborde väl minskat konkurrensen och ökat marginalen.
    Jag har inte hittat hur hb går jämfört med konkurrenterna i Tyskland. Går de andra med förlust så kommer det gå bra för hb och bara en tidsfeåga. Men är set hb som har sämst marginaler....

    SvaraRadera
    Svar
    1. rörelsemarginalerna jag nämnde kommer från årsredovisningar. Sverige har nog mindre betydelse för H, fem butiker motsvarar 10% av det internationella butiksbeståndet.

      Radera
    2. det är inte lätt att hitta lönsamhetstal för de tyska konkurrenterna då få är börsnoterade. Jag bedömmer att H har högre lönsamhet än OBI (som är störst på tyska marknaden med över 20%) baserat på att salg per butiksyta är 30% högre.

      Radera