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diskus werke

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Diskus Werke

Hard grind

Update | General Industrials | 28 Sep 2018

Diskus Werke has accompanied predictably solid H1 results (PBT up 5%) with lowered 2018 PBT guidance, now expected to be up 3% at EUR 14m, suggesting a flat H2. While half-yearly divisional performance is not disclosed, this shortfall is attributed mainly to the expected turnaround of longstanding loss-making subsidiaries rather than core demand (June 2018 order book up 15% y-o-y with H1 book/bill ratio of 1.09 vs 0.95 y-o-y). Finances remain sound (debt/equity ratio 51%) despite much higher net debt, driven by working capital needs and continued strong investment.

Diskus Werke

Grinding it out

Update | General Industrials | 26 Jul 2018

2017 was a record year for revenue and EBIT, with all three divisions outperforming the market. However, H2 performance, broadly in line with management expectations but showing an absolute decline from H1, contrasts with a marked ‘beat’ in H117. A strong orderbook (up 4% at December 2017) and continued successful investment underpin 2018 guidance of 2–3% revenue growth at significantly higher margin (c 7.5% on operating performance vs 6.3% last year). The company feels well placed to grow by c 20% towards the EUR 300m pa revenue mark long-term target.

Diskus Werke

Potential recovery in profitability

Update | General Industrials | 05 Oct 2017

Diskus Werke is well on track to achieve the improvement in profitability from the depressed levels of 2016 that it projected a few months ago in the annual report and accounts. It has now revised up its forecasts, but there appears to be a degree of prudence in the new figures, notably in terms of profitability and order inflow, perhaps reflecting the small drop in the book/bill ratio to 0.95x from 1.00x.

Diskus Werke

Potential recovery in profitability

Initiation | General Industrials | 14 Jul 2017

Diskus Werke is a sound business with a defensible leading market position, but extreme illiquidity in the stock curtails potential investor interest. Core clients' industries, most notably automotive, are mature and cyclical and in 2016 profits were held back by losses at three subsidiaries. Eliminating this effect should boost margin, while diversification into the contract manufacture of end parts could boost the top line and profitability.