Archive 2009
| Date | 11/03/2009 |
| Bank | WestLB |
| Author | Wolfgang Fickus |
| Recommendation | Add |
| Analysts Reports "Don’t panic, purchase! Pfeiffer Vacuum delivered a Q3 09 set of results, which was in line with our expectation, but fell significantly short of Reuters consensus. Essentially a number of negative drivers for Pfeiffer Vacuum’s gross margin coincided in Q3 09 such as negative operating leverage, refurbishment cost for the turbo molecular pump business as well as negative mix effects due to the lower margin Q-Cells business. We integrated all those factors into our Q3 09 estimates. Given our belief that all of those factors won’t reoccur or will gradually disappear over the coming quarters, we don’t take neither the weak 40.7% Q3 09 gross margin nor the weak 15% EBIT-margin (at Pfeiffer’s standards!) as a reason to panic. ..." | |