Archive 2009
| Date | 10/22/2009 |
| Bank | HSBC |
| Author | Christian Rath |
| Recommendation | Underweight |
| Analysts Reports "We believe Pfeiffer offers strong fundamentals (eg low capex requirements, capital strength, strong market position, solid FCF yield). However, trading at 15x 2010e PE and 9x 2010e EV/EBITDA with no top-line growth expected in 2010 and a late-cyclical business profile, we believe the stock looks expensive. Our unchanged target price of EUR50 indicates a potential total return of –10%, hence we downgrade the stock from Neutral (V) to Underweight (V)..." | |