dlg.: ... 08.01.20 16:54#9
Thanks baggo, fel & CWL!
To have a reference point for upcoming discussions, please find below the current set of consensus estimates for Aixtron (in Euro million):
Item // 2019 // 2020 // 2021
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Revenues // 264 // 279 // 307
EBIT // 36 // 40 // 56
Net income // 30 // 35 // 45
EpS // 0.27 // 0.31 // 0.40
PE // 34 // 29 // 22 (at share price of 9 Euro)
Obviously difficult to say whether this consensus includes or excludes a potential OLED order (e.g. Berenberg?s EUR 269m sales estimate for 2020 excludes a potential OVPD order), maybe a mix.
4Q19 average EUR/USD rate was slightly below 1.11 (FY2019: 1.12) compared to Aixtron?s budget rate of 1.20 which formed the basis for their latest guidance, i.e. some EBIT margin support here (however, shouldn?t be a surprise to the market). Will be interesting to see what rate Aixtron will use for their 2020 guidance. Assuming they will use, say, 1.15 for 2020, does that mean that there will be a headwind for Aixtron?s 2020 EBIT margin guidance given the actual 1.12 EUR/USD rate in 2019?