OSRAM mis en bourse (Securibourse)

par MARGIN OF SAFETY, mardi 15 octobre 2013, 23:34 (il y a 4058 jours) @ Hubisan_

Pour info, Einhorn a pris une position avec PRU <25€ au 3ème trimestre :

We added a medium-sized long position in Osram Licht AG (Germany: OSR). OSR is one of the largest vertically integrated provi ders of lighting products and solutions in the world. In July, OSR was spun-off from Siemens, a larg e industrial conglomerate. We ac quired a position in OSR at an average price of €24.57 per share. The lighting market in whic h OSR competes is undergoing a transition away from traditional technologies (such as incandescent and fluorescent lighting)towards LEDs. This transition has been a challenge for OSR with its large legacy lighting business, and has put pressure on the company’s financial performance. Current margins are below historical levels and one of its three segments is currently unprofitable. In response, OSR
has undertaken both a large cost restructuring program and an expa
nsion of its LED businesses to help it return to historical margin
levels within a two-year period.

Should OSR achieve its targeted ma rgins, it will earn in excess of € 3 per share. OSR is unlevered, has financial flexibility, and given that the financial targets were set in the context of a spin-off, we suspect OSR may ultimately exceed its targets. This could lead to a multiple re-rating as OSR
becomes viewed as an LED growth story. LED companies with comparable businesses to OSR presently receive lofty multiples. OSR shares ended the quarter at €34.70.

http://ify.valuewalk.com/wp-content/uploads/2013/10/Greenlight-Q3-2013.pdf