110901 Imtech | the difference between pre- and post-calculation 110901 Imtech | the difference between pre- and post-calculation

No. pages 13
Description Imtech’s 11H1 results lagged street expectations. Most striking was the disappointing contribution from acquisitions made in 2010. A part of the difference could be explained by non-recurring costs which were not communicated well with the financial markets. In general the contribution from acquisitions in year 1 is less than the expected EBITA contribution. With still EUR1.5bn of revenues from future acquisitions management of Imtech needs to make sure that it provides full disclosure on the EBITA contribution of these acquisitions. On top of that we believe the risks of growth through acquisitions are underestimated by the financial analysts when applying a WACC of only 8.8% for future acquisitions. We even wonder if Imtech itself should not carry a higher WACC with its increased risk profile taken into account the takeovers it still has to make. Taking all critical remarks into consideration and applying a higher WACC to reflect the higher risk profile, what is a fair value for Imtech? 
  • Disclosure
  • The difference between expected and actual
  • Is the gap widening in 2010 and 2011?
  • Takeover multiples less attractive
  • 2015 = 8 + 6/7 !
  • Conclusions
  • Valuation

130710 Imtech | the odds covenant to be met by mid-2014 130710 Imtech | the odds covenant to be met by mid-2014

No. pages 8
Description This report discusses if the rights issue of EUR500m will be sufficient to record a leverage ratio of below 3.5 by mid-2014. However, all reorganisation plans should be executed according plan since the margin is small. Furthermore the report unveils plan B in case the execution does not raise the expected amounts of cash or increase in operating margin.
  • EBITDA-margin projection
  • net debt projection
  • how to close the gab?
  • plan B
  • valuation
  • conclusion


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