Kurzanalyse Bauwerte

verfasst von nasdaq, 19.08.2002, 22:16

-->Construction:
The German construction and building materials market is in its
eighth year of recession. During first half 2002, market conditions again failed
to show any sign of relief. Declining residential, commercial and public
construction activity has added to pressure on prices. The recent collapse of
Philipp Holzmann has not triggered an industry-wide consolidation process.
Therefore, in our view, the medium-term (2002-04) outlook for the German
construction sector should remain bleak.

Cement:
Conditions are deteriorating in the building materials trade, too, as
Readymix has recently initiated competitive pricing pressure. Average cement
prices have already dropped by 20% to €40 per tonne, which is 50% below last
year’s level. Therefore, we believe that restructuring, sale of non-core assets,
capacity cuts and further job layoffs should remain the major strategic issues for
HeidelbergCement and Dyckerhoff over the next two years. High levels of
gearing only allow smaller bolt-on acquisitions.

Bilfinger Berger
(Strong Buy, price target: €30): Bilfinger remains our top
pick in the German construction and building materials sector, given what we
consider a sound and shareholder-value-oriented growth strategy, the successful
restructuring of its domestic construction operations, and its balance sheet
quality. We believe further momentum should be generated by positive
newsflow in second half 2002 with regard to further acquisitions in facility
management. A potential rejection of the J.A. Jones deal could be positive news,
in our view, as financial and business risks associated with Holzmann assets
have traditionally been quite high.

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gesamter Thread:

• Kurzanalyse Bauwerte - nasdaq, 19.08.2002, 22:16
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