Hab grad festgestellt: Hauck & Aufhäuser hat eine neue Analyse veröffentlicht, das Original befindet sich zum Download auf der Systaic-Seite (wie üblich unter IR, Aktie, Analystenstudien, dann unten den Knopf drücken, etc.)
Hier mal ohne weiteren Kommentar meinerseits ein Auszug, zur Information:
"Cash inflow from Spain
Topic: Eagerly awaited cash inflow of € 17.4m from Spain looks set to prevent
liquidity crisis.
Yesterday, systaic reported to have received € 17.4m from a project in Spain, which
had already been conducted in 2008. Earlier this month, the company had to report a
profit warning for 2009, which was partly explainable by this project.
However, while the cash inflow looks set to prevent an immediate liquidity crisis, the
refusal of the customer to pay was neither the only explanation for the profit warning
nor the justification for the massive adjustment of the guidance 2010. In fact, several
challenges remain:
• Systaic will have to find an agreement with its banks to extend the credit
lines in order to finance future growth, i.e. the pending greenhouse power
plant projects in Sardinia.
• The business model in the field of Energy Roofs had to be adjusted; a
division, which reported sales of c. € 8m in 2009E instead of c. € 30m
initially guided for.
• The company has to restore confidence: After a series of capital
increases, the dismissal of the former CFO Piossek, the promise to
improve transparency and communication followed by an abandonment
of any dialogue with capital markets and a profit warning, Systaic has
recently established the position of a “general agent” (CFO Zimmer), who
is in charge of restructuring the financial situation of the company.
Theme looks set to remain negative based on an expected very weak Q1 2010E as
the solar park business does not seem to pick up before Q2 and as the Energy Roof
division remains a restructuring case with no visibility at all.
While a short-term insolvency is no longer pending, in our view, it is nevertheless too
early to Buy the stock despite the existing solid pipeline, which would be more
valuable than the current market cap. Remains a Sell until the financial issues have
been solved."