For months it has been speculated. On Tuesday is the "Option" of an IPO, as in the case of Stadler Rail long said with certainty: The rolling stock manufacturer from the Canton of Thurgau in Bussnang want to in the stock market. When exactly, Chairman of the Board Peter Spuhler not want to set.
Mr Spuhler, Stadler Rail will the stock market. Why?
Stadler has grown rapidly in the last few years, between 2018 and 2020, will double the turnover again. Up to now, we were able to Finance growth from its own power, thanks to a very solid balance sheet. But whether that will be in a consolidating market in the future is possible, is unclear. Therefore, we want to have as an Option in the capital market. If we need you then. The second reason for the Reputation is: A-listed company in some of the markets in which we operate, a higher profile. This is especially true for the Anglo-Saxon countries and Scandinavia.
you have become this year sixty. The IPO is also a successor regime?
no, not at all. I'm going to stay loyal to the company as Chairman of the Board, but also as an anchor shareholder with a share of at least 40 percent. It's Fun for me, and I don't have in mind to hang the hat on the nail.
you will keep in the first year after the IPO, from 40 to 49 percent of the shares. What is the timetable after that?
I have me committed for twelve months to at least 40 per cent, then for an additional 24 months to a minimum of 30 percent. Because of the Opting-out clause, I can't keep more than 49 percent. My share will probably come somewhere in the range of 40 to 45 percent. But this is still music of the future.
Why do you launch the IPO now? The economic environment is not the best at the moment.
After the decision for the IPO, there is a process you must work through step by step. Since you can't always take the latest situation into consideration. The markets would collapse, but in the short term, we could postpone the IPO.
"If the Chinese want to get in a differentiated market, I question."
estimates put the market value of Stadler on 3 billion francs. Is that realistic?
at The present time, we can deliver for the price no opinion.
what are the prospects for the future can assume an interested Investor?
Basically, the public transport is a very interesting market with continuous growth. We have a record high order, and will grow by 2 billion Swiss francs in revenue last year up to 2020 to 4 billion Swiss francs. The jobs are there. After that, the goal is to maintain this level and grow progressively more.
The Chinese competition is pushing with all his force to Western Europe, and seeks to almost any price reference orders. Is the press the margin of Stadler?
I think no. The Chinese CRRC-group is accustomed to working with very large orders, in the range of thousands of the same trains. The European railway market is very heterogeneous. Each country has different current systems, start UPS and backup systems. Our orders for the pieces are figures at 20 to 25 trains. If the Chinese want to get in a differentiated market, I question. With them, we have to expect in the case of contracts of around 200 to 300 trains. But this is not our core business. We are more likely to be in medium-sized Awards.
Stadler Rail for the first time open to all of the Numbers
The rolling stock manufacturer Stadler, today, directly and indirectly, to 80 percent, and Peter Spuhler. As a privately held company Stadler released only Figures for sales revenue and order intake. With the forthcoming IPO, it shall disclose for the first time, all of the Numbers. In this case, the image of a financially healthy, in recent years, rapidly growing company with air, it shows up in profitability.
In the last ten years of Stadler in the annual budget has grown about 7 percent. 2018, the revenues amounted to 2 billion Swiss francs In its home market Europe, the company comes to a market share of 15 percent and is larger than Siemens, but smaller than Bombardier and Alstom. In the United States and the States of the former Soviet Union, it is, with market shares of around 1 per cent, present, but potential to move up. Yet not active, the company in Asia. "We have tried a few times to win orders, came back but each Time with a bloody nose," said Chairman of the Board Peter Spuhler.
In contrast to the turnover fell Stadler's profitability in the past few years. In 2018, the company came to the operating profit (Ebit), as measured by margin of 7.5 percent. A few years ago, it was regularly 9 to 10 percent. The main reason for the decline is, according to the company, the appreciation of the Swiss franc. In order to remain competitive, had to Stadler, the lower the prices. The cost could not drive to the same extent.
The profitability in addition to the entry in the competition have dampened intensive markets, such as the production of high-speed trains, as well as investments in growth. So, Stadler has taken in the past few years, both companies, such as the locomotive business of Vossloh in Valencia, as well as new plants will be built, for example, in Salt Lake City, USA. By 2020 it aims to achieve an Ebit margin of between 8 and 9 percent.
The upcoming IPO will only be sold shares to be owned by Peter Spuhler (directly and via private holding). As Spuhler reserves for the time being 40 to 45 per cent and 10 per cent of the German RAG-Stiftung as well as 170 senior managers and boards of Directors, will be freely tradable share of 35 to 40 percent.
The share capital of Stadler consists of 100 million shares. Estimates put the market value of Stadler about 3 billion Swiss francs a share would be 30 francs in value. When exactly the exchange will take place is unclear. But it could be even before Easter. A corresponding question was open Spuhler.
(financial and economic)
Created: 21.03.2019, 17:46 PM