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Lem was able to take the good momentum of the previous year in the first quarter of the current fiscal year at the end of March 2019. The manufacturer of high-precision components for the measurement of Electrical parameters increased sales by CHF 88 million in one year (+ 16%). Range of environmentally friendly automobiles with an increase of 86%. The entire automotive segment increased its business figure by 25.4% adjusted for currency effects. Sales reached CHF 17.3 million, or 19.5% of the Group's sales. The industrial segment generated a turnover of CHF 70.8 million, an increase of 13.1% (adjusted for currency effects of 7.2%).
The operating profit of EBbit was developed in line with the turnover figure. It reached CHF 18.5 million, a constant margin of 21.1%. This is an important value given the continued increase in research and development activities
The industrial sector increased the EBIT margin to 22.3% (previous year: 21.3%) . In the automotive sector, EBIT only increased by 4%, which means that the margin dropped significantly to 16% (previous year: 20). This is due initially to the weakness of the conventional car market in North America. In addition, investments in R & D as well as in sales and production capacity exert pressure on the operating result.
The profit could not be followed. It reached almost 13.5 million francs, 1.8% more than during the same period of the previous year. The profitability of sales went from 17.5 to 15.3%. This is due to negative currency effects as well as higher taxes
Low Free Float
The company makes no concrete statements about expectations for the rest of the year. The pace of growth should remain high for the moment. However, in a slightly broader time horizon, the introduction of new US tariffs and the reduction of state subsidies for solar energy in China will have a negative effect
"Finanz und Wirtschaft "corrects the profit estimate for 2018/19 from Fr. 54 to Fr. 50 per share. Based on this estimate, inventories are still valued at a price / earnings ratio of 26 despite the significant decline in prices during the year. last weeks. Commitments are not overcrowded, since the Lem market is tight with a float of just over 34%.
The full story of Lem can be found here.
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