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Research update: Ludwig Beck AG April 19, 2012  Best first quarter in company history - ***** Ludwig Beck reported strong Q1 figures today. LFL sales growth was +7.8% vs. our estimate of ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG March 15, 2012 Release of 2011 annual report Ludwig Beck reported gross sales of ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG January 05, 2012 Christmas not as bad as feared Ludwig Beck remains a good value small cap, in our view. Although the stock has outperformed the DAX Index by 12.4% LTM, it remains inexpensive at ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG October 24, 2011 A small deal adding a lot of value Ludwig Beck reported Q3 figures ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG July 20, 2011 A perfect start to 2011 Strong H1/11 results bode well for the full year, when we expect a 2.0% YoY increase in Group sales and net profit growth of ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG March 16, 2011 Celebrating 150 anniversary in 2011 Ludwig Beck has set new benchmarks in 2010 Notwithstanding the publishing of preliminary 2010 figures in January, the release of the annual report came as a surprise. In 2010, Ludwig Beck reported ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG January 12, 2011 Best Christmas sales in years Release of 2010 preliminary key figures Ludwig Beck reported record gross sales of ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG December 03, 2010 Another guidance upgrade Third upgrade of 2010e guidance For the third time, Ludwig Beck upgraded its guidance for the current fiscal year. Management now expects 2010e EBT to exceed €9.0mn. The previous management guidance which was published in the 9M/10 report was ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG October 27, 2010 The strength of the recovery is a surprise Nine months at a glance Ludwig Beck reported excellent operating results for the first nine months of 2010. Gross revenues increased to €72.9mn compared to ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG July 21, 2010 The bright side of retail Q2 at a glance Ludwig Beck reported a good set of Q2/10 results. Q2 gross revenues increased LFL by 3.2% to €45.7mn. Q2 gross revenues in the main store on Munich’s Marienplatz increased by ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG April 22, 2010 Spring is in the air Release of Q1/2010 figures-Best result in company history Ludwig Beck came out with Q1/10 figures this morning. Gross revenues on a LFL basis were up 4.4% to €22.3mn from €21.4mn in Q1/09. This was slightly below the ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG March 10, 2010 A standout retailer Release of 2009 annual report Ludwig Beck released FY2009 figures. 2009 gross revenues on a LFL basis were up 1.8% to €103.7mn, significantly exceeding German textile market which came in ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG January 11, 2010 Guidance confirmed Release of preliminary trading statement Ludwig Beck has enjoyed an exceptionally strong holiday season this year. Q4/09 gross revenues on a LFL basis were up 4.5% to €34.6mn and FY2009 revenues increased by ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG December 09, 2009 Merry Shopping ... In our view Ludwig Beck looks good value versus its history. Given its higher than sector average returns and strong balance sheet, we believe a ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG October 21, 2009 Good Q3, upgrading management guidance Q3 at a glance Ludwig Beck reported solid 9M results this morning. Group net revenues declined -0.7% to €58.0mn (eViscardi €58.1mn). According to the management, September was a weak month due to ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG July 23, 2009 Beating the retail environment once again Q2 figures at a glance In a weak retail environment, Ludwig Beck reported a good set of Q2/09 results. Q2 revenues increased 3.2% to ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG June 30, 2009 Shareholder structure after takeover bid Takeover bid was accepted by 25.7% of shareholders The mandatory takeover bid, which had been triggered after INTRO-Verwaltungs GmbH increased its ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG May 08, 2009 Takeover bid Takeover bid by INTRO-Verwaltungs GmbH On May 06, INTRO-Verwaltungs GmbH announced its intent to submit a mandatory takeover bid for the acquisition of ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG April 22, 2009 Decoupling from the German retail trend Solid Q1 results Ludwig Beck reported solid Q1/09 figures this morning. While German retail was down 5% during the first quarter according to Textilwirtschaft, Q1/09 was quite promising for Ludwig Beck with ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG March 12, 2009 2009 so far has gone surprisingly well LFL FY2008 sales +1.8 YoY Ludwig Beck reported solid FY2008 results on the back of ongoing trading-up, the newly opened music department with 1,000 sqm, and the closure of... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG October 21, 2008 Upgrade of rating Recent share price fall is good buying opportunity Most recently, Ludwig Beck’s shares have fallen out of favour due to concerns about the general economic climate. We believe that L. Beck’s business model is intact and that the shares offer a 33.7% potential upside. Our analysis suggests that L. Beck can deliver 2007-10e EPS CAGR of... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG July 23, 2008 Strong growth in H2 expected LFL H1 sales - 2.9% under previous year The reasons for the drop in gross sales from €19.5mn in Q2/07 to €18.7mn in Q2/08, corresponding to a fall of -5.3% without space adjustment, were, firstly, macro-economic factors like a generally poor consumer climate, the cool weather and rising prices for energy and food; secondly, however, ... ...Subscribe to VISCARDI Research... |
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Research update: Ludwig Beck AG April 28, 2008 Early Easter, bad weather and refurbishment Q1 sales 3.9% under previous year Whereas Ludwig Beck still managed to record space-adjusted sales growth of 4.5% and 4.0% respectively in January and February, it faced a sales slump of -15.3% in March. This was due to weather-related sales shortfalls and continuing conversioni work on the fifth floor, together with the loss of three... ...Subscribe to VISCARDI Research... |
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Initiation of coverage: Ludwig Beck February 26, 2008 Trading Up Enlargement of sales space. Thanks to enlargement of the sales space at its original main store, Ludwig Beck is expected to record sales growth on an average of 5% (2003-07 2.6%) on a like-for-like basis until 2009e. Gross margins should improve from 47.4% (2007e) to 48.2% (2009e) through ongoing trading up. We expect opex growth to be modest, so that EBIT... ...Subscribe to VISCARDI Research... |