CALDEIRÃO DE BOLSA

In EUR millions
Net Sales 8,343.5
8,835.7 8,212.4
Gross Profit 1,721.4
1,871.5 1,729.6
Gross Profit as a percentage of net sales 20.6%
21.2% 21.1%
EBITA 266.1
373.0 352.8
EBITA as a percentage of net sales 3.2%
4.2% 4.3%
Ordinary profit after taxes before amortisation of goodwill 166.7
239.1 234.8
Ordinary profit after taxes before amortisation of goodwill as a percentage of net sales 2.0%
2.7% 2.9%
Average number of employees 23,029
24,314 21,101

Performance per division

Professional Products & Services 2002 2001 2000
In EUR millions
Net Sales 5,876.2
6,195.5 4,911.7
EBITA 199.6
300.7 244.5
EBITA as a percentage of net sales 3.4%
4.9% 5.0%
Average net working capital as a percentage of net sales 18.1%
16.9% 16.6%

Information Technology Products & Services 2002 2001 2000
In EUR millions
Net Sales 1,647.3
1,737.8 2,003.3
EBITA 31.2
26.6 29.0
EBITA as a percentage of net sales 1.9%
1.5% 1.4%
Average net working capital as a percentage of net sales 6.5%
9.1% 11.4%

Agencies / Consumer Electronics
2002 2001 2000
In EUR millions
Net Sales 819.9
902.4 1,297.4
EBITA 66.3
79.0 99.6
EBITA as a percentage of net sales 8.1%
8.8% 7.7%
Average net working capital as a percentage of net sales 19.7%
21.3% 18.8%

Geographical segmentation of sales

2002 2001 2000
In EUR millions
Europe 4,030.0
4,244.1 4,376.4
Asia-Pacific 2,617.2
2,667.6 2,481.1
North & South America 1,696.3
1,924.0 1,354.9

Group Balance sheet & Cash flow

2002 2001 2000
In EUR millions
Total assets at December 31 3,302.1
3,719.5 3,566.4
Shareholders equity at December 31 928.6
999.2 891.2
Shareholders equity as a percentage of total assets 28.1%
26.9% 25.0%
Net working capital at December 31 1,095.7
1,252.8 1,273.2
Net interest bearing debt at December 31 1,040.4
1,208.3 1,125.5
Operating cash flow 313.9
492.6 359.5
Free Cash Flow 1) 101.2
181.9 631.6

1) Cash flow from operational activities less net capital expenditures, extraordinary items and dividends paid

Figures per Ordinary Share

2002 2001 2000
Number of issued ordinary shares ('000) at December 31 109,459
108,155 107,170
Market value at year end (in EUR millions) 755
2,271 2,545
Data in EUR per ordinary share:
Ordinary cash flow 1) 2.07
2.77 2.72
Ordinary profits after taxes 1.19
1.86 2.08
Ordinary profit after taxes before amortisation of goodwill 1.51
2.20 2.18
Dividend 0.33
0.77 0.76

Market price at year end 6.90
21.00 23.75
Highest price (12 months) 26.80
26.41 32.93
Lowest price (12 months) 6.08
10.50 15.75

1) Ordinary profit after taxes plus depreciation and amortisation

2002 2001 2000
In EUR millions
Net Sales 8,343.5
8,835.7 8,212.4
Gross Profit 1,721.4
1,871.5 1,729.6
Gross Profit as a percentage of net sales 20.6%
21.2% 21.1%
EBITA 266.1
373.0 352.8
EBITA as a percentage of net sales 3.2%
4.2% 4.3%
Ordinary profit after taxes before amortisation of goodwill 166.7
239.1 234.8
Ordinary profit after taxes before amortisation of goodwill as a percentage of net sales 2.0%
2.7% 2.9%
Average number of employees 23,029
24,314 21,101

Performance per division

Professional Products & Services 2002 2001 2000
In EUR millions
Net Sales 5,876.2
6,195.5 4,911.7
EBITA 199.6
300.7 244.5
EBITA as a percentage of net sales 3.4%
4.9% 5.0%
Average net working capital as a percentage of net sales 18.1%
16.9% 16.6%

Information Technology Products & Services 2002 2001 2000
In EUR millions
Net Sales 1,647.3
1,737.8 2,003.3
EBITA 31.2
26.6 29.0
EBITA as a percentage of net sales 1.9%
1.5% 1.4%
Average net working capital as a percentage of net sales 6.5%
9.1% 11.4%

Agencies / Consumer Electronics
2002 2001 2000
In EUR millions
Net Sales 819.9
902.4 1,297.4
EBITA 66.3
79.0 99.6
EBITA as a percentage of net sales 8.1%
8.8% 7.7%
Average net working capital as a percentage of net sales 19.7%
21.3% 18.8%

Geographical segmentation of sales

2002 2001 2000
In EUR millions
Europe 4,030.0
4,244.1 4,376.4
Asia-Pacific 2,617.2
2,667.6 2,481.1
North & South America 1,696.3
1,924.0 1,354.9

Group Balance sheet & Cash flow

2002 2001 2000
In EUR millions
Total assets at December 31 3,302.1
3,719.5 3,566.4
Shareholders equity at December 31 928.6
999.2 891.2
Shareholders equity as a percentage of total assets 28.1%
26.9% 25.0%
Net working capital at December 31 1,095.7
1,252.8 1,273.2
Net interest bearing debt at December 31 1,040.4
1,208.3 1,125.5
Operating cash flow 313.9
492.6 359.5
Free Cash Flow 1) 101.2
181.9 631.6

1) Cash flow from operational activities less net capital expenditures, extraordinary items and dividends paid

Figures per Ordinary Share

2002 2001 2000

Number of issued ordinary shares ('000) at December 31 109,459
108,155 107,170
Market value at year end (in EUR millions) 755
2,271 2,545
Data in EUR per ordinary share:
Ordinary cash flow 1) 2.07
2.77 2.72
Ordinary profits after taxes 1.19
1.86 2.08
Ordinary profit after taxes before amortisation of goodwill 1.51
2.20 2.18
Dividend 0.33
0.77 0.76

Market price at year end 6.90
21.00 23.75
Highest price (12 months) 26.80
26.41 32.93
Lowest price (12 months) 6.08
10.50 15.75

1) Ordinary profit after taxes plus depreciation and amortisation

Ora bem, cá vai...

Como já tinha referido anteriormente numa analise superficial semelhante, o que mais de interessante tem o título é a possibilidade de um fundo arredondado e o volume que se verificou na sua base.

No entanto, isto não é suficiente para ter uma opinião muito optimista num título que me parece extremamente volátil. Acresce ainda que, tal como também já tinha referido, não vejo grandes suportes «de fiar» a não ser mesmo os mínimos (que julgo ser históricos) nos 1.25...

Sem pretender dar qualquer conselho, a tomar uma posição aqui nestes niveis sería uma posição bastante pequena e aguardaría para reforçar apenas quando o papel realizasse novos máximos (ou seja, quando quebrasse em alta a zona dos 2.25-2.50, que me parece agora a zona de resistência mais relevante).

A tomada de uma pequena posição agora podería ser justificada pela ligeira tendência ascendente de curto/médio-prazo e pela referida possibilidade de fundo arredondado. No entanto, dadas as características do título e a incerteza do padrão, não vejo razões (nem segurança) para tomar posições importantes. Trata-se obviamente apenas de uma opinião e não pretendo dar qualquer conselho.

A minha opinião, com base no gráfico, é portanto de momento moderadamente optimista.

Não tinha dado conta deste post que penso que era dirigido a mim...

Não sigo a HAGN mas vou espreitar e dar uma opinião superficial.

Viva ...

Alguem pode ajudar nesta questão ?

Um abraço

Boas Marco

Seria possivel, por favor, uma analise a HAGEMEYER (HAGN) do indice AEX ?
Quando é que esta menina paga dividendos e qual a data de entrada para acesso a eles ?
Estou dentro desde ontem ( 14/4 ) a 1,80€

Obrigado