Trelleborg

Efter en rekyl så ser ju Trelleborg återigen intressant ut. I en minusräntemiljö så hade jag önskat mig förvärv, om det nu går att hitta rimliga affärer. Står sig kvartalsvinsten (ggr 4) så är man nere på p/e 13.

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Second quarter
Net sales for the second quarter of 2015 increased by 14 percent (2) to SEK 6,531 M (5,726). Sales were the Group’s highest to date for a single quarter. Organic sales declined by 1 percent (decline: 1). Effects of structural changes made a positive contribution of 4 percent (0), while the effects of exchange rate movements were a positive 11 percent (pos: 3).

Operating profit, excluding the participation in TrelleborgVibracoustic and items affecting comparability, rose 10 percent to SEK 883 M (802), equivalent to an operating margin of 13.5 percent (14.0). The operating profit was the Group’s highest to date for a single quarter.

Items affecting comparability for the quarter amounted to an expense of SEK 23 M (expense: 99), which was fully attributable to previously announced restructuring programs.

Operating profit in the quarter for TrelleborgVibracoustic, excluding items affecting comparability, increased 20 percent and amounted to EUR 47.3 M (39.5). This corresponded to an operating margin of 9.6 percent (8.9). Both operating profit and margin were the highest to date for the company for a single quarter.

Trelleborg’s participation in TrelleborgVibracoustic’s profit amounted to SEK 137 M after tax (29). Items affecting comparability amounted to an expense of SEK 28 M (expense: 126) and is in line with communicated full-year levels.

Earnings per share rose 43 percent to SEK 2.78 (1.95).

The operating cash flow was SEK 603 M (539).

Veckodiagram som bl.a. visar att primärtrenden är fortsatt uppåtriktad. Man kan också se att det finns stöd vid ca 145 kr där rekylen tycks ha bottnat.