Diskus Werke


€162.6m market cap

€16.8 last close

Diskus Werke is an archetypal Mittelstand systems provider with extremely strong market positions in the sub-segments within which it operates. The company is organised around three business units; Machine Tools & Automation, Tools & Components, and Production.

Investment summary

Diskus Werke has accompanied predictably solid H1 results (PBT up 5%) with lowered 2018 PBT guidance, now expected to be up 3% at €14m, suggesting a flat H2. While half-yearly divisional performance is not disclosed, this shortfall is attributed mainly to the expected turnaround of longstanding loss-making subsidiaries rather than core demand (June 2018 order book up 15% y-o-y with H1 book/bill ratio of 1.09 vs 0.95 y-o-y). Finances remain sound (debt/equity ratio 51%) despite much higher net debt, driven by working capital needs and continued strong investment.

Share price graph
Price performance
Actual 0.6 (1.8) (6.1)
Relative* (4.3) (0.4) 2.7
52-week high/low €17.9/€16.5
*% relative to local index
Key management
Axel Loehr CFO