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1 Under-appreciated operating leverage; up to Buy Summary: After better-than-expected 2013 results and following a roadshow with management, we increase our EPS estimates by 11% and 16% for 2014/15E respectively, roll out valuation to 2015E and increase our DCF-based price target to EUR44. 20% upside potential, a dividend yield of above 5% and an 11x cash adjusted PER 2015E for 11% EPS CAGR E point out to undemanding valuation and support our upgrade to Buy. Strong margin expansion in 2013: Leifheit reported weaker-thanguided top-line growth of 1% versus expectations at the lower end of 2-4% sales growth. However, reported EBIT has improved significantly with a 15% yoy increase to EUR14.9m and a 1ppt margin expansion to 6.8%. We note, however, that this includes FX losses and that recurring EBIT has increased by 30% with a 1.8ppt margin expansion. Gross margin expansion of 1.2ppt to 44.9% on the back of improved product mix and cost control as well as divestment of lowmargin Dr Oetker business all contributed to EBIT margin expansion in Short- and mid-term guidance: 2014 guidance is for stable sales and EBIT, with a 1-3% increase in Brand business and a slight decrease in the Volume division. However, management reiterated its guidance of EUR250m of sales and an 8% EBIT margin by 2016E. This implies a more than 6% sales CAGR E, which is too ambitious in our view, while we expect the company to reach the targeted 8% EBIT margin earlier than guided (2014E: 7.9%). Operating leverage to drive further margin expansion: Over the last 3-4 years, the company has refocused on its core product range and has streamlined its cost base. Thus incremental sales are set to come with a 20% EBIT margin and be the key driver behind further margin expansion. Thus while we are below 2015E guidance of EUR250m of sales (our estimate: EUR242m), we expect a 9% EBIT margin (+1ppt ahead of guidance). Valuation: A strong balance sheet with 25% of market cap in net cash, a dividend yield approaching 6% and a 11x cash adjusted PER underlines attractive valuation. Y/E , EUR m E 2015E 2016E Sales EBITDA EBIT Net profit Y/E net debt (net cash) EPS (reported) EPS (recurring) CPS DPS Gross margin 42.3% 43.0% 43.6% 44.9% 45.7% 46.1% 46.4% EBITDA margin 7.9% 9.5% 9.4% 10.7% 10.6% 11.1% 11.5% EBIT margin 4.0% 6.4% 6.5% 7.6% 7.9% 8.4% 9.0% Dividend yield 18.2% 6.6% 6.1% 4.6% 4.8% 5.7% 6.3% ROCE 5.5% 9.5% 9.4% 10.5% 10.7% 11.7% 14.7% EV/sales EV/EBITDA EV/EBIT P/E Cash flow RoEV 4.7% 6.4% 5.5% 6.8% 7.2% 8.1% 9.1% Source: Company data, Berenberg. Note 2012 includes terminated licence agreement with Dr Oetker, EBIT includes positive one-offs of EUR2.5m in 2011 and EUR 1.2m in 2012; EBIT before FX gain/losses Buy Current price EUR Price target EUR /04/2014 XETRA Close Market cap EUR 171 m Reuters LEIG.DE Bloomberg LEI GY Changes made in this note Rating Buy (Hold) Price target EUR (33.00) Chg 2014E 2015E 2016E old Δ% old Δ% old Δ% Sales EBIT EPS Source: Berenberg estimates Share data Shares outstanding (m) 5 Enterprise value (EUR m) 176 Daily trading volume 2,191 Performance data High 52 weeks (EUR) 37 Low 52 weeks (EUR) 26 Relative performance to SXXP SDAX 1 month 0.5 % 2.0 % 3 months 9.2 % 7.5 % 12 months % % Key data Price/book value 1.8 Net gearing -53.6% CAGR sales % CAGR EPS % Business activities: A manufacturer of household products in four segments: Laundry Care (40% of sales), Cleaning (22%), Wellbeing (14%) and Kitchen Goods (24%) Non-institutional shareholders: Home Beteiligungen: 55.3% MKV Verwaltungs: 10.0% Joachim Loh: 6.6% Leifheit: 5.0% 7 April 2014 Anna Patrice, CFA Analyst

2 Roadshow feedback During our roadshow with management (CEO Thomas Radke and CFO Dr Claus- O Zacharias) investors focus was mainly on 1) the company s business model and its competitive positioning, 2) its growth profile and margin expansion, 3) the shareholder structure, and 4) the strong balance sheet and use of cash. Business model Leifheit operates with two divisions, Brand (80% of group sales) and Volume (20%). Following the disposals of the Bedroom Furnishing, Ladder and Bin businesses, and recently the termination by Leifheit of the Dr Oetker licence agreement, the company is now focused on its two primary brands Leifheit and Soehnle within the Brand division (the company growth driver). The Volume division is the cash cow. The Volume business stands out with high profitability (EBIT margins of 8.6% in 2012) ahead of the Brand business. The main reason for this is the very lean structure of the French subsidiaries (which are concentrated on key accounts in France and Spain) and thus the high market share and economies of scale, resulting in good profitability at this private label business. However, there is no growth potential in this business, as expansion outside the home market will lead to higher competition, require investments in capex and opex and therefore bring in lower returns. This thus remains the Leifheit cash cow, while the Brand division is the key growth driver. Leifheit operates in the niche markets of household care, which is characterised by high fragmentation at international level, significant penetration of private labels and client concentration. Leifheit stands out against this backdrop with its tight focus on the niche sub-segments of durable consumer goods, and, as a result, its ability to satisfy both the end-consumer and customer base (ie distribution channels), thanks to: brands that stand for quality and innovation the company has strong brand recognition in its home market, and engenders a high level of consumer satisfaction for high-quality (durable) and easy-to-use products, while outside the home market it leverages on its German origins which inspire a quality perception by consumers; leading market positions in Germany and Europe it is number one in laundry care and wellbeing, and number two in cleaning (number two in Germany and number four in Europe); an increasingly competitive cost structure it has an integrated business model with 50% production in-house, and thus offers flexibility to cope with end-consumer demand; this has been further strengthened since the new management team s arrival with improved efficiencies across key areas such as production, the supply chain and working capital management. This competitive quality is evident in Leifheit s returns (ROIC), which are better than those of its larger peers (Helen of Troy, Jarden) which are conglomerates with only part of their business in the same areas as Leifheit. Larger peers in the small domestic appliance sector (SEBS SA) have better returns, although we believe this is also sector-specific, with higher market growth, stronger brand appeal and company size all playing a role. However, with increasing sales and further 2

3 operating margin in % Leifheit AG efficiency improvements, Leifheit targets margin expansion from the current 6% to 8% in the mid-term (our estimate: 9%); ROIC should also be enhanced to meet the level of its peers in the SDA segment. ROIC: Leifheit versus peers 16% ROIC (%) 14% 12% 10% Helen of Troy SEB Leifheit target 8% Jarden Leifheit 6% WMF 4% Villeroy& Boch 2% 0% 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x capital turnover Source: Berenberg estimates, Bloomberg, Leifheit, Note: ROIC before tax Growth profile and margin expansion Focus on sales growth acceleration set to lead to a 3% sales CAGR E Leifheit operates in mature countries, with western Europe accounting for more than 80% of group sales as of 2013, of which Germany accounts for 42% of group sales and an even higher share of Brand division sales at 50%. The charts below illustrate the split of the Brand division the key growth driver for the future by categories and regions. Management is likely to focus on further expansion of the core categories cleaning and laundry care in which it has a dominant market position. In terms of geographical expansion, the main focus will be on the DACH region (Germany, Austria, Switzerland) as well as specific European countries (the Netherlands, Belgium, France, Spain/Portugal, Italy, the Czech Republic and Slovakia, Poland, Scandinavia, Russia (only the major cities) and Turkey (starting in 2014)). Brand division sales split by regions, 2013 Brand division sales split by category, 2013 Eastern Europe 10% Rest 5% Wellbeing 17% Cleaning 31% Germany 50% Kitchen 10% Central Europe 35% Laundry Care 42% Source: Leifheit 3

4 New CEO Thomas Radke, who joined the company at the beginning of 2014, has the required experience 1 to support the sales growth targets, in our view, and his appointment marks a positive change in the management board following the departure in May 2013 of the previous CEO, Georg Thaller. Improving top-line growth towards management s targets of 3-5% per year is set to be supported by the following. Further penetration of the distribution channels in DACH, as even in Germany the company still has white spots, according to management (an improving presence at OBI and Edeka, among others), as well as a further focus on PoS (point of sales): The Project PoS Excellence targeted at PoS was presented at Ambiante Fair in February 2013 and has attracted much interest from the company s trade partners, with more than 100 test projects requested since. As the company has extensive experience in the laundry and cleaning segment and the scales segment, it offers support to retailers, helping them organise the space allocated in the shop to the products in this segment and increase sales density. As such, the company benefits from holding a prime position on stores shelves, while retailers benefit from the premiumisation trend and thus increased sales density. Management states that there was an average increase of 50% in these retail presentation areas of more than 70 installed PoS and it plans to open 50 more PoS in shops in Increased penetration and listing in core countries outside Germany: ie the Netherlands, Belgium, France, Spain/Portugal, Italy, the Czech Republic and Slovakia, Poland, Scandinavia, Russia (only in the major cities) and Turkey). Changing sales, marketing structure, focus on R&D: The company is aiming for a stricter focus on the consumer, via market research, and using this to inspire new product launches; increased collaboration with external R&D partners is aimed at improving innovation and, it is hoped, will lead to one new blockbuster product every other year. The window vacuum cleaner[pls confirm] is a good example of this approach work with an external partner has led to a innovative product with annualised sales approaching 5% of group turnover since its launch in spring Changes at mid-management level are ongoing to support the implementation of the company s new structure and culture, with a focus on more efficient sales-accounts-driven growth to further penetrate existing core markets. We believe that new initiatives are set to support management s indications of 3-5% sales growth, and further support is set to come from the improving macro environment and consumer sentiment. That said, 2014E is likely to be a transitional year; while most of the measures will be implemented, results will only be evident after a time lag, most likely from 2015E onwards. 1 Thomas Radke has held management positions in marketing, sales and general management at Carl Zeiss Vision, Procter & Gamble/Wella, Effern/Mars and at Henkel in Spain, China and Germany, and most recently Herlitz AG and Pelikan Holding AG 4

5 Cost optimisation and operating leverage support margin expansion 9% EBIT and 11% EPS CAGR E: Margin improvement is the main growth driver of EPS growth, but it will be diluted slightly by an increasing tax rate from 23% in 2013 to 30% by 2016E. The gross margin is expected to[pls confirm/clarify: who expects this?] improve by c40bp pa for[in?] E, following a 270bp improvement over We expect the gross margin to be supported by: a) a high level of innovation, with 30% of sales coming from new products. These new products should allow cost inflation to be passed on to consumers and enable the company to improve margins with an increasing share of more sophisticated/premium products; b) further cost optimisation measures, including an increasing share of inhouse production of ironing boards; c) a change in pricing policy in the international markets, with the company moving away from the cost-plus strategy and thus increasing the value of the products. Limited/normal investment results in an EBIT margin improvement to 9%, following a more than 1.5ppt expansion in 2013 to 7.7%: Following investments in production plant optimisation in 2012, the company could now generate total sales of up to EUR280m, or 20% additional capacity. The increasing share of automated production at the Czech factory implies limited personnel cost inflation in future. Expansion in emerging markets is predominantly carried out by partners, and thus also implies little required investment. So the cost base remains mostly constant, apart from marketing expenses and the share of distribution expenses, which will grow in line with sales. Therefore, roughly half of operating expenses after COGS are fixed costs and provide operating leverage. Thus additional sales come with roughly 20% EBIT margin compared to group 7.6% EBIT margin as of FY 2013 as illustrated in the chart below. Solid operating leverage with 20% EBIT margin from incremental sales Source: Leifheit 5

6 We expect accelerating sales growth from 2015E onwards and as a result increasing operating leverage and 50-60bp EBIT margin expansion pa in E. Thus our estimates are below company guidance for 2016E of EUR250m in sales (our estimate: EUR242m), but ahead on EBIT with a 9% EBIT margin versus the targeted 8% margin, and 9% ahead of implied EBIT of EUR20m by 2016E (our estimate: EUR21.7m by 2016E). Leifheit, main P&L lines, E Source: Company data, Berenberg estimates Shareholder structure E 2015E 2016E Sales % yoy 2.0% 5.3% -2.1% 1.2% 1.3% 4.0% 4.4% Gross profit % yoy 2.3% 6.9% 2.4% 1.5% 2.5% 4.8% 5.1% as % of sales 42.2% 42.3% 43.0% 45.0% 45.2% 45.7% 46.1% 46.4% bps change Distribution costs yoy 2.1% 1.6% 2.7% -5.4% 2.0% 3.6% 4.0% as % of sales 31.4% 31.5% 30.3% 31.8% 29.8% 30.0% 29.9% 29.8% incl. Marketing G&A yoy -13.4% 16.7% 7.7% -4.9% 2.0% 2.0% 2.0% as % of sales 6.3% 5.4% 6.0% 6.6% 6.2% 6.2% 6.1% 6.0% Other op. income/ expenses yoy % 524.2% 4.2% -84.5% 1.3% 4.0% 4.4% as % of sales -0.8% 0.3% 1.6% 1.7% 0.3% 0.3% 0.3% 0.3% EBIT recurring % yoy 116.7% 40.1% 12.6% 26.9% 3.5% 11.8% 11.2% as % of sales 1.9% 4.0% 5.3% 6.1% 7.7% 7.9% 8.4% 9.0% bps change FX gain/ losses EBIT reported yoy 179.3% 59.5% 1.7% 15.1% 17.0% 11.8% 11.2% as % of sales 1.5% 4.1% 6.3% 6.5% 6.8% 7.9% 8.4% 9.0% bps change Net financial result EBT Taxes Tax rate 32% 3% 1% 23% 23% 28% 29% 30% Net profit % yoy 424.0% -26.0% -22.6% 21.3% 4.9% 19.1% 10.6% CAGR EPS % Leifheit has a limited liquidity with a 2,000-share average trading volume (100-day average). While last year there were expectations about a potential sale to a strategic investor or placement of the Home Beteiligungen and MKV Verwaltung stakes (55% and 10% respectively), these never materialised. For the time being, management has no visibility on possible changes in shareholder structure and does not comment on these. 6

7 Shareholder structure Source: Bloomberg Leifheit, 5% Free float, 23% Joachim Loh, 7% MKV Verwaltungs, 10% Home Beteiligungen, 55% Strong balance sheet and use of cash Leifheit stands out with net cash balance sheet: Its EUR48m net cash position accounts for 26% of the current market cap. The company has a generous dividend policy and a c.75% dividend pay-out. Moreover, as Leifheit has carried out significant capex investment in the past and has 20% spare capacity, there is little need to invest in the near to mid-term. Thus the company is set to generate more than EUR10m of free cash flow pa with a more than 6% FCF yield. We expect a stable dividend pay-out and an increasing dividend, with a dividend yield approaching 6% by 2016E. However, management is now focusing on growth and this implies both organic and external opportunities. Following the restructuring, cost optimisation and portfolio streamlining over the last five years, the company is in a position now to search more vigorously for possible M&A targets. Its focus is on Leifheit core areas: laundry and cleaning categories, a strong trademark that will enable market entries or market expansion in the company s targeted markets (Germany and neighbouring countries). The charts below demonstrate the market share split in cleaning and laundry care in and outside of Germany and indicate that while some M&A is likely in the cleaning category both in and outside Germany, in laundry care this appears possible only outside Germany. Cleaning category: market share in Germany Leifheit 9% Vileda 12% Cleaning category: market share in Europe ex- Germany Private labels 32% Leifheit 6% Vileda 20% Private labels 50% Others 15% Spontex 7% Swiffer 7% Others 22% Spontex 8% Swiffer 12% Source: Company data Laundry care category: market share in Germany Laundry care category: market share in Europe ex-germany 7

8 Private labels 30% Leifheit 47% Private labels 45% Leifheit 18% Vileda 5% Others 15% Source: Company data Gimi 4% Vileda 4% Gimi 12% Others 20% Limited information was given by management regarding how much the company is willing to pay. Given that it is not interested in restructuring cases and is looking for a strong brand, EV/EBIT multiples up to 13x can be expected, although we note that in the past Leifheit paid 9.5x EV/EBIT for a 16% EBIT margin business when it acquired its stake in Herby Industrie in

9 Changes Leifheit AG Estimates and valuation Following worse-than-expected sales but a much better-than-anticipated FY 2013 EBIT margin thanks to gross margin expansion as well as cost optimisation, we increase our E EBIT by 17% and 16% respectively, although we reduce our sales assumptions. We slightly increase the tax rate by 1-2ppt in E and thus our EPS increase is at 11% for 2014E and 16% for 2015E, slightly below the EBIT increase for these respective years. New versus old estimates, E Change of estimates Source: Berenberg estimates Following the change in estimates, we are 8% ahead of consensus EPS for 2014E and 7% ahead for 2015E, although we are more or less in line with consensus 2016E estimates. That said, there are only two brokers following the stock and thus consensus is not representative in our view. Consensus versus Berenberg estimates Source: Berenberg estimates Valuation old new Δ old new Δ old new Δ Sales % % % EBIT % % % EPS % % % FY Berenberg Last fiscal year Current Y Next fiscal year Next fiscal year +1 Sales yoy 0.7% 4.0% 4.4% EBIT yoy 3.5% 11.8% 11.2% as % of sales 7.6% 7.9% 8.4% 9.0% Net income EPS yoy 4.9% 19.1% 10.6% Consensus Last fiscal year Current Y Next fiscal year Next fiscal year +1 Sales yoy 0.9% 4.3% 5.4% EBIT yoy -7.9% 18.3% 17.4% as % of sales 7.6% 7.0% 7.9% 8.8% Net income EPS yoy -2.7% 20.0% 16.5% Diff. vs. consensus Last fiscal year Current Y Next fiscal year Next fiscal year +1 Sales -0.3% -0.5% -1.4% EBIT 12.3% 6.2% 0.5% Net income 7.8% 6.9% 1.6% EPS 7.8% 7.0% 1.5% We roll over valuation to 2015E and our CFRoEV-based price target increases to EUR44.0 also due to increased estimates. The 20% upside potential underpins our Buy recommendation. 9

10 CFRoEV valuation Leifheit AG Fair value = (cash flow return / hurdle rate) = (adj. EBIT after taxes / hurdle rate) Business year end: EBIT Depreciation of fixed assets Amortisation / Impairment of goodwill Amortisation of intangible assets Maintenance capex = Adjusted EBIT Taxes (normalised tax rate) Minorities = Adjusted cash flow after tax Hurdle rate 7.7% 7.7% 7.7% = Fair EV Net debt (cash) Pension provisions Accumulated dividends outstanding = Fair market capitalization Number of shares (million) Fair value per share (EUR) Current value per share premium (-) / discount (+) in % 2% 20% 28% Source: Berenberg estimates DCF yields fair value of EUR44 per share and further supports our Buy rating. Our DCF model is based on the following assumptions: a 2.5% terminal growth rate; a final EBIT margin of 8.5%, as incremental sales comes with 20% EBIT margin and thus set to support margin expansion beyond 8% EBIT margin targeted in the mid-term target; a 9% WACC based on a 6% risk premium, a 3% risk-free rate and a 1.0 beta. WACC looks high, but this is due to a cash-positive balance sheet. These assumptions are not aggressive, in our view, as the terminal value accounts for 57% of the total value. 10

11 Beta WACC Leifheit AG DCF method DCF model Leifheit (EURm) Operating profit (NOPAT) Change working capital Depreciation Investments Net cash flow Present value WACC 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 10.0% DCF per share derived from WACC derived from Terminal value Long-term growth rate 2.5% Total present value 214 Interest costs, pre-tax 6.0% thereof terminal value: 57% Tax rate 28.0% Net debt at year start -48 Interest costs, after taxes 4.3% Investments, minorities & others -55 Required ROE 9.0% Equity value 208 Risk premium 6.0% No. of outstanding shares 4.8 Risk-free (10y. bond) 3.0% Discounted cash flow per share 43.7 Beta 1.0 Fair value per share in EUR Source: Berenberg estimates Sensitivity analysis DCF Long-term growth rate 1.5% 2.0% 2.5% 3.0% 3.5% % % % % % Strong balance sheet, with 25% of market cap in cash We would like to highlight the company s very strong balance sheet, with EUR48m of net cash as of We expect this to increase to EUR55m by FY 2016E, or c30% of the market cap. This leads to: a) an attractive dividend yield of 5%; and b) inflated multiples versus peers. Shareholder-friendly dividend policy The company follows a shareholder-friendly dividend policy, with a more than 50% dividend pay-out in the past and a bonus dividend payment following the disposal of non-core activities. With 1) a cash-positive balance sheet (EUR48m as of 2013), 2) limited capex investments looking forward (capacity at the Czech plant was already increased by 20% in 2012) and 3) solid cash flow generation, the dividend policy looks sustainable. Multiples adjusted for cash look more reasonable The company trades at a discount to the peer group on EV/EBITDA multiples of 25%, but at a 25% premium on PER. However, if we adjust PER for cash, Leifheit is trading at a 10% discount to its peers. On the one hand, to some extent the discount is justified given the company s market cap size, free float and liquidity. On the other, Leifheit stands out with the best returns of its peer group: ie, ROIC of 13% versus the peer average of less than 9%, a strong balance sheet and a solid 11% EPS CAGR E. 11

12 Peer group comparison Name Market cap EV Source: Datastream EV/Sales EV/EBITDA PER FY1 FY2 FY3 FY1 FY2 FY3 FY1 FY2 FY3 SEB 3,182 3, JARDEN 7,882 11, HELEN OF TROY 2,219 2, MCBRIDE VILLEROY & BOCH DE LONGHI 2,395 2, Median Average LEIFHEIT Premium/ Discount -27% -25% -23% -1% -5% -18% 18% 13% 4% Name Sales EBITDA margin EBIT margin 3Y CAGR ROIC FY1 FY2 FY3 FY1 FY2 FY3 FY1 FY2 FY3 Sales EPS SEB 4,228 4,436 4, % 11.5% 12.1% 8.3% 8.8% 9.0% 3.5% 8.2% 9.4% JARDEN 8,126 8, % 14.7% 11.9% 12.5% 6.3% 32.7% 6.9% HELEN OF TROY 1,316 1, % 15.7% 11.3% 12.9% 2.0% 3.1% 10.5% MCBRIDE % 6.6% 6.9% 3.0% 3.5% 3.8% 2.0% 0.0% 5.0% VILLEROY & BOCH % 9.9% 10.4% 6.4% 6.3% 6.7% 3.8% 29.5% 7.6% DE LONGHI 1,739 1,879 2, % 15.2% 15.6% 12.1% 12.6% 13.3% 7.4% 15.5% 13.0% Median 12.6% 13.1% 11.2% 9.8% 10.6% 7.8% 3.7% 11.9% 8.5% Average 11.7% 12.3% 11.2% 8.8% 9.4% 8.2% 4.2% 14.8% 8.7% LEIFHEIT % 10.7% 13.1% 6.8% 7.6% 8.8% 1.4% 10.6% 12.7% Premium/ Discount -23% -18% 17% -31% -28% 13% -62% -11% 49% 12

13 Financials Profit and loss account Year-end December (EUR m) E 2015E 2016E Sales Cost of sales Gross profit Sales and marketing General and administration Research and development Other operating income Other operating expenses Unusual or infrequent items EBITDA Depreciation EBITA Amortisation of goodwill Amortisation of intangible assets Impairment charges EBIT Interest income Interest expenses Other financial result Financial result Income on ordinary activities before taxes Extraordinary income/loss EBT Taxes Net income from continuing operations Income from discontinued operations (net of tax) Net income Minority interest Net income (net of minority interest) Source: Company data, Berenberg estimates 13

14 Balance sheet Year-end December (EUR m) E 2015E 2016E Intangible assets Property, plant and equipment Financial assets Fixed Assets Inventories Accounts receivable Other current assets Liquid assets Deferred taxes Other accruals Current Assets TOTAL Shareholders' equity Minority interest Long-term debt Pensions provisions Other provisions Non-current liabilities Short-term debt Accounts payable Advance payments Other liabilities Deferred taxes Other accruals Current liabilities TOTAL Source: Company data, Berenberg estimates 14

15 Cash flow statement EUR m E 2015E 2016E Net profit/loss Depreciation of fixed assets Amortisation of goodwill Amortisation of intangible assets Other Cash flow from operations before changes in w/c Change in inventory Change in accounts receivable Change in accounts payable Change in other working capital positions Change in working capital Cash flow from operating activities Maintenance capex Cash flow from operating activities after maintenance Capex, excluding maintenance Payments for acquisitions Financial investments Income from asset disposals Cash flow from investing activities Cash flow before financing Increase/decrease in debt position Purchase of own shares Capital measures Dividends paid Others Effects of exchange rate changes on cash Cash flow from financing activities Increase/decrease in liquid assets Liquid assets at end of period Source: Company data, Berenberg estimates 15

16 Growth rates yoy (%) E 2015E 2016E Sales 2.0 % 5.3 % 0.9 % -1.5 % 0.7 % 4.0 % 4.4 % Organic 2.0 % 5.3 % 0.9 % 4.2 % 1.3 % 4.0 % 4.4 % External 0.0 % 0.0 % 0.0 % -5.7 % -0.6 % 0.0 % 0.0 % EBITDA 28.4 % 26.7 % 0.2 % 12.0 % -0.3 % 8.7 % 8.5 % EBIT 69.2 % 47.5 % 0.9 % 14.1 % 2.3 % 11.1 % 10.5 % Net income % % % 9.3 % 4.9 % 19.1 % 10.5 % EPS reported % % % 9.3 % 4.9 % 19.1 % 10.6 % EPS recurring n.a % % 21.3 % 4.9 % 19.1 % 10.6 % Source: Company data, Berenberg estimates Regional sales Regional Sales (EUR m) E 2015E 2016E Domestic Rest of Europe NAFTA Asia Pacific Rest of World TTL Regional sales shares Domestic 42.2% 43.5% 42.6% 42.4% 41.5% 41.0% 40.5% Rest of Europe 51.1% 50.0% 51.9% 52.5% 52.9% 53.3% 53.7% NAFTA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Asia Pacific 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Rest of world 6.7% 6.5% 5.5% 5.1% 5.6% 5.7% 5.8% TTL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Source: Company data, Berenberg estimates 16

17 Ratios Ratios E 2015E 2016E Asset utilisation efficiency Capital employed turnover Operating assets turnover Plant turnover Inventory turnover (sales/inventory) Operational efficiency Operating return 17.4% 21.3% 19.1% 23.2% 23.3% 24.8% 26.1% Total operating costs / sales 38.3% 36.5% 37.1% 37.3% 37.9% 37.6% 37.4% Sales per employee EBITDA per employee EBIT margin 4.0% 6.4% 6.5% 7.6% 7.9% 8.4% 9.0% Return on capital EBIT/ Y/E capital employed 5.6% 9.6% 9.1% 10.4% 10.6% 11.6% 17.0% EBIT / avg. capital employed 5.5% 9.5% 9.4% 10.5% 10.7% 11.7% 14.7% EBITDA/ Y/E capital employed 11.0% 14.1% 13.3% 14.6% 14.3% 15.3% 21.9% EBITDA / avg. capital employed 10.9% 14.0% 13.7% 14.7% 14.4% 15.4% 18.8% Return on equity Net profit / Y/E equity 16.1% 12.2% 10.1% 10.8% 11.0% 12.7% 24.2% Recurring net profit / Y/E equity 5.3% 9.7% 9.1% 10.8% 11.0% 12.7% 24.2% Net profit / avg. equity 16.2% 12.1% 9.8% 10.9% 11.2% 12.9% 17.8% Recurring net profit / avg. equity 5.3% 9.6% 8.8% 10.9% 11.2% 12.9% 17.8% Security Net debt (if net cash=0) Debt / equity 0.9% 0.6% 0.4% 2.6% 2.5% 2.5% 4.2% Net gearing -25.1% -29.3% -36.0% -51.2% -53.6% -54.2% -96.8% Interest cover EBITDA / interest paid Altman's z-score Dividend payout ratio 87% 51% 76% 77% 77% 77% 77% Liquidity Current ratio Acid test ratio Free cash flow Funds management Avg. working capital / sales 34.0% 27.9% 30.3% 31.4% 29.8% 29.0% 28.8% Cash flow / sales 3.8% 5.1% 4.7% 5.6% 5.7% 6.1% 6.5% Free cash flow/sales 2.7% 3.3% -0.7% 8.8% 5.2% 4.5% 4.9% Inventory processing period (days) Receivables collection period (days) Payables payment period (days) Cash conversion cycle (days) Trade creditors / trade debtors 54.4% 44.5% 37.0% 28.9% 31.1% 31.1% 31.1% Other Interest received / avg. cash 2.4% 3.0% 1.8% 1.1% 1.1% 1.1% 1.1% Interest paid / avg. debt 570% 321% 524% 145% 85% 85% 86% Capex / dep'n 72.2% 82.2% 146.5% 18.2% 100.5% 101.2% 106.6% Cost per employee Capex / sales 3.0% 2.5% 4.3% 0.6% 2.8% 2.7% 2.7% Maint. capex / sales 2.8% 2.3% 2.7% 2.8% 2.5% 2.4% 2.3% Cash flow Cash ROCE 5.2% 7.5% 6.9% 7.6% 7.7% 8.5% 10.6% Free cash flow yield 7.3% 7.7% -1.3% 11.3% 6.8% 6.1% 6.9% Source: Company data, Berenberg estimates 17

18 Contacts: Investment Banking EQUITY RESEARCH Internet AEROSPACE & DEFENCE DIVERSIFIED FINANCIALS METALS Andrew Gollan Pras Jeyanandhan Bjoern Lippe Ben Slingsby AUTOMOTIVES MID CAP GENERAL Adam Hull FOOD MANUFACTURING Robert Chantry Paul Kratz Fintan Ryan Gunnar Cohrs James Targett Sam England BANKS Benjamin May Nick Anderson FOOD RETAIL Anna Patrice James Chappell Andrew Steele Stanislaus von Thurn und Taxis Andrew Lowe Eoin Mullany GENERAL RETAIL & LUXURY GOODS OIL & GAS Eleni Papoula Bassel Choughari Asad Farid Michelle Wilson John Guy Jaideep Pandya Bethany Hocking BEVERAGES Zuzanna Pusz REAL ESTATE Philip Morrisey Kai Klose HEALTHCARE Estelle Weingrod BUSINESS SERVICES, LEISURE & TRANSPORT Scott Bardo Najet El Kassir Alistair Campbell TECHNOLOGY Stuart Gordon Charles Cooper Adnaan Ahmad Simon Mezzanotte Graham Doyle Daud Khan Matthew O'Keeffe Tom Jones Ali Farid Khwaja Josh Puddle Louise Pearson Tammy Qiu Arash Roshan Zamir HOUSEHOLD & PERSONAL CARE TELECOMMUNICATIONS CAPITAL GOODS Bassel Choughari Wassil El Hebil Benjamin Glaeser James Targett Usman Ghazi William Mackie Laura Janssens Margaret Paxton INSURANCE Paul Marsch Alexander Virgo Tom Carstairs Barry Zeitoune Felix Wienen Peter Eliot Kai Mueller TOBACCO CHEMICALS Matthew Preston Erik Bloomquist John Klein Sami Taipalus Kate Kalashnikova Evgenia Molotova Jaideep Pandya MEDIA UTILITIES Robert Berg Andrew Fisher CONSTRUCTION Emma Coulby Mehul Mahatma Barnaby Benedict Laura Janssens Oliver Salvesen Chris Moore Sarah Simon Lawson Steele Robert Muir Michael Watts ECONOMICS Holger Schmieding Christian Schulz Robert Wood EQUITY SALES Internet SPECIALIST SALES SALES SALES BANKS & DIVERSIFIED FINANCIALS LONDON SCANDINAVIA Iro Papadopoulou John von Berenberg-Consbruch Ronald Bernette Toby Flaux Marco Weiss CONSUMER Karl Hancock Rupert Trotter Sean Heath ZURICH James Hipkiss Andrea Ferrari HEALTHCARE David Hogg Stephan Hofer Frazer Hall Zubin Hubner Carsten Kinder Ben Hutton Gianni Lavigna INDUSTRIALS James Matthews James Nettleton Chris Armstrong David Mortlock Benjamin Stillfried Jina Zachrisson Peter Nichols Richard Payman SALES TRADING INSURANCE George Smibert HAMBURG Trevor Moss Anita Surana Paul Dontenwill Paul Walker Sebastian Grünberg MEDIA & TELECOMMUNICATIONS Alexander Woodgate Alexander Heinz Julia Thannheiser Marc Hosthausen BENELUX Gregor Labahn TECHNOLOGY Miel Bakker Chris McKeand Jean Beaubois Susette Mantzel Fin Schaffer Alexander Wace Lars Schwartau UTILITIES Marvin Schweden Benita Barretto FRANKFURT Tim Storm Michael Brauburger Philipp Wiechmann CRM Nina Buechs Laura Cooper André Grosskurth LONDON Greg Swallow Joerg Wenzel Mike Berry Stewart Cook INVESTOR ACCESS PARIS Simon Messman Matthew Chawner Miel Bakker Paul Somers Jennie Jiricny Dalila Farigoule Clémence La Clavière-Peyraud PARIS EVENTS Olivier Thibert Sylvain Granjoux Charlotte Kilby Bertrand Tissier Natalie Meech Charlotte Reeves ELECTRONIC TRADING Sarah Weyman SOVEREIGN WEALTH FUNDS Matthias Führer Hannah Whitehead Max von Doetinchem Julian Winter US SALES Internet BERENBERG CAPITAL MARKETS LLC Member FINRA & SIPC Colin Andrade Kelleigh Faldi Kieran O'Sullivan Cathal Carroll Shawna Giust Jonathan Saxon Burr Clark Andrew Holder Julie Doherty Emily Mouret

19 Please note that the use of this research report is subject to the conditions and restrictions set forth in the General investment-related disclosures and the Legal disclaimer at the end of this document. For analyst certification and remarks regarding foreign investors and country-specific disclosures, please refer to the respective paragraph at the end of this document. Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz WpHG) Company Leifheit AG Disclosures no disclosures (1) Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as the Bank ) and/or its affiliate(s) was Lead Manager or Co-Lead Manager over the previous 12 months of a public offering of this company. (2) The Bank acts as Designated Sponsor for this company. (3) Over the previous 12 months, the Bank and/or its affiliate(s) has effected an agreement with this company for investment banking services or received compensation or a promise to pay from this company for investment banking services. (4) The Bank and/or its affiliate(s) holds 5% or more of the share capital of this company. (5) The Bank holds a trading position in shares of this company. Historical price target and rating changes for Leifheit AG in the last 12 months (full coverage) Date Price target - EUR Rating Initiation of coverage 11 April Hold 11 April April Buy Berenberg distribution of ratings and in proportion to investment banking services Buy % % Sell % 3.33 % Hold % % Valuation basis/rating key The recommendations for companies analysed by Berenberg s Equity Research department are made on an absolute basis for which the following three-step rating key is applicable: Buy: Sell: Sustainable upside potential of more than 15% to the current share price within 12 months; Sustainable downside potential of more than 15% to the current share price within 12 months; Hold: Upside/downside potential regarding the current share price limited; no immediate catalyst visible. NB: During periods of high market, sector, or stock volatility, or in special situations, the recommendation system criteria may be breached temporarily. Competent supervisory authority Bundesanstalt für Finanzdienstleistungsaufsicht -BaFin- (Federal Financial Supervisory Authority), Graurheindorfer Straße 108, Bonn and Marie-Curie-Str , Frankfurt am Main, Germany. 19

20 General investment-related disclosures Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as the Bank ) has made every effort to carefully research all information contained in this financial analysis. The information on which the financial analysis is based has been obtained from sources which we believe to be reliable such as, for example, Thomson Reuters, Bloomberg and the relevant specialised press as well as the company which is the subject of this financial analysis. Only that part of the research note is made available to the issuer (who is the subject of this analysis) which is necessary to properly reconcile with the facts. Should this result in considerable changes a reference is made in the research note. Opinions expressed in this financial analysis are our current opinions as of the issuing date indicated on this document. The companies analysed by the Bank are divided into two groups: those under full coverage (regular updates provided); and those under screening coverage (updates provided as and when required at irregular intervals). The functional job title of the person/s responsible for the recommendations contained in this report is Equity Research Analyst unless otherwise stated on the cover. The following internet link provides further remarks on our financial analyses: Legal disclaimer This document has been prepared by Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as the Bank ). This document does not claim completeness regarding all the information on the stocks, stock markets or developments referred to in it. On no account should the document be regarded as a substitute for the recipient procuring information for himself/herself or exercising his/her own judgements. The document has been produced for information purposes for institutional clients or market professionals. Private customers, into whose possession this document comes, should discuss possible investment decisions with their customer service officer as differing views and opinions may exist with regard to the stocks referred to in this document. This document is not a solicitation or an offer to buy or sell the mentioned stock. The document may include certain descriptions, statements, estimates, and conclusions underlining potential market and company development. These reflect assumptions, which may turn out to be incorrect. The Bank and/or its employees accept no liability whatsoever for any direct or consequential loss or damages of any kind arising out of the use of this document or any part of its content. The Bank and/or its employees may hold, buy or sell positions in any securities mentioned in this document, derivatives thereon or related financial products. The Bank and/or its employees may underwrite issues for any securities mentioned in this document, derivatives thereon or related financial products or seek to perform capital market or underwriting services. Analyst certification I, Anna Patrice, CFA, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of the subject securities or issuers discussed herein. In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction performed by the Bank or its affiliates. Remarks regarding foreign investors The preparation of this document is subject to regulation by German law. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. 20

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