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Colfax Howden reports solid 2017 and expects APC growth in Africa due to 2020 emission limits

Howden Holdings is a South African based subsidiary of Colfax. Its main business activities are the design, manufacture and marketing of specialised air and gas-handling solutions for a wide range of industries including power generation, petrochemical, mining, iron and steel, cement, water treatment and general industry. 2017 sales were R1,743 million and operating profit was R316 million. 76% of revenue is fans and heat exchangers and 18% is gas cleaning systems. There are opportunities for Howden Projects in air pollution control, as companies are under pressure to align with 2020 emissions limits.

Revision Date:  1/15/2019

Tags:  331111 - Iron and Steel Mills , 221112 - Fossil Fuel 化石燃料, 221118 - Other Electric Power , 327310 - Cement Manufacturing 水泥生产, Colfax Howden, Fan, Heat Exchanger

Colfax predicts growth for its gas handling group but is likely to sell it

Air & Gas Handling markets are improving. Margin momentum will provide healthy profit growth for the Air & Gas Handling systems however, a strategic options review is underway. Goldman Sachs & Barclays are leading the efforts. Order growth of 3-7% is anticipated with operating margins growing from 9 to 11-12%. Mining orders are up which is attributable to the solutions strategy. After Colfax announced that it has agreed to purchase DJO Global Inc. for $3.15B and noted that it is exploring strategic options for the Air & Gas Handling business, Stifel analyst Nathan Jones said he views a sale of the latter business as highly likely in 2019. He sees the acquisition price for DJO Global as "reasonable," Jones added. Assuming Colfax sells the Air & Gas Handling business debt free and receives cash proceeds of $1.05B, and based on the purchase price of DJO and a peer valuation for the welding business, he updated his price target on Colfax shares to $32 from $40.

Revision Date:  1/15/2019

Tags:  Colfax Howden, Fan, Heat Exchanger