Original-Research: Greiffenberger AG - von GBC AG
Einstufung von GBC AG zu Greiffenberger AG
Unternehmen: Greiffenberger AG ISIN: DE0005897300
Anlass der Studie: Research Report Anno) Empfehlung: BUY Kursziel: 7.10 EUR Kursziel auf Sicht von: FY2016 Letzte Ratingänderung: - Analyst: Felix Gode, Dominik Gerbing
* Improvement and optimisation of the production processes and procedures were notable aspects of the past financial year 2014 for all divisions of Greiffenberger AG. In addition, the focus was on enhancing the value added and increasing product quality as well as expanding the product portfolio and the associated expansion of the market position.
* Commissioning of the new plant in Lublin, Poland within the subgroup ABM (drive technology division) was successfully completed in 2014 and production was brought on stream successfully.
* As a result of a weak second and third quarter and heterogeneous ordering behaviour of customers in the largest division, drive technology, the group recorded a fall in revenues of 1.9% to EUR152.23 million (previous year: EUR155.24 million).
* At the same time, there was an increase in revenues in 2014 both in the metal band saw blades & precision strip steel division (Eberle) as well as in the pipeline renovation technology division (BKP).
* In terms of earnings, an increase in staff, caused in particular by the new plant in Poland, as well as a quantitative framework focused on growth, led to a fall in EBIT from EUR6.03 million to EUR2.41 million. A positive EBIT was achieved in all segments.
* As a result of the expanded and improved product portfolio, intensified sales activities and expected catch-up effects, renewed growth is to be expected for the financial year 2015. Based on our estimate, the increase in sales in 2015 should be 4.6%, resulting in revenues of EUR159.20 million. The growth will be driven by all divisions, although the drive technology division will contribute the largest part.
* In terms of earnings, a significantly lower CAPEX is to be expected after the inten-sive investment activities of the past years, and a significant improvement in earnings is to be expected as a result of the swung-in state of the plant in Lublin, the correspondingly enhanced value added and optimised processes. Based on our estimates, we assume that there will be an EBIT of EUR4.16 million and an EBIT margin of 2.6%.
* According to our estimates, we expect there to be continued improvement of the relevant figures in the following year of 2016 both in terms of sales and earnings.
* An improvement in sales and, in particular, the earnings situation, should begin to be evident in 2015 after the extensive improvement and expansion measures taken in 2014. Based on our estimates, we have maintained our pre-vious target price for Greiffenberger AG of EUR7.10, which at the current stock price offers a significant potential for improvement. Accordingly, we continue to award a BUY rating to the Greiffenberger AG share.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/12865.pdf
Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++
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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
ISIN DE0005897300
AXC0304 2015-04-30/15:16