Original-Research: Euromicron AG - von GBC AG
Einstufung von GBC AG zu Euromicron AG
Unternehmen: Euromicron AG ISIN: DE000A1K0300
Anlass der Studie: Research Report (Anno) Empfehlung: BUY Kursziel: EUR 15.50 Kursziel auf Sicht von: FY2016 Letzte Ratingänderung: 18/08/2015 Analyst: Felix Gode, CFA
* In the financial year 2014 euromicron AG showed significant growth of 6.3% to EUR346.34 million. The South segment, and thus the production companies, proved to be particularly dynamic showing an increase of 10.0%. The takeovers of ATECS AG and SIM GmbH had an influence on this and made an inorganic contribution.
* In contrast, in the HY1 2015 sales declined by 1.3 %, which was mainly due to the refraining of low margin revenue, in favor for profitability, as part of the strategic reorientation. The lower sales volume however temporarily put pressure on the earnings side. Also it must be considered that in the HY1 2015 one-off restructuring costs of EUR1.3 million were charged. Adjusted by the one-off effects the EBITDA in the HY1 2015 was EUR3.92 million, with a corresponding EBITDA-margin of 2.5 %.
* Following on the change on the executive board, euromicron AG streamlined its strategy. This involved an increased focus on digitisation and thus on strengthening and expanding the product and solutions business in the medium term. This is expected to increase successively the level of margins as a result of a greater value creation depth and the system critical position in the projects.
* For the financial year 2015 we forecast a flat development of sales, with the expectation that the lower end of the forecast range issued by the executive board of EUR340-360 million will be achieved at EUR341.59 million. We expect heterogeneous development of both the North and South segments, with a slight increase in the North segment and a middle single digit decline in the South segment. For the financial year 2016 we assume that growth will accelerate by 2.9% to EUR351.48 million, whereas the planned divesture of non-profitable subsidiaries is already considered.
* Because the earnings for the financial year 2015 will probably be charged with another EUR3.50 million as a result of reorganisation measures, we are not yet expecting an improvement in profitability in the operating activities. So, with adjustments for one-off expenses, the EBITDA is expected to be just below the 2014 level at EUR20.81 million (unadjusted: EUR17.31 million). We then expect a significant improvement in the EBITDA for 2016 at EUR24.50 million and an EBITDA margin of 7.0%.
* With a market capitalisation of EUR61.9 million, the euromicron AG shares are currently trading with a discount of around 40% of the unadjusted equity. Regarding the strategic streamlining and the changes to the organisational structure that are already under way, the earnings situation in the next few years is expected to stabilise and improve further. At the current share price level we expect a price/earnings ratio of about 8.5 for the financial year 2016. Against this background, we do not consider a valuation below the book value as justified. As a result of our DCF model we have recorded a fair value for each share of EUR15.50 and thus issue the rating BUY.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/13157.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 DE000A1K0300
AXC0075 2015-08-18/11:31