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 seit: 04.04.2016 Kursziel: EUR 12.10 Letzte Ratingänderung: - Analyst: Felix Gode, CFA
* For euromicron AG, 2015 was shaped by the Company's reorganisation. The Company not only undertook a restructuring and streamlining of the Group structures but also performed a strategic focusing. The Company is now posi-tioned in the fields of digitalised buildings, critical infrastructure and industry 4.0, thereby focusing on its combined expertise in systems integration and its own supplementary technology solutions.
* In FY 2015, revenues were still slightly down by 0.4% at EUR344.89 million. On the one hand some projects were deliberately not accepted in order to concentrate fully on high-margin projects. On the other hand, developments for new products are not yet fully completed with the result that they will not contribute to growth until 2016.
* Earnings were burdened by various expenses. On the one hand, impacts were felt from various operating effects relating in particular to past orders with a loss-free valuation that no longer contributed to the profit margin as well as expenses for the development of new business areas. On the other hand, the reorganisation measures reduced the result and impacted EBITDA with a total of EUR6.83 million. In addition, there was extraordinary amortisation and depreciation of EUR6.31 which had an additional negative effect on EBIT.
* In total, reported EBITDA amounted to EUR6.92 million compared to EUR21.15 million in 2014. The EBITDA figure adjusted for extraordinary effects was significantly higher at EUR13.76 million.
* We expect a significant increase in revenues and earnings for FY 2016. Whilst we expect to see revenues of EUR359.86 million, primarily contributed by the Smart Buildings segment, we expect EBITDA of EUR15.02 million. This once again includes EUR2.5 million in extraordinary expenses to finalise the reorganisation. Adjusted for extraordinary expenses, operating EBITDA should thus be EUR17.52 million, which is equivalent to an adjusted EBITDA margin of 4.9%. For 2017, we do not expect any extraordinary expenses, which will be associated with a further improvement in the EBITDA to EUR21.25 million or an EBITDA margin of 5.6%.
* We regard the management of euromicron AG as having been successful in effectively reorganising the Group. Even if the figures in 2015 were negatively impacted by the reorganisation, it is clear that the foundations for profitable growth have been laid for future years. The first signs of success are already evident and we are confident that the Company will return to its previous strong income position in the next few years.
* On the basis of the expected development and of our forecasts, the shares of euromicron AG are currently trading at a favourable P/B ratio of around 0.5 and a 2017 P/E ratio of around 7. This means a significant un-dervaluation can be assumed. Based on our DCF model we calculate a fair value of EUR12.10 per euromicron share. Given the high upside potential, we rate it a BUY.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/13687.pdf
Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++
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ISIN DE000A1K0300
AXC0048 2016-04-12/09:01