Original-Research: KPS AG - von GBC AG
Einstufung von GBC AG zu KPS AG
Unternehmen: KPS AG ISIN: DE000A1A6V48
Anlass der Studie: Research Report (Update)
Empfehlung: BUY Kursziel: EUR 9.80 Letzte Ratingänderung: - Analyst: Felix Gode, CFA
* In H1 2015/16, KPS AG has been able to maintain the high growth rate already shown in previous periods, growing by 20.3% to EUR68.83 million. EUR68.83 million also represented a new turnover record on a half-year basis.
* A significant driver of this was the management/transformation consulting segment, making up EUR60.26 million of the total turnover. But the products/licenses segment is also continuously increasing in importance and in H1 2015/16 at EUR6.64 million it made twice the contribution to turnover as in H1 2014/15. Especially the increasing abroad activities contributed a large share to this pleasant development. For example, significant growth in sales was achieved in Scandinavia and Switzerland.
* Another record was achieved in H1 2015/16 with an EBIT of EUR10.61 million. This represented a 37.8% increase over the previous year and was clearly disproportionate compared to the increase in sales. The EBIT margin improved correspondingly from 13.5% to 15.4%.
* In the context of the good half-year figures, the company confirmed its guidance for the whole FY 2015/16 and continues to predict sales of EUR140 million and an EBIT of EUR22 million.
* In the face of the EUR68.83 million already achieved in H1 2015/16, KPS AG would have to make around EUR71 million in H2 2015/16 in order to reach the target. To do so, the company would have to exceed the value achieved in H2 of the previous year by 10%. In the context of the 20% growth rate in H1, we believe this is a realistic proportion.
* To this extent, we also confirm our existing estimates and expect sales of EUR141.35 million and an EBIT of EUR22.20 million for FY 2015/16. We are also maintaining our expectations of continued growth for the following FY 2016/17. Internationalisation is likely to be increasingly a driver of growth in the coming years. KPS has only recently opened a branch in the Netherlands in order to be able to offer optimum service to customers there and in Belgium. In future, however, KPS AG is likely to help its customers transform their IT solutions even beyond European markets, which would be an additional growth driver in the coming years.
* As a result of our estimates, we are keeping to our target price of EUR9.80. It is important to remember that we have already incorporated the expected dilution from the issuing of bonus shares at a ratio of 10:1. Our target price is based on a total of 37.29 million shares. The dilution effect, however, compensated for by a lower risk-free interest rate of 1.0% henceforth (previously: 1.5%). The BUY rating remains unchanged.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/13937.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,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++
übermittelt durch die EQS Group AG.
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 DE000A1A6V48
AXC0175 2016-06-08/16:16