Original-Research: euromicron AG - von GBC AG
Einstufung von GBC AG zu euromicron AG
Unternehmen: euromicron AG ISIN: DE000A1K0300
Anlass der Studie: Research Report (Update)
Empfehlung: BUY Kursziel: EUR 10.50 Letzte Ratingänderung: - Analyst: Felix Gode, CFA
* With sales revenues of EUR139.84 million, euromicron AG fell below the previous year's level by 10.8%. The Smart Buildings segment was primarily responsible for the decline. Sales performance remained subdued against the backdrop of the ongoing reorganisation of the largest subsidiary, euromicron Deutschland GmbH. In addition to strategic reasons, such as the rejection of risky large orders, a further reason for the modest sales performance was the continuation of legacy projects, which make a low or even negative contribution to profit. In the other two segments, the decline in sales was significantly more moderate. It should also be borne in mind that the discontinued operations contributed EUR6.31 million to sales in the previous year. Adjusted for these effects, organic sales declined by 7.1%.
* Sales performance was also reflected in the earnings figures. Consequently, EBITDA was reported at -EUR3.46 million, after EUR2.65 million in the previous year. Adjusted for one-off restructuring expenses, the decline was somewhat more moderate. Nevertheless, even after adjustments, negative EBITDA of -EUR1.69 million was recorded. The decline in earnings was generated exclusively in the Smart Buildings segment, with a decrease of EUR5.03 million to -EUR2.44 million. Increases in earnings were recorded in the other segments Critical Infrastructures and Distribution. Margins also increased year-on-year. The effects of the reorganisation are already clearly visible here and show the direction that euromicron AG can take after the reorganisation has been successfully completed.
* Of special note here is that the measures announced by management to in-crease profitability are being implemented. Breaking with its past, euromicron AG is now focused on profitable orders and earnings performance. Even though the realignment of the Group and the resulting charges are continuing longer than previously thought, we consider that the company is on the right track and initial successes can already be seen.
* Because of the weaker HY1 2016, the Executive Board of euromicron AG has adjusted its guidance for FY 2016 downwards. Although it is assumed that HY2 2016 will turn out to be significantly better, it is not expected that the losses will be completely offset, due in part to the postponement of orders in HY1 2016. Against this backdrop, we have lowered our forecasts for FY 2016 and now expect sales revenues of EUR338.41 million and an adjusted EBITDA of EUR10.59 million. This corresponds to an EBITDA margin of 3.1%. For the coming year, we expect an increase in the EBITDA margin to 4.9%.
* Based on the lower forecasts for FY 2016 and 2017, we have also adjusted our target price for euromicron AG. After our previous target price of EUR12.10, we have now calculated a fair value of EUR10.50 Based on the current share price, this results in an unchanged BUY rating. In the medium term, we remain convinced that euromicron AG can again reach the margin target on an EBITDA basis of 8%-11%. We are also convinced that the reorganisation of the Group will provide a positive impetus on the sales and earnings side in the near future. Taking this into consideration, the euromicron AG share seems favourably valued.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/14173.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 +++++++++++++++
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 DE000A1K0300
AXC0050 2016-08-19/11:01