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 10.50 Letzte Ratingänderung: - Analyst: Felix Gode, CFA, Marcel Goldmann * In FY 2016, euromicron AG achieved sales of EUR325.31 million, 5.7% less than in the previous year. In particular, this decrease was mainly caused by the 'Critical Infrastructures' segment which discontinued the business unit fibreglas infrastructure and could not materialise some sales due to not granted export licenses. In the 'Smart Buildings' segment the sales decrease only was marginal, due to project postponements for component deliveries. However, it has to be mentioned that a large-scale order was contained in the previous financial years sales, which did not repeat in 2016. The 'Distribution' segment, on the other hand, was able to record an increase in sales. Adjusted for the product lines that were discontinued in the previous year (EUR10.6 million), the decline in organic sales was only about 2.7%. * Despite a decline in sales the reported EBITDA was reported at EUR7.39 million, slightly above the previous year's figure (EUR6.92 million), even though the core segment, 'Smart Buildings', had a detrimental impact on the operating profit due to temporary effects. Moreover, the operating profit was reduced by re-structuring costs of EUR5.8 million. Adjusted for special effects from restructuring measures, operating EBITDA was EUR13.15 million, compared to EUR13.76 million in the previous year. * It should be emphasized that the restructuring measures announced by the management were implemented and have had an increasing impact on key indicators. Breaking with its past, the company is now more focused on profitable orders and puts more emphasis on earnings performance than revenue development. The new orientation of the Group, which was initiated in 2015, is now almost complete. We therefore expect a much lower negative impact on earnings in the future. In general, we believe that the company is on the right track, with successes becoming more obvious. * For FY 2017, we expect a significant increase in sales and earnings. We expect sales of about EUR335.00 million, mainly from the 'Critical Infrastructures' segment, and EBITDA of EUR12.61 million. These again contain extraordinary expenses of EUR2.5 million in connection with the restructuring of the Group. Adjusted operating EBITDA (adjusted for restructuring effects) is thus expected to be at EUR15.1 million; this corresponds to an operating EBITDA margin of 4.5%. For 2018, we do not expect additional extraordinary expenses, which should result in EBITDA increasing to EUR19.6 million. Accordingly, we expect to achieve an EBITDA margin of 5.5%. * Based on the forecasts for FY 2017 and 2018, we have kept our target price for euromicron AG at the same level. The fair market value based on our DCF model is EUR10.50 (previously: EUR10.50). Based on the current share price, this results in an unchanged BUY rating. Over the long-term, we are convinced that euromicron will be able to achieve much higher EBITDA margins than before. Furthermore, we are also convinced that the mostly completed Group restructuring will have a positive impact on future sales and earnings. Against this backdrop, it seems to us that the euromicron AG share is favourably valued. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/15119.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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ISIN DE000A1K0300
AXC0184 2017-05-09/13:02