Original-Research: Mynaric AG - von GBC AG Einstufung von GBC AG zu Mynaric AG Unternehmen: Mynaric AG ISIN: DE000A0JCY11 Anlass der Studie: Research report (Initial Coverage) Empfehlung: Buy Kursziel: 95.00 EUR Letzte Ratingänderung: - Analyst: Marcel Goldmann, Cosmin Filker Mynaric has specialised in the development and production of laser-based products for use in laser-supported communications networks. This business field is a young, underdeveloped market. We expect very dynamic market growth for this area and believe a market volume in the two-figure billion range to be possible. In the past three financial years, Mynaric focused on developed pre-series products so as to be able to use them for test and demonstration purposes for potential customers. To date, the company has not yet broken even in operating terms due to the lack of sales and increasing R&D expenses. The performance of products developed so far could be successfully demonstrated during customer tests. In the current financial year, Mynaric began expanding its previous product portfolio. After the main developments to date in the air segment were advanced, Mynaric then decided to manufacture terminals for the space segment. A ground station has already been developed for this area and is to be tested by the first customers in FY 2018. The development of the space laser terminal should be completed in 2018, meaning that the first tests should begin in 2019. In August of this year, Mynaric was able to announce the conclusion of a design and manufacturing contract with the American company Airborne Wireless Network. As part of this contract, comprehensive tests with the company's laser technologies should be conducted in the coming financial year. As a result, up to 20 aeroplanes are being equipped with Mynaric's laser technology in order to maintain a laser-based communications network. This cooperation forms the basis for the serial production the company is aiming for. In the past, Mynaric laid a good foundation for being able to significantly benefit from the expected dynamic growth in the future market of laser- based communications networks. For FY 2017, we expect sales revenues of EUR3.30 million with EBITDA of -EUR3.12 million. Thanks to starting serial production, Mynaric should break even at operative level in 2019. Based on dynamic sales growth and the economies of scale applied, we expect heavily increasing operating results (EBITDAs) for the next financial year. As a result, it should be possible to achieve considerable two-figure EBITDA margins in the long-term. On this basis, we have assessed the company using our DCF model and have hereby determined a fair value of EUR95.00. Based on the current share price, this results in a BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/16015.pdf Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 firstname.lastname@example.org ++++++++++++++++ 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.
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