Original-Research: KPS AG - von GBC AG Einstufung von GBC AG zu KPS AG Unternehmen: KPS AG ISIN: DE000A1A6V48 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 13.20 EUR Kursziel auf Sicht von: 31.12.2019 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger, Cosmin Filker The acquisitions made in the past are developing better than expected. Forecasts confirmed - price target: EUR 13.20, rating: Buy The 9M figures of KPS were published on 29.07.2019. Overall, the figures are in line with the forecast and we confirm our estimates against this background. Good sales growth was achieved with a clearly disproportionate improvement in earnings. Sales increased by 4.4% to EUR 136.0 million (previous year: EUR 130.3 million), which was achieved primarily due to three new projects and the current high-revenue project phases. This also more than compensated the decline in one of the major project. In the same period, EBITDA increased by 23.8% to EUR 18.7 million (previous year: EUR 15.1 million). This increase in earnings would have been even more significant if the companies acquired in the past had not developed accordingly well. Due to this positive development and the strong growth, further earn-out payments were due. This one-off effect burdened EBITDA by EUR 1.2 million. Adjusted for this effect, EBITDA amounted to EUR 19.9 million, which corresponds to an EBITDA margin of 14.6% (previous year: 11.6%). Within the publication of the nine-month figures, the guidance was confirmed with revenues of EUR 170 to 180 million and EBITDA of EUR 22 to 27 million. Against the background of the current figures, the guidance appears conservative and could, in our opinion, also be exceeded. We assume that the growth strategy with increasing innovation, industrialization and internationalization can be successfully implemented by the company. Market conditions remain very good. Demand for IT consulting remains high and the retail sector is benefiting from the strong growth in the e-commerce segment. Many companies are already planning to switch to SAP HANA, which should mean further orders for KPS AG. We believe the company is very well positioned and confirm our forecasts and the price target of EUR 13.20. We confirm our buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/18557.pdf Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm Date and time of completion of this research: 30/07/2019 (10:45) Date and time of first distribution: 31/07/2019 (10:00) Target price valid until: max. 31/12/2019 =------------------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.
(END) Dow Jones Newswires
July 31, 2019 04:02 ET (08:02 GMT)
