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Original-Research: euromicron AG (von GBC AG): Buy

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: 6.35 Euro 
Letzte Ratingänderung: 
Analyst: Marcel Goldmann, Cosmin Filker 
 
Relatively solid revenue development and significant improvement in earnings 
in HY1 2019; Improvement in revenue and earnings expected in financial year 
2019; Successfully implemented capital measures to accelerate the further 
development of the business model; dilution effect reduces the stock price 
target; Stock price target: EUR 6.35 (previously: EUR 6.90); Rating: BUY 
 
In the first half of 2019, the euromicron Group generated revenue of EUR 
146.73 million, down slightly on the previous year's amount of EUR 150.65 
million. This development was mainly attributable to the seasonality of 
revenues in 'Critical Infrastructures' - the second largest segment - which 
changed compared to the previous year. These year-on-year changes should 
however be offset by the company's data during the course of the year. As in 
the past, domestic sales accounted for around 82.0% (previous year: 84.7%), 
so the majority of the Group's semi-annual revenue was generated in Germany. 
 
The solid Group revenue development, and the optimisation measures 
implemented in individual business units, were also reflected in the key 
earnings figures. For example, the EBITDA (before IFRS 16) at the end of the 
first half of 2019 - despite lower revenue compared to the same period in 
the previous year - significantly increased by EUR 3.76 million to EUR 2.07 
million (previous year: EUR 
-1.67 million). Even at net level, the consolidated result (before IFRS 16) 
also increased, compared to the previous year's balance sheet date, by EUR 
2.31 million to EUR -4.64 million (previous year: EUR -6.95 million). 
 
In the summer of the current financial year, euromicron successfully placed 
a cash capital increase in two tranches. As a result, it acquired Funkwerk 
AG as a strategic anchor investor with a current participation rate of 
around 15.4%. This capital measure allowed the technology company to record 
a total of EUR 9.76 million in liquid assets (gross issue proceeds). The 
funds raised are intended to be used to accelerate the implementation of the 
strategic development of the euromicron Group, as well as for general 
corporate financing. This should accelerate future investments in areas such 
as the digitalisation of service processes or the further development of 
digital business models for customers. 
 
For the current financial year 2019, we are making a conservative forecast 
for EBITDA of EUR 18.62 million, which equates to an EBITDA margin of 5.7%. 
Adjusted for the expected IFRS 16 effects, EBITDA (before IFRS 16) should 
reach EUR 11.18 million. In the coming financial years 2020 and 2021, we 
anticipate a further increase in earnings due to the expected further rise 
in Group revenues, de-veloping economies of scale, greater synergy effects, 
as well as the planned expansion and improvement of the range of services. 
In terms of our range of services, we are particularly anticipating a 
gradual increase in software and service revenues in the coming years. These 
typically high-margin business areas should boost the Group's profitability. 
As a result, the Group EBITDA (before IFRS 16) should continue to increase 
to EUR 13.81 million (2020) and then to EUR 17.88 million (2021). 
 
Against the backdrop of the relatively solid current corporate performance 
and the positive order situation, we have left our forecasts for the current 
financial year 2019 and the following years unchanged. Despite our unchanged 
estimates, we have lowered our stock price target to EUR 6.35 per share due 
to the recently implemented capital measures and the strong dilution effect 
this has caused (previously: EUR 6.90 per share). Based on the current share 
price, this results in an unchanged BUY rating. Overall, the technology 
group should benefit from the increasing capital expenditures of companies 
in the fields of 'digitalisation' and 'IoT', as well as 'Industry 4.0', due 
to its broad range of services. In addition, we expect that the planned 
increase in capital expenditure with which to improve and expand the range 
offered in the digitalisation solutions segment will pay off in the future. 
 
Die vollständige Analyse können Sie hier downloaden: 
http://www.more-ir.de/d/19129.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,5b,7,11); Einen Katalog möglicher 
Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung 
 
Datum (Zeitpunkt)Fertigstellung: 07.10.19 (18:16 Uhr) Datum (Zeitpunkt) 
erste Weitergabe: 08.10.19 (10:00 Uhr) 
 
=------------------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

October 08, 2019 04:01 ET (08:01 GMT)

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