Original-Research: Aves One AG - von GBC AG Einstufung von GBC AG zu Aves One AG Unternehmen: Aves One AG ISIN: DE000A168114 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 13.60 EUR Kursziel auf Sicht von: 31.12.2020 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger; Cosmin Filker 9 Monthly Figures 2019 - Aves One continues its good business development. Slight adjustment of the forecast and our price target to EUR 13.60 (previously: EUR 13.87). Rating: Buy. In the first nine months of 2019, Aves One AG generated revenues of EUR 85.82 million (previous year: EUR 50.41 million). The main revenue driver is the rail segment with a revenue contribution of EUR 55.61 million (previous year: EUR 23.07 million) compared with EUR 27.72 million in the container segment (previous year: EUR 23.52 million). The reason for the growth in turnover was a significant increase in the asset portfolio. The EBITDA again improved disproportionately by 80.4% to EUR 63.55 million (previous year: EUR 35.22 million), resulting in an EBITDA margin improvement from 69.9% to 74.1%. This demonstrates the scalability of their lean management approach and high utilization of assets. Adjusted for non-cash exchange rate effects (accounting for the functional currency in the container segment), EBT amounted to EUR 8.92 million (previous year: EUR 2.61 million). With the publication of the nine-month figures, the guidance was confirmed with revenues of at least EUR 110 million and EBITDA of more than EUR 80 million. We currently assess the company's business development as very good, but we assume that the trade dispute between the USA and China will have a slight impact on the container market. This should be particularly reflected in the area of used containers, which are constantly being sold by Aves One. A corresponding development can already be seen in the Q3 figures and should also be found in the Q4 results. As a result of this effect, we have slightly adjusted our forecast and now expect EBT before currency effects of EUR 11.07 million (previously: EUR 11.54 million). Overall, it is also evident that the investment focus is also increasingly on the rail segment. In our opinion, the rail-to-container ratio of assets could be above the ratio of 75%/25% in the future. This development would also reduce further volatility in business development in the context of the current geopolitical situation. We are highly confident that further growth will come from additional assets and further optimization of rents and capacity utilization. The high-margin rail segment should play an even more important role in the future. The company continues to review various debt and equity financing options, which could result in positive valuation adjustments. Based on our DCF model, we have calculated a fair value of EUR 13.60 per share (previously: EUR 13.87) and confirm our Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/19699.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: (4,5a,7,10,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung Date of completion: 05/12/2019 (11:50 am) (German version: 4/12/19 4:50 pm) Date of first distribution: 06/12/2019 (10:30 am) (German version: 5/12/19 10:30 am) Target price valid until 31.12.2020 =------------------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
December 06, 2019 04:31 ET (09:31 GMT)
