Original-Research: Aves One AG - von GBC AG
Einstufung von GBC AG zu Aves One AG
Unternehmen: Aves One AG
Anlass der Studie: Research Comment
Kursziel: 13,50 Euro
Kursziel auf Sicht von: 31.12.2021
Analyst: Cosmin Filker; Marcel Goldmann
Growth course continued after nine months; target price and BUY rating confirmed
As expected, Aves One AG has also achieved sales growth of 9.1% to EUR93.60 million (previous year: EUR85.82 million) after the first nine months of 2020. Even adjusted for extraordinary revenues from the sale of a last logistics property amounting to EUR 3.39 million, Aves One AG achieved good sales growth of 5.1%.
As in previous periods, only the Rail segment, which is the focus of investment activities, contributed to the sales growth. On the basis of the further expansion of the Rail segment's asset portfolio to EUR722.31 million (31.12.19: EUR697.34 million) and the unchanged high capacity utilisation, sales rose significantly by 12.7% or EUR7.06 million. However, this was offset by a decline of -4.5% or EUR1.26 million in sales in the container segment. This was due both to a reduced stock of sea containers and rent reductions in the wake of the Covid 19 pandemic. The contrasting trends in the two segments again reflect the company's focus on the rail sector.
Despite the revenue growth achieved, EBITDA remained relatively constant at EUR63.22 million (previous year: EUR63.55 million). This was due in particular to the decline in earnings and the associated decline in margins in the Container segment. Among other things, higher maintenance expenses (+EUR1.01 million) were incurred here to strengthen the swap body portfolio. In addition, Aves One AG recorded losses of EUR3.04 million from the sale of old and unprofitable sea containers, which led to a significant increase in other operating expenses.
The after-tax result of EUR-4.79 million (previous year: EUR13.77 million) was significantly lower than in the previous year. However, it should be emphasised that this figure was significantly influenced by non-cash exchange rate effects. Whereas the same period a year ago had seen positive exchange rate effects of EUR8.85 million, the first nine months of 2020 were impacted by exchange rate effects of EUR-8.15 million. Adjusted for these effects, the company posted after-tax earnings of EUR3.36 million (previous year: EUR4.92 million). This decline includes higher financial expenses of EUR31.24m (previous year: EUR29.50m) in connection with the continued expansion of assets.
With the publication of the 9-month figures, management considers the achievement of a sales volume of EUR117 million and EBITDA of over EUR84 million to be realistic. In our previous estimates we assumed revenues of EUR119.15 million and EBITDA of EUR86.44 million, which are still within the scope of the company's guidance. We are leaving both the 2020 forecasts and those for the coming financial years unchanged, thus confirming our previous price target of EUR13.50 per share. The rating remains BUY.
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Date (time) of completion: 30.11.2020 (12:28 pm)
Date (time) first transmission: 30.11.2020 (2:00 pm)
übermittelt durch die EQS Group AG.
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