Original-Research: Avemio AG - from GBC AG
Classification of GBC AG to Avemio AG
Transformation into a media technology group with a focus on high-margin digital revenues The reduction in sales is also reflected in a decline in EBITDA to € -0.93 million (previous year: € -0.05 million). On the one hand, gross profit improved significantly due to the higher digital share, while on the other hand, personnel expenses increased due to the full-year inclusion of MoovIT. Avemio AG also reported a decline in earnings after taxes to € -6.54 million (previous year: € -3.45 million). This was largely due to goodwill amortisation with no effect on liquidity, which is recognised as scheduled in accordance with HGB accounting. As a result of M&A activity in recent years, goodwill amounted to € 21.17 million as at 31 December 2024, while total amortisation in the past financial year amounted to € 3.79 million. For the current financial year 2025, the Avemio Executive Board expects a cautious reversal of the reluctance to invest on the customer side and anticipates growth momentum from the second half of the year in particular. The digital segment, on the other hand, should benefit from the launch of new products. The focus here is on the launch of Cara.One and helmut.cloud, which should also contribute to sales growth from the second half of the year on. Overall, the company anticipates slight sales growth. This should be accompanied by the effects of the cost-cutting programme, which is set to save € 1.5 million annually from 2026. Against this backdrop, EBITDA should already be positive again in the current financial year 2025. Based on this, we expect sales to increase by 4.1% to € 91.50 million in 2025 and expect sales growth to accelerate in the coming financial years. We are assuming increasing momentum in the retail segment and anticipate strong sales growth in the digital segment. The increasing importance of the digital segment and the complete development of the cost-cutting programme should enable double-digit EBITDA margins again by the end of our forecast period (FY 2027). As part of our DCF valuation model, we have determined a target price of € 15.00. Based on the current share price, we assign a 'BUY' rating. You can download the research here: Research Contact for questions: GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Disclosure of potential conflicts of interest pursuant to Section 85 WpHG and Art. 20 MAR The company analysed above has the following potential conflict of interest: (5a,7,11); A catalogue of potential conflicts of interest can be found at https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the study: 04.07.2025 (11:15 am) Date and time of publication of the study: 07.07.2025 (10:00 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2165336 07.07.2025 CET/CEST
