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: 12.10 EUR
Kursziel auf Sicht von: 31.12.2019
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger; Cosmin Filker

Aves One continues its very good performance in the third quarter of 2018.
We confirm our forecast and stock price target of 12.10€; Rating: Buy.

Aves One AG has maintained its high growth rate in the first nine months of
2018, increasing its revenue by 27.2% to EUR 50.41 million (previous year:
EUR 39.64 million). This trend results from the investments made, higher
capacity utilisation and the improved rental rates in the Container
division. Revenue was therefore distributed evenly between the rail
segment, at EUR 23.07 million (previous year: EUR 19.54 million) and the
container segment, at EUR 23.52 million (previous year: EUR 17.75 million).

With regard to profits, there were improved margins and the EBITDA
increased disproportionately by 65.8% to EUR 35.22 million (previous year:
EUR 21.25 million), representing an EBITDA margin of 70.0% (previous year:
53.6%). This positive development also resulted in a positive adjusted EBT
of EUR 2.60 million, compared with EUR -10.25 million in the previous year.
The positive pretax profit demonstrates that the company was already able
to use the high economies of scale to its advantage and to generate profits
for shareholders before the contributions from the Nacco transaction in the
initial consolidation in the current fourth quarter of 2018 materialise. We
believe this trend will continue.

The future development is also supported by the NACCO/CIT transaction, an
important deal for Aves One, especially in this industry environment. In
addition to the consolidation in Q4 2018 and the corresponding pro rata
revenue and profit participation, this transaction is expected to generate
annual revenue of approximately EUR 37 million and achieve an EBITDA of EUR
28 million for 2019. Furthermore, this transaction is a special milestone
for Aves One, as the industry now views Aves One AG as a strong player and
a potential customer for deals. According to management, this has already
led to an increase in the number of offers.

In light of the Q3 figures and the guidance specification, we hereby
confirm our forecast. The company expects to generate revenues of EUR 75-78
million and an EBITDA of EUR 53-55 million for 2018 as a whole. Our current
forecast for 2018 is EUR 77.02 million in revenue, with an EBITDA of EUR
54.31 million. As a result, our forecast remains within the limits of the
Guidance. We confirm our price target of EUR 12.10 per share and reiterate
our BUY rating.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
Datum (Uhrzeit) Fertigstellung: 07.12.2018 (11:25 Uhr)
Datum (Uhrzeit) erste Weitergabe: 11.12.2018 (10:30 Uhr)
Kursziel gültig bis: 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
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