Research-Studie


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.

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