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 (Anno)
Empfehlung: Buy
Kursziel: 6.90 Euro
Letzte Ratingänderung:
Analyst: Marcel Goldmann, Cosmin Filker

Transformation phase was successfully completed in FY 2018; Revenue and
earnings growth expected in 2019; Stock price target: 6.90 EUR (before:
6.90 EUR); Rating: Buy

In FY 2018, euromicron AG earned revenue of EUR 318.01 million, 4.5% less
than in the previous year. This decline was mainly attributable to one-off
effects (construction-related business) and lower revenues in business
divisions in the Smart Buildings segment. Adjusted for these one-off
effects, the consolidated revenue decline only amounted to 1.7%.

At operating result level, euromicron generated EBITDA of EUR 6.50 million
(adjusted for exceptional costs) in the past financial year 2018, achieving
an adjusted EBITDA margin of 2.0%, which was also in the adjusted forecast
corridor. EBITDA during this business period amounted to EUR 1.89 million.

It is important to note that the strategic realignment implemented by
management ('IoT' Group strategy) and the measures to improve profitability
are increasingly reflected in the key operating figures. The strategy
pursued by the company management to market higher-quality services
(innovation business), to expand the service business, and to distribute
comprehensive euromicron portfolio solutions should further increase the
Group's profitability in the future.

For the current FY 2019, we expect a return to the growth path.
Specifically, we expect revenue of EUR 329.45 million and EBITDA of EUR
18.62 million. The significant improvement in operating profit and the high
reported order backlog at the end of the first quarter of 2019 in the
amount of EUR 159.81 million (31/03/2018: EUR 145.64 million) underpin our
forecasts for this business period.

For the years 2019 and 2020, we expect the growth in revenues and earnings
to continue. Accordingly, we estimate that revenues will further increase
to EUR 340.54 million (2020) and EUR 353.01 million (2021). In this
scenario, EBITDA should increase to EUR 21.25 million (2020) and then EUR
25.32 million (2021).

On the basis of our forecasts for FY 2019 and the subsequent years 2020 and
2021, we have maintained our stock price target for euromicron AG. The fair
value based on our DCF model is still EUR 6.90 (previously: EUR 6.90).
Based on the current share price, this results in an unchanged BUY rating.
In the long term, we are convinced that euromicron will be able to achieve
significantly higher operating performance than before. The targeted
selective optimisations of individual business divisions, the increased use
of synergy effects between the subsidiaries and the continued consistent
implementation of the IoT Group strategy should contribute to this.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/18337.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.htm
+++++++++++++++
Datum (Zeitpunkt)Fertigstellung: 26.06.19 (10:36 Uhr)
Datum (Zeitpunkt) erste Weitergabe: 26.06.19 (11:00 Uhr)

-------------------übermittelt durch die EQS Group AG.-------------------


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