Original-Research: KPS AG - von GBC AG

Einstufung von GBC AG zu KPS AG

Unternehmen: KPS AG
ISIN: DE000A1A6V48

Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 12.50 EUR
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Cosmin Filker

Margin improvements in the third quarter - Forecast currently very con-
servative - Forecasts for 2018/19 confirmed - Target price: EUR 12.50 -
Rating: Buy

KPS AG published the figures for the third quarter of 17/18 on 10/08/2018
and was able to present significant margin improvements. Sales were up by
5.5% to EUR 41.9m (previous year: EUR 37.7m) and EBIT fell by 31.2% to EUR
4.6m (previous year: EUR 5,9m). Thus, an EBIT margin (own calculation) of
11.0% was achieved in the third quarter and, after the two preceding
quarters, is again in the double-digit range for the first time. The PPA
depreciation and amortization from the acquisitions made a significant
contribution to the EBIT decline. EBITDA fell by 18.2% to EUR 5.7m
(previous year: EUR 6.2m).

The company confirmed the guidance of EUR 160m to EUR 170m in sales with an
EBIT of EUR 16 to EUR 20m. We also confirm our forecasts and continue to
expect sales revenues of EUR 170.00m and EBIT of EUR 16.26m. However,
sales, in particular, show that our current forecasts are conservative. For
the fulfillment of the forecast, sales of EUR 39.75m would have to be
achieved in the fourth quarter, which would be at the lower end by the
quarterly comparison. The EBIT forecast for Q4 is slightly above the
average of the three previous quarters, but EBIT should tend to rise
against the background of the projects progression. In the first quarter in
particular, four major projects were launched, which only made a smaller
contribution to sales and earnings in Q1 during the start-up phase. The
projects gain in scope over time and thus should deliver higher

According to management, additional projects are already on the horizon and
also a dividend at the previous year's level is expected (previous year:
EUR 0.35 per share). The current projects should gain in scope and also in
potential contributions and we expect the company to return to the usual
high EBIT margins of over 15% in the medium term. On the basis of our
unchanged DCF model, we have determined a fair value of EUR 12.50 and
continue to award the rating buy.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
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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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