Activity Stream
GBC AG: A.H.T. Syngas Technology N.V.: BUY
Original-Research: A.H.T. Syngas Technology N.V. - from GBC AG
Classification of GBC AG to A.H.T. Syngas Technology N.V.
Company Name: A.H.T. Syngas Technology N.V.
ISIN: NL0010872388
Reason for the research: Research study (initial coverage)
Recommendation: BUY
Target price: 37,50 EUR
Target price on sight of: 31.12.2024
Last rating change:
Analyst: Marcel Schaffer, Cosmin Filker
- Growth strategy to become a multinational CleanTec and clean energy
providers
- Financial year 2023 successfully concluded with record sales, record
earnings and a promising backlog according to preliminary figures
AHT Syngas Technology N.V. (AHT) is a global company that develops
technologies for converting carbon-based fuels into synthesis gas. The
company focuses on the development, system integration and sale of
decentralized power plants and gas purification systems. AHT's range of
services includes, for example, compact/biomass power plants, hot gas
systems for purely industrial heat applications, clean gas systems for
decentralized power generation plants as well as project planning, project
management and maintenance services. The AHT plants are designed to convert
carbonaceous fuels such as biomass, wood, waste and coal into synthesis
gas. The synthesis gas can be used as a feedstock for various applications
such as power generation, heat generation and the production of chemicals
and fuels.
In recent financial years, AHT has further developed its technology and
made useful additions through acquisitions. With the acquisition of FHT
Hydrogen Separations GmbH, the production of hydrogen will also be an
integral part of AHT's plants in future. Know-how in the field of biomass
processing is pooled in the subsidiary aremtech GmbH. This will create the
basis for supplying the company's own plants and at the same time lay the
foundations for the future trade and sale of processed biogenic materials.
Thanks to aremtech's know-how and the addition of additives, a
standardized, CO2-neutral feedstock can be created from a mixture of waste
materials.
Thanks to this addition, AHT’s technology covers the entire value chain of
plant operation, from the provision of input materials to the generation of
energy and heat. The proof of concept for AHT technology was achieved by
winning a major framework agreement to supply plants to a Japanese
customer. This is an important milestone for the company, especially as the
contract for the delivery of 20 plants comprises an order volume of around
€ 160 million.
Parallel to this important milestone, AHT intends to fully exploit the
potential of its technology and also position itself as an electricity and
heat supplier (contracting). Revenues from the sale of plants would then be
supplemented by recurring revenues, which would also be accompanied by
particularly high profit margins. This is against the backdrop that the
added value remains in house, both for the input materials and for plant
planning and construction.
In addition to the expected increase in high-margin contracting sales,
AHT's profitability should also benefit from the supply chain, which is
increasingly geared towards series production. This is due to higher
purchase volumes of components, which can lead to economies of scale for
suppliers in terms of series production. Finally, new technologies such as
the production of green hydrogen from biomass or the carbonization of
liquid feedstock (HTC) are to be integrated into existing or new plants.
The positive effects of the growth strategy prepared and implemented in the
past financial years are already reflected in the preliminary figures for
2023. According to preliminary figures (HGB), AHT generated revenue of €
12.12 million, setting a new all-time revenue record. The new major order
resulting from the investments made led to a significant improvement in
earnings in line with the strong increase in sales. According to
preliminary figures, a clearly positive net profit of € 0.86 million
(previous year: € -0.42 million) was achieved, which is also a record
figure.
Based on the expected contracting sales and the existing framework
agreement, we anticipate a significant increase in sales and a gradual
improvement in profitability. Based on expected sales of € 77.15 million in
the 2028 financial year, the last estimated year of our detailed planning
period, the target EBITDA should amount to € 12.72 million. These plans do
not include any inorganic effects that would lead to a significant
acceleration in growth.
As part of the DCF valuation model, we have determined a target price of €
37.50. Based on the current share price of € 23.00, we assign a BUY rating.
You can download the research here:
http://www.more-ir.de/d/29729.pdf
Contact for questions
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:
https://www.gbc-ag.de/de/Offenlegung.htm
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Date and time of completion of the study (german version): 22.04.2024 (3:50 pm)
Date and time of the first dissemination of the study (german version): 23.04.2024 (10:30 am)
Date and time of completion of the study (english version): 13.05.2024 (4:45 pm)
Date and time of the first dissemination of the study (english version): 14.05.2024 (10:00 am)
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
GBC AG: Advanced Blockchain AG: Buy
Original-Research: Advanced Blockchain AG - from GBC AG
Classification of GBC AG to Advanced Blockchain AG
Company Name: Advanced Blockchain AG
ISIN: DE000A0M93V6
Reason for the research: Research Comment
Recommendation: Buy
Target price: 17.64 EUR
Target price on sight of: 31.12.2025
Last rating change:
Analyst: Matthias Greiffenberger, Julien Desrosiers
Company performance in a challenging environment exceeds expectations with
significant value increases in the top 10 portfolio positions - target
price raised to €17.64 (previously: €11.00)
Advanced Blockchain AG has published preliminary figures for the fiscal
year 2023. The revenue of Advanced Blockchain AG fell to €5.2 million in
2023 (from €14.73 million the previous year), but still exceeded the
forecasted mark of €5.0 million. The significant increase in preliminary
EBIT to €2.2 million, an improvement of more than 40% compared to 2022,
demonstrates effective cost control and a strengthened focus on high-margin
activities.
The appreciation of the top 10 portfolio (according to AVS appraisal) from
€39.65 million by more than 45% to €57.5 million is particularly
noteworthy. This shows Advanced Blockchain AG's strategic competence in
investing early in promising blockchain technologies and successfully
developing them. With the development of the AI-supported research platform
'ABX Analytics,' Advanced Blockchain AG continues to position itself as a
leader in innovation in the blockchain sector and aims to expand its
service offering and generate stable, recurring revenues.
Furthermore, Advanced Blockchain AG has started the new fiscal year 2024
with impressive financial results. The company has already generated over
€1 million this year and over €3 million in the last ten months from the
sale of assets, which were sold at significant profits. As of April 15,
2024, the company's cash balance amounts to more than €2 million.
Advanced Blockchain AG plans to use the free capital to drive its expansion
plans. A notable investment was the acquisition of rights to Celestia (TIA)
tokens, which have already generated a significant book profit exceeding
ten times the original investment.
In summary, Advanced Blockchain positions itself successfully for further
growth in the dynamic blockchain industry through effective asset
management and strategic investments. As part of the growth strategy,
Advanced Blockchain is actively recruiting new talent to strengthen the
team and further advance the development of ABX Analytics.
Given the recent surge in Bitcoin to an all-time high, we see a significant
improvement in the market environment. This leads us to gradually reduce
our valuation discount, which was set during the 'Crypto Winter.'
Therefore, we are raising our rating for Advanced Blockchain AG's shares.
The Bitcoin halving, expected tonight at 22:30, will halve the reward for
mining a block from 6.25 to 3.125 Bitcoins. Historically, such halvings
have led to significant price increases as they slow down the new
production of Bitcoins.
The current undervaluation of Advanced Blockchain AG is particularly
evident when considering only the 10 largest positions in the portfolio and
the entire market capitalization. These top positions alone, according to
the AVS valuation report, represent a fair value of at least €57.5 million,
while the market capitalization of Advanced Blockchain is currently only
about €15.14 million (Tradegate 19.04.2024 11:01). We estimate the total
value of the portfolio, including updated valuations, at around €105
million. We estimate the holding costs at about €2 million. Thus, we have
estimated the company value based on the net asset value (NAV) at about
€103 million, which corresponds to a value of €27.14 per share. With the
significantly improved market situation in the crypto markets, we are
gradually reducing our original 'Crypto Winter' discount from 53% to 35%.
This has led us to determine a fair value per share of €17.64 (previously:
€11.00). Given the considerable upside potential, we assign a 'buy' rating.
You can download the research here:
http://www.more-ir.de/d/29473.pdf
Contact for questions
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) of completion: 19.04.2024 (12:40)
Date (time) of first publication: 19.04.2024 (14:00)
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
GBC AG: ELARIS AG: GBC Management Interview
Original-Research: ELARIS AG - from GBC AG
Classification of GBC AG to ELARIS AG
Company Name: ELARIS AG
ISIN: DE000A37FT17
Reason for the research: GBC Management Interview
Recommendation: GBC Management Interview
Last rating change:
Analyst: Marcel Goldmann
25/03/2024 - GBC management interview with Lars Stevenson, CEO of ELARIS AG
'We expect a strong financial year in 2024, as driven by the continued
strong growth in the e-mobility market.'
ELARIS AG (ELARIS) is a German company and a provider of fully electric
e-vehicles in the fast-growing e-mobility sector. As an automotive
manufacturer, ELARIS sources its electric cars from well-known Chinese
e-vehicle manufacturers (contract manufacturing) and sells them itself
(online sales) and via sales partners under its own ELARIS brand in Germany
and a number of other European countries (e.g. Austria). The company has
extensive technology, development and manufacturing partnerships with these
manufacturing companies (OEMs). In Germany, ELARIS has currently entered
into a cooperation with 82 car dealers and 86 Euromaster locations for the
sale (including servicing) of ELARIS electric cars and charging stations.
After ELARIS recently announced that the company was planning its initial
listing on the m:access of the Munich Stock Exchange on 14 March 2024, we
took the opportunity to conduct a management interview with Mr Lars
Stevenson, CEO of ELARIS AG. The interview focused in particular on the
IPO, the company's current growth strategy, the targets for the current
financial year and the company's prospects.
GBC: What were your motives for the IPO?
Mr Stevenson: The IPO will increase our visibility and awareness. It will
enable us to significantly expand our market position as an innovative
electromobility company and make a contribution to the global energy
transition. Needs-based and affordable electric cars are an important
factor in the global energy transition. In addition, visibility on the
capital market and future financing options will help us with our further
growth strategy.
GBC: Could you please briefly explain your business model and what sets you
apart from other e-mobility providers (USP) to our investors?
Mr Stevenson: We want to be a driver in making electric mobility suitable
for the masses, so that everyone can afford a good electric car. That's why
we currently offer a range of six electric car models in German-speaking
countries, from subcompact cars to SUVs and saloons to vans. We are
focusing on affordable and needs-based electric mobility and are working
together with large electric vehicle manufacturers in China. They produce
vehicles on our behalf that are customised to the requirements of European
customers and the local market. In some cases, we also customise the
vehicles ourselves, particularly in the software area. The models are
therefore unique. It is important to us to offer electric cars at fair
prices. The cheapest electric car is available for less than 21,000 euros
(excluding VAT).
One of our great strengths is our flexibility and speed. We quickly adapt
model specifications and ranges to changes in the market and demand.
Customers are assured of vehicle repair and maintenance as well as the sale
of accessories via ELARIS partner car dealerships. It goes without saying
that our electric cars can also be serviced by other garages. Our vehicles
are currently sold primarily in Germany, Austria and Switzerland. In
addition to our own direct sales, we rely on a partner network of car
dealerships, which will be continuously expanded.
In the charging infrastructure division, we also offer charging stations
and wallboxes. Consultancy and services in the planning of charging
infrastructure solutions are also part of our business model. Our aim is to
increasingly leverage cross-selling potential between the areas of electric
vehicles and charging infrastructure. We are therefore very diversified in
the field of e-mobility.
GBC: How do you see the current market development in the e-mobility
sector? What market trends do you see and what future developments do you
anticipate?
Mr Stevenson: E-mobility is a strong growth market. This is also confirmed
by various studies. For example, since the COVID pandemic, the share of
electric vehicles in total vehicle sales in Germany has increased tenfold.
Depending on the forecast and study, it is assumed that between 240 million
and 250 million electric vehicles will be on the road worldwide by 2030,
thus achieving a global share of 10.0% to 30.0%.
According to the International Energy Agency (IEA), manufacturers outside
China will need to offer affordable, competitive options in the future to
enable mass adoption of electric vehicles. Through our collaboration with
Chinese OEMs, we therefore believe we are well positioned.
GBC: You are a fast-growing company: What specific growth strategy are you
pursuing with ELARIS?
Mr Stevenson: Among other things, we want to further expand our sales and
service channels in order to increase sales, improve customer service and
strengthen the brand on the market. In particular, we are focusing on
expanding the network of affiliated car dealerships, which are to become
sales and service partners for our products. We also want to extend our
partnership with service providers for the ELARIS electric car to other
European countries so that local distributors of the ELARIS brand abroad
can also benefit from this partnership and guarantee their customers a
nationwide maintenance network.
We want to continue to raise our profile through targeted marketing
activities, e.g. via social media. We also want to open up further European
countries as part of our internationalisation strategy. In 2024, we plan to
enter the French, Polish and Spanish markets via local distributors. We
want to facilitate access to our vehicles through special subscription
models.
With the ELARIS mobile phone app, for example, every market participant
could become a 'car hire company'. Our ELARIS World platform takes care of
the entire process. The first ELARIS taxi is also on the road in Hamburg.
GBC: What can investors expect from ELARIS in the current financial year?
What sales volumes and sales figures are you aiming for in the current
financial year? Will 2024 already be a profitable year?
Mr Stevenson: We expect a strong financial year in 2024, driven by the
continued strong growth in the e-mobility market. We will launch new
attractive models with high availability, a long range and favourable
prices on the market in the short term. There will also be an e-scooter
from ELARIS in 2024, for example. Overall, we see 2024 as the first year in
which we will be able to reap the rewards of the strategic course which we
have set in recent years in terms of sales and move into completely new
dimensions.
GBC: Will ELARIS continue to strive for the designation or status of a
classic (domestic) automobile manufacturer (so-called OEM) in the future?
Mr Stevenson: The ELARIS BEO with the ELARIS VIN number will be available
as early as April. We are in the process of switching from OEM to German
manufacturer. By the third quarter, we plan to place all vehicles on the
market as a German manufacturer.
GBC: What is your general corporate vision? Where do you see ELARIS in
three to five years in terms of sales region, turnover level and product
portfolio?
Mr Stevenson: ELARIS wants to play a meaningful role in shaping
electromobility as a family of values through innovation, customer-oriented
models, prices and structures. We combine access to efficient production
facilities with an understanding of customer requirements in a wide range
of regional markets. Our lean structures and willingness to break new
ground make us flexible and fast. ELARIS clearly addresses Europe and the
Middle East. Our licence model in particular enables rapid growth. Our
products can be flexibly adapted to local markets.
A German brand still has great appeal. The fact that production takes place
in China is not really anything new for the market - many established
manufacturers produce in China.
In five years' time, our key financial figures should be in line with our
claim to be a successful global electromobility company. As a profitable
company with very dynamic sales growth, we want our shareholders to
participate in the next successful chapters of the ELARIS story.
GBC: Mr Stevenson, thank you very much for talking to us.
You can download the research here:
http://www.more-ir.de/d/29235.pdf
Contact for questions
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of the study: 25/03/2024(8:46 am)
Date and time of first distribution: 25/03/2024(10:30 am)
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
GBC AG: Advanced Blockchain AG: Buy
Original-Research: Advanced Blockchain AG - from GBC AG
Classification of GBC AG to Advanced Blockchain AG
Company Name: Advanced Blockchain AG
ISIN: DE000A0M93V6
Reason for the research: Management interview
Recommendation: Buy
Target price: 11.00 EUR
Target price on sight of: 31.12.2024
Last rating change:
Analyst: Matthias Greiffenberger, Julien Desrosiers
'Our top 10 investments alone amassed a value of 57.5 million euros by the
end of 2023 - notably exceeding our market capitalization.'
In this interview, GBC speaks with Simon Telian, the CEO of Advanced
Blockchain AG. Since our last GBC interview in September 2023, the market
capitalization has more than doubled. Based on our last valuation, we
remain optimistic that there is further potential for growth. We expect to
adjust our valuation with the publication of the 2023 annual report.
GBC AG: Can you briefly introduce Advanced Blockchain AG?
Simon Telian: Advanced Blockchain AG is the first and only publicly traded
company on the German stock market specializing in decentralized blockchain
technologies. We are a key player in the blockchain industry, focusing on
research, incubation, and investments - both equity and tokens - in
disruptive technologies in the blockchain sector. Our current portfolio
includes more than 30 blockchain companies or projects. Alone, our top 10
investments had a value of 57.5 million euros by the end of 2023 -
significantly more than our market capitalization. Our primary focus is on
incubating and investing in promising projects in the decentralized finance
sector, also known as 'DeFi,' which is currently the fastest-growing area
in the blockchain world. This enables users to access financial products
frictionlessly, without the intermediation of centralized institutions such
as traditional banks. Other key focus areas include applications and
companies in the Economy of Things, where connected devices not only
communicate with each other but also create economic value for the user.
The portfolio is rounded out by investments in companies that enable
frictionless communication between different blockchain technology
protocols, also known as Cross-Chain Interoperability. Additionally,
Advanced Blockchain is not only an early-stage investor but also a leading
venture builder, supporting its investments with an extensive network of
software developers and a strong focus on research. In historical context,
Advanced Blockchain has been informing major German companies about the
various applications of blockchain technology since 2018, thus building a
broad network even in the traditional corporate environment. Since 2020,
Advanced Blockchain has been intensively involved in incubation,
investments, and building technical expertise in research to create an
extremely successful and valuable portfolio.
GBC AG: How does your company identify and evaluate potential investments,
and what criteria are decisive?
Simon Telian: The basis of the investment process is always a comprehensive
analysis of the application and implementation potential of the
investments. In addition, the quality of the founding team and the economic
and financial potential are crucial for creating value for the company. Our
extensive and long-standing experience in blockchain technology
significantly supports the decision-making process. Through ABX Analytics,
we will increasingly automate this process and offer it to external
customers or investors. Our broad network is certainly the decisive factor
in identifying interesting investment opportunities early on; numerous
opportunities have been identified in the past in this way. We rely on the
generated value from synergies with other investors in our network.
Co-investments with our partners are common, both in the pure equity
investment area and in our incubation projects.
GBC AG: What specific strategies have led to the 45% increase in the ten
largest portfolio values?
Simon Telian: The fundamental principles of our investment strategy remain
unchanged. However, the outstanding increase is due to several factors
affecting both our portfolio companies and the overall market. The central
factor is certainly the increasing acceptance of cryptocurrencies and
blockchain technology in society. The acceptance of blockchain ETF funds by
the U.S. Securities and Exchange Commission (SEC) has made investing in
cryptocurrencies increasingly socially acceptable. Particularly noteworthy
is the remarkable increase in inflows into BlackRock's iShares Bitcoin
Trust (IBIT), which recorded a new daily record of $2.2 billion last month.
In addition, the price of Bitcoin reached its all-time high, surpassing the
$69,000 mark, which brings Bitcoin into the price discovery phase. All
these developments show how the market has evolved positively in recent
months. This environment leads to growing interest in many of our key
portfolio companies, such as Composable. The company develops bridge
solutions targeting various ecosystems such as Ethereum, Cosmos, and
Polkadot, as well as future blockchain networks. The interest in this
drives the increase in value significantly. It is important to highlight
the central problem of current blockchain technology, namely the lack of
interoperability, which makes the transfer of digital assets between
different ecosystems impossible. Composable has taken on the challenge of
developing innovations to overcome this challenge and has made considerable
progress. This is just one example; each of our portfolio companies is
driving innovations in a key area of the industry, such as peaq in the
Economy of Things sector, and Polymer in the development of modular
blockchains.
GBC AG: How has the currently positive momentum in the crypto market
influenced the valuation of your portfolio?
Simon Telian: Of course, the positive market momentum has played an
important role in the appreciation of our portfolio. For example, the
Bitcoin price was slightly above $27,100 at the time of the initial
valuation in late May 2023, and at the end of December 2023, it was at
$42,500. However, the change in market dynamics alone is not sufficient. If
these portfolio companies were not innovative and did not develop core
technologies that are perceived as remarkable by the market, we would not
have seen such a strong increase. Nevertheless, these two aspects are
interconnected.
GBC AG: Can you explain the significance of the upcoming Bitcoin halving
for the overall market sentiment?
Simon Telian: Bitcoin halving involves reducing the rate at which new
bitcoins are created. With a finite number of bitcoins to be created at
most, Bitcoin halving reduces the supply. With demand levels remaining
constant, this can lead to a price increase. Many investors and speculators
view halving as a key catalyst for positive price movements. Positive price
developments often manifest early, as investors position themselves ahead
of time. Media also play an important role in attracting attention,
especially now with the interest of renowned asset managers like BlackRock
and Fidelity in the crypto industry. Overall, I expect halving to
contribute positively to market sentiment, along with the upcoming Ethereum
spot ETF. It is expected that both events will lead to further significant
inflows into the digital asset market.
GBC AG: What is Advanced Blockchain AG's vision for the future of Web 3.0?
Simon Telian: Our vision is to become an increasingly global player in the
blockchain field. By investing in and incubating innovative companies and
providing young entrepreneurs with the opportunity to create technology for
the decentralized web (Web 3.0). This also includes increased involvement
in software development. We have demonstrated our competencies through our
previous incubation projects, using this key expertise as a significant
value driver for the next phase of the company's development.
GBC AG: Where do you see Advanced Blockchain AG in the next five years, and
what strategic goals are you setting?
Simon Telian: In the coming years, Advanced Blockchain will continue to
focus on early-stage startup investments with a sharpened and successfully
proven investment strategy. As mentioned earlier, our goal is to become a
leading global player with a presence in emerging blockchain markets to
access promising new investment opportunities. Our incubation business will
increasingly focus on building innovative software companies with a
recurring revenue model to further diversify our business. Additionally, we
see great value in collaborating with other venture builders to establish
joint ventures in emerging blockchain markets.
GBC AG: Thank you for the interview.
You can download the research here:
http://www.more-ir.de/d/29147.pdf
Contact for questions
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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Completion Date (Time): 13.03.2024. 16:00
First Distribution Date (Time): 14.03.2024. 09:00
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
GBC AG: Aspermont Ltd.: Buy
Original-Research: Aspermont Ltd. - from GBC AG
Classification of GBC AG to Aspermont Ltd.
Company Name: Aspermont Ltd.
ISIN: AU000000ASP3
Reason for the research: Research Report (Anno)
Recommendation: Buy
Target price: 0,07 AUD
Target price on sight of: 31.12.2024
Last rating change:
Analyst: Julien Desrosiers, Matthias Greiffenberger
Continued Growth. 2023 a consolidation year. 2024e back to double digit
growth.
Single digit growth. The company continues its growth with a 3% increase in
revenue, in line with management guidance for FY2023.
Blue Horseshoe investment write off. The decision to write off the Blue
Horseshoe investment was made due to its lack of short-term profitability.
However, the company retains the intellectual property and remains open to
revisiting the venture should industry conditions improve.
Capital efficiency. The company has improved its capital efficiency by
divesting or upgrading low-margin products and events in favor of solutions
that promise higher growth and profitability.
Normalized EBITDA remains healthy, from $2.8m to $1.7m while the normalized
NPAT grew from $0.6m to $0.8m, indicating brighter future ahead.
New playgrounds. The Company has branded their marketing services branch
into a new entity called Nexus. The Company has created two sold out live
events in the past months. The company has signed an agreement with Rick
Rule, a highly prominent in the mining sector investment realm.
Management and Key operators hiring. The company hired a new Chief
Marketing officer, Group head of content and group head of research,
bringing onboard industry wide leading executives.
Focus on long term strategy. FY2024 priority is to return to double digit
growth.
Adjusted Price Target: Based on our Discounted Cash Flow (DCF) analysis, we
have adjusted our share price target to 0.07 AUD / 0.04 EUR (previously:
0.10 AUD / 0.07 EUR), reflecting our current valuation assessment.
You can download the research here:
http://www.more-ir.de/d/29121.pdf
Contact for questions
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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of this research: 11.03.2024 15:00
Date and time of first distribution: 12.03.2024 12:00
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
GBC AG: Media and Games Invest SE: BUY
Original-Research: Media and Games Invest SE - from GBC AG
Classification of GBC AG to Media and Games Invest SE
Company Name: Media and Games Invest SE
ISIN: SE0018538068
Reason for the research: Research study (Note)
Recommendation: BUY
Target price: 4.50 EUR
Last rating change:
Analyst: Marcel Goldmann, Cosmin Filker
FY 2023 closed with solid sales performance; strong new customer business
ensured significant organic growth; return to dynamic growth path expected;
price target raised to € 4.50; buy rating confirmed
Sales and earnings development 2023
On 29 February 2029, Media and Games Invest SE (MGI) published its
preliminary business figures for the past financial year 2023. According to
these figures, the technology company achieved solid revenue growth
compared to the previous year (PY: € 324.44 million) with its fully
integrated advertising software platform (ad tech platform), generating
revenue of € 321.98 million. The majority of revenue was generated by the
traditionally largest advertising segment 'Supply Side Platform' (revenue
share of SSP: 93.6%) with revenue totalling € 301.39 million (PY: € 298.88
million).
On a comparable basis, the company reports a moderate increase in
consolidated sales of 5.0%, which achieved a particularly high growth rate
of 16.0% in the final quarter, traditionally the strongest quarter in terms
of sales. The sales growth achieved was mainly due to an increase in the
software customer base and the volume of advertising placed. The number of
customers on MGI's digital ad tech platform increased dynamically by 18.9%
year-on-year to 2,276 at the end of the fourth quarter (number of customers
at the end of Q4 2022: 1,915). At the same time, the volume of digital
advertising delivered increased significantly by 19.1% to 206 billion at
the end of the fourth quarter (advertising ads at the end of Q4 2022: 173
billion).
Thanks to the significant expansion of the software customer base and the
substantial increase in advertising volume, the company was able to hold
its own and even gain market share despite a previously difficult market
situation (low CPMs, subdued advertising budgets, etc.). The company's
further improved market position in the mobile sector is also reflected in
the market-leading positions on iOS and Android with a market share of
12.0% and 12.0% respectively, according to the industry experts at
Pixalate. Accordingly, we believe that MGI has outperformed the advertising
industry as a whole and the overall advertising market.
In terms of earnings, MGI achieved growth at all earnings levels, primarily
due to the revaluation of the AxesInMotion earn-out payment liability
(positive one-off effect of € 62.76 million). EBITDA increased dynamically
by 51.6% to € 128.46 million (PY: € 84.75 million) compared to the previous
year. Adjusted for special effects (e.g. M&A and restructuring costs or
revaluations of balance sheet items), adjusted EBITDA (Adj. EBITDA)
totalled € 95.20 million, a slight increase compared to the previous year
(PY: € 93.20 million).
The adjusted EBITDA margin (Adj. EBITDA margin) increased to 29.6% (PY:
28.7%). This increase in profitability reflects the first positive effects
of the savings programme launched last year, which is expected to generate
annual cost savings of around € 10.0 million once successfully implemented.
We believe that the majority of the planned savings effects should already
materialise in the current 2024 financial year.
In terms of net performance, a consolidated result (after minority
interests) of € 46.73 million was achieved, which was significantly above
the previous year's level (PY: € -20.32 million). This significant increase
in net income was mainly due to the positive one-off effect from the
revaluation of an M&A-related payment obligation described above. In
addition, a relatively low tax expense ratio also favoured their positive
earnings development.
The company guidance adjusted by MGI management in the third quarter of
2023 (sales of € 303 million and adjusted EBITDA of € 93.0 million) was
therefore exceeded. Our sales estimate (sales: € 303.21 million) and
adjusted EBITDA forecast (adjusted EBITDA: € 93.07 million) were also
exceeded.
Forecasts and evaluation
With the publication of the preliminary figures, MGI's management has also
provided a rough outlook for the current financial year, although this
guidance will be further specified as the year progresses. In view of a
strong fourth quarter (organic growth Q4 2023: 16.0%) and an even more
dynamic start to the year (organic growth Jan. 2024: 18.0%), MGI expects
double-digit percentage growth in consolidated sales for the current
financial year 2024. At the same time, an improvement in earnings is also
expected.
In light of the positive company outlook, the increased (organic) growth
momentum and the expected recovery of the advertising market, we have
adjusted our previous sales and earnings estimates upwards. Accordingly, we
now expect revenue of € 352.18 million (PY: € 324.74 million) and EBITDA of
€ 100.08 million (PY: € 95.56 million) for the current financial year. For
the following financial year 2025, we are forecasting sales of € 389.51
million (PY: € 357.66 million) and EBITDA of € 113.35 million (PY: € 108.49
million). With regard to the 2026 financial year, which we have included in
our detailed forecast period for the first time, we anticipate a further
increase in sales and EBITDA to € 437.03 million and € 130.67 million
respectively.
Overall, we therefore assume that MGI will succeed in returning to a
dynamic growth trajectory with its leading ad tech platform. The company's
strong positioning in the in-app and CTV segment in particular should prove
to be one of the main growth drivers. In terms of earnings, the
cost-cutting programme launched by the company last year should take full
effect from the current financial year onwards and thus provide an
additional boost to future earnings.
As part of our DCF valuation model, we have raised our price target to €
4.50 (previously: € 4.05) per share due to our increased sales and earnings
estimates. An even higher price target increase was counteracted by higher
capital costs (risk-free interest rate currently 2.50%, instead of 2.00%
previously). In view of the current share price level, we therefore
continue to give the stock a 'BUY' rating and see significant upside
potential.
You can download the research here:
http://www.more-ir.de/d/29049.pdf
Contact for questions
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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) of completion: 04/03/2024 (8:20 am)
Date (time) of first distribution: 04/03/2024 (10:00 am)
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
GBC AG: EasyMotionSkin Tec AG: Managementinterview
Original-Research: EasyMotionSkin Tec AG - from GBC AG
Classification of GBC AG to EasyMotionSkin Tec AG
Company Name: EasyMotionSkin Tec AG
ISIN: LI1147158318
Reason for the research: Managementinterview
Recommendation: Managementinterview
Last rating change:
Analyst: Matthias Greiffenberger, Marcel Schaffer
EasyMotionSkin revolutionizes the fitness experience with cutting-edge
technology
EasyMotionSkin presents itself as the 'world's smallest gym' and is aimed
at both fitness novices and experienced athletes with an advanced EMS
training system. The innovative technology uses patented dry electrodes
within a special EMS suit to activate up to 90% of the muscles using
low-frequency electrical impulses. This not only promotes increased oxygen
uptake and performance, but also enables optimum training results and
efficient regeneration. The development of this trademarked high-tech
product is based on the expert knowledge of a leading German cardiologist
and is supported by scientific studies that prove its positive effects. As
a premium product 'Made in Germany', EasyMotionSkin represents a milestone
in the digitalization of the fitness sector and is continuously expanding
its portfolio with innovative product solutions. The company is thus
positioning itself as a pioneer of a future-oriented technology provider in
the global health and lifestyle segment.
GBC AG: Could you give us a brief summary of what distinguishes
EasyMotionSkin and what the company's mission is?
EasyMotionSkin Tec AG: With its established fitness brands EasyMotionSkin,
milon and FIVE, EasyMotionSkin Tec AG has evolved from an innovative
fitness system manufacturer to a future-oriented tech company in the
international health and lifestyle sector. Technological and thematic
leadership, the use of digitalization and the comprehensive range of
efficient training systems including hardware and software make
EasyMotionSkin the preferred partner for fitness providers and customers
worldwide. With expertise, innovation and commitment, EasyMotionSkin Tec AG
and its fitness brands are dedicated to the goal of sustainably promoting
and maintaining the health, performance and vitality of its customers.
GBC AG: How does EasyMotionSkin focus on innovation to differentiate itself
in a constantly evolving market? Are there any current projects or
technologies that you are particularly proud of?
EasyMotionSkin Tec AG: EasyMotionSkin Tec AG's mission is to advance the
healthcare industry by providing products and services that are leading in
terms of topics and technology.
We are especially proud of our collaboration with the Austrian Space Forum.
EasyMotionSkin is the official outfitter of the AMADEE-24 MARS ANALOG
MISSION, a Mars simulation planned for March 2024 in Armenia. The
expedition is an authentic test run for astronautical exploration of the
Red Planet. A crew of analog astronauts wearing prototype spacesuits will
conduct experiments in preparation for future Mars exploration missions. As
a provider of innovative training systems, the collaboration with the
Austrian Space Forum is a recognition of our quality and effectiveness -
and it also means being part of an ambitious space project that will bring
humanity much closer to Mars.
Prolonged weightlessness causes muscle and bone loss, similar to
osteoporosis. The EasyMotionSkin EMS training system helps prevent muscle
atrophy and the resulting bone loss in weightlessness.
EasyMotionSkin was already part of the DLR/ESA space mission COSMIC KISS in
2021 and 2022 and flew to the ISS with German ESA astronaut Matthias Maurer
aboard SpaceX's Crew Dragon. Maurer trained with the EasyMotionSkin
training system both during the preparation phase and on the ISS.
Whether on earth or in space - EasyMotionSkin has an extraordinary and high
quality unique selling point.
GBC AG: How do you assess the current trends in the industry, and what
challenges does EasyMotionSkin possibly see in the coming years?
EasyMotionSkin Tec AG: We see a global trend toward a holistic approach.
People want to take responsibility for managing their health, fitness,
performance and aesthetics according to their preferences and needs. The
boundaries between wellness, activity, longevity and beauty are becoming
increasingly blurred, and responding to customer needs and behaviors will
be part of the challenge of the future. Those who can anticipate this trend
and serve it with a high-quality portfolio of products and services will be
able to further develop the industry and win customers as long-term
partners.
GBC AG: How is EasyMotionSkin adapting to the changing needs of customers?
What measures does the company take to maintain or increase customer
satisfaction?
EasyMotionSkin Tec AG: We see ourselves as a partner to our customers, take
our role as a leading designer and developer seriously, and have our finger
on the pulse of the times by thinking and working with a strong focus on
the future and anticipation, especially in this phase. In many ways, we see
ourselves as a first mover.
GBC AG: To what extent does EasyMotionSkin attach importance to
sustainability and social responsibility? Are there any specific
initiatives or practices that can be highlighted in this regard?
EasyMotionSkin Tec AG: Sustainability plays a decisive role at
EasyMotionSkin, especially since our business purpose is already committed
to sustainability: to enable people to enjoy health, fitness, performance,
mental strength and joie de vivre for as long as possible.
Of course, economic and ecological sustainability are also important in our
day-to-day business. We live up to our social responsibility by supporting
numerous aid projects, but also by providing know-how and services to a
number of athletes with disabilities or after injuries.
GBC AG: How does EasyMotionSkin assess the current competitive environment,
and what strategies is the company pursuing to remain successful in the
face of competition?
EasyMotionSkin Tec AG: We are currently investing a great deal of know-how
and manpower in future-oriented concepts, especially in the area of
customer acquisition and long-term customer loyalty - by supporting people
individually in achieving their goals and increasingly offering
well-designed systems for everyday life.
GBC AG: Are there any plans for further expansion of EasyMotionSkin?
EasyMotionSkin Tec AG: Our growth strategy and international expansion
remain intact and are being continuously pursued - whether with in-house
developments or targeted acquisitions to expand the company, whether with
new sales partners for an expanded product range, also internationally. We
are successful in Europe and in many other countries - and we still have a
lot of potential worldwide.
GBC AG: Thank you very much for the interview.
You can download the research here:
http://www.more-ir.de/d/29017.pdf
Contact for questions
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,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Datum (Uhrzeit) der Fertigstellung: 28.02.2024 (15:02 Uhr)
Datum (Uhrzeit) der ersten Veröffentlichung: 29.02.2024 (11:00 Uhr)
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
GBC AG: Vectron Systems AG: BUY
Original-Research: Vectron Systems AG - from GBC AG
Classification of GBC AG to Vectron Systems AG
Company Name: Vectron Systems AG
ISIN: DE000A0KEXC7
Reason for the research: Research Comment
Recommendation: BUY
Target price: 10.00 EUR
Target price on sight of: 31.12.2024
Last rating change:
Analyst: Cosmin Filker, Matthias Greiffenberger
Preliminary figures for 2023: Sales and earnings development in line with
expectations, rating: BUY
Vectron Systems AG (Vectron for short) published its preliminary figures
for the past fiscal year 2023 on 21 February 2024. With sales revenue of €
37.4 million (previous year: € 25.2 million), the company not only
significantly exceeded the previous year's figure by 48%, but also returned
to its growth path as expected. This figure was in the upper half of the
sales guidance, which forecast sales in a range of € 36.0 million to € 37.8
million. Our forecast (GBC estimate: € 38.6 million) was also almost
achieved.
According to our calculations, Vectron sales increased by 11% to € 28.0
million (previous year: € 25.2 million). The main reason for the sales
growth in the Vectron division (POS systems and digital services) was the
further increase in recurring income by 53% to € 13.2 million (previous
year: € 8.6 million), which now accounts for 47% (previous year: 34%) of
total sales in this division. This clearly reflects the company's focus on
expanding its digital business in particular. Accordingly, Vectron has
outsourced hardware production to external partners. The sales of acardo
group AG (acardo), which was acquired on 1 January 2023, also contributed
to the overall increase in sales. According to our findings, the inorganic
contribution to sales is likely to have exceeded €10 million.
Thanks to the expansion of the digital business and the earnings
contribution of the acquired acardo, the turnaround was achieved with
EBITDA of € 3.0 million (previous year: € -3.9 million). At the same time,
the preliminary EBITDA was at the upper end of the guidance raised in
October, which had forecast EBITDA in a range of € 2.2 million to € 3.2
million. Our EBITDA estimate (GBC forecast: € 3.2 million) was also almost
achieved. EBITDA should be characterised by extraordinary income from the
reversal of provisions.
Even if this is a one-off effect, a disproportionately high improvement in
earnings should still be achieved in the current financial year 2024. On
the one hand, the expansion of the digital business will be accompanied by
higher margins. On the other hand, the cost-cutting measures introduced in
the hardware area are not expected to take full effect until 2024. The
expansion of the digital business and thus of recurring sales will also
make the company less dependent on external fluctuations in demand. Vectron
has not yet felt any negative effects from the VAT increase for the
catering industry. On the contrary, digital services are likely to be in
greater demand against the backdrop of staff shortages in the sector.
The acquisition of acardo should also make a significant contribution to
sales and earnings in the current 2024 financial year. The couponing
specialist announced the expansion of its couponing network by a further
3,500 stores at the beginning of the year, making it the largest check-out
couponing network in Germany. Against this backdrop, Vectron's guidance
should remain valid and we are maintaining our estimates for the financial
years 2024 and 2025.
As part of the DCF valuation model, we have determined a target price of €
10.00 (previously: € 10.10). The marginal reduction in the target price is
due to the increase in the risk-free interest rate and thus the weighted
cost of capital. On the other hand, we have raised the perpetual growth
rate by 0.5% due to inflation, which has had the effect of increasing the
price target. We continue to assign the BUY rating.
You can download the research here:
http://www.more-ir.de/d/28977.pdf
Contact for questions
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,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) completion: 26.02.24 (10:15 am)
Date (time) first transmission: 26.02.24 (11:30 am)
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
GBC AG: Avemio AG: BUY
Original-Research: Avemio AG - von GBC AG
Einstufung von GBC AG zu Avemio AG
Unternehmen: Avemio AG
ISIN: DE000A2LQ1P6
Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 32.00 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Cosmin Filker; Niklas Ripplinger
Sales and earnings for 2023 below expectations, forecasts and price target
reduced, BUY rating confirmed
According to preliminary figures for the past financial year, Avemio AG
suffered a decline in sales to around € 103 million (previous year: € 108.7
million), contrary to previously communicated expectations. The company had
previously expected sales of € 120 million. The expected recovery in demand
in the second half of the year failed to materialise, primarily due to the
persistently weak economy. The trading companies VDH Video Data Handels
GmbH and BPM Broadcast & Professional Media GmbH were particularly affected
by this, while the trading company Teltec AG recorded a robust sales trend.
In addition to lower demand from consumers (VDH) and for high-priced
equipment (BPM), the decline in sales was also due to a lack of innovation
in the area of professional film and television technology. In addition,
many customers had made investments during the coronavirus pandemic, which
led to certain pull-forward effects for previous years. Despite these
difficulties, sales exceeded the € 100 million mark for the third time in a
row, although sales were significantly below our previous expectations (old
GBC forecast: € 127.50 million).
According to the company, the decline in sales was compounded by pressure
on margins due to market prices, which led to a fall in the gross margin.
The preliminary EBITDA of around € 0.8 million (previous year: € 4.4
million) is therefore significantly below the previous guidance and our
forecasts. The company had previously forecast EBITDA of € 5.0 million, on
the basis of which we had forecast EBITDA of € 5.6 million. EBITDA of € 1.0
million in the first half of the year is therefore offset by negative
EBITDA of € -0.2 million in the second half of the year.
In the corporate news of 22 January 2014, Avemio's management emphasised
the company's continued solid capital base. With equity of € 12.5 million
(30.06.23: € 13.0 million) and an equity ratio of 35% (30.06.23: 37%), the
company has cash and cash equivalents of € 5.8 million. In addition, credit
lines totalling € 2.6 million can be utilised and there is a commitment
from the state of Hesse for mezzanine financing in the amount of € 5
million. This capitalisation is intended to further drive M&A growth as one
of the company's most important strategic pillars. A further company
acquisition could be announced in the first half of 2024.
We are adjusting our original forecast for the past financial year in line
with the preliminary figures. Based on EBITDA of € 0.8 million, we expect
negative earnings after taxes of around € -0.5 million. Due to the lower
starting position, we are also reducing our estimates for the two financial
years 2024 and 2025. Our estimates still do not include organic growth,
which is, however, an important part of the corporate strategy. Based on
the forecast reduction, we have set a new target price of €32.00. We
continue to assign a BUY rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28767.pdf
Kontakt für Rückfragen
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,11); A catalogue of potential conflicts of interest can be found at
https://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) of completion: 29/01/24 (9:33 am)
Date (time) first distribution: 29/01/24 (11:00 am)
-------------------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.
GBC AG: Cenit AG: BUY
Original-Research: Cenit AG - von GBC AG
Einstufung von GBC AG zu Cenit AG
Unternehmen: Cenit AG
ISIN: DE0005407100
Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 20.90 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann
First acquisition of 2024 strengthens the 3DS Solutions division; forecasts
and target price unchanged
As expected, CENIT AG is continuing the high level of acquisition activity
implemented since the 2022 financial year in the 2024 financial year. As
the company announced in the second calendar week of the still young year,
CCE b:digital GmbH & Co. KG (CCE for short) was acquired with effect from 1
January 2024. CCE offers consulting, implementation and software
development in the business areas of Digital Services, PLM Services and
Application Services. Similar to CENIT's '3DS Solutions' business segment,
CCE's offering is based on Dassault Systèmes solutions, with a particular
focus on the CATIA products and the 3DEXPERIENCE PLM platform. This shows a
high degree of congruence with the PLM business field of CENIT AG.
CENIT AG emphasises that CCE has special expertise in the migration and
introduction of Dassault standard software. For this purpose, concepts have
been developed that are specially tailored to medium-sized and smaller
customers. In addition, the acquisition of CCE will expand the local
presence in the Ostwestfalen Lippe region. Finally, company acquisitions
have proven to be an effective strategy for expanding the Group's workforce
against the backdrop of challenging personnel recruitment. The acquisition
of CCE will expand the CENIT team by 16 employees. In addition, CENIT's
position as one of Dassault Systèmes' most important Platinum Partners
worldwide will be further strengthened. This is already a declared goal of
CENIT AG.
No further details on the size of CCE or the purchase price are known. The
Federal Gazette only contains a balance sheet as of 31 December 2021, which
shows that the company is relatively small at this point in time. With
total assets of € 1.72 million, CCE had equity of € 0.19 million and cash
and cash equivalents of € 1.15 million. Based on this information, we
assume a purchase price in the low single-digit million range.
The CCE acquisition should be seen as a further step towards achieving the
medium-term goals of CENIT AG. The aim is to achieve sales of € 300 million
and an EBIT margin of 8-10% by the end of the 2025 financial year. As part
of this strategy, all five business divisions are expected to grow
organically and inorganically. In the 3DS Solutions division, sales are to
be increased from the current level of around € 100 million to € 150
million.
Due to what we consider to be the low impact on the CENIT Group's sales and
earnings, we are maintaining our estimates compared to our last research
study (see study dated 03 November 2023). We therefore confirm our price
target of € 20.90 and continue to rate the share as BUY.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28671.pdf
Kontakt für Rückfragen
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung.htm
+++++++++++++++
Date (time) of completion: 16/01/24 (08:04 am)
Date (Time) first distribution: 16/01/24 (10:00 am)
-------------------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.
GBC AG: Landi Renzo S.p.A.: Buy
Original-Research: Landi Renzo S.p.A. - von GBC AG
Einstufung von GBC AG zu Landi Renzo S.p.A.
Unternehmen: Landi Renzo S.p.A.
ISIN: IT0004210289
Anlass der Studie: Research study (Note)
Empfehlung: Buy
Kursziel: 0.60 EUR
Letzte Ratingänderung:
Analyst: Marcel Goldmann, Cosmin Filker
Nine-months 2023: Landi Renzo continues to grow thanks to strong OEM
business; unfavourable sales mix weighs on profitability; operating margin
recovery continues in Q3; GBC estimates and price target adjusted; Buy
rating confirmed
Business performance 9M 2023
The Landi Renzo Group announced its nine-month figures for the current 2023
financial year in mid-November. Based on these figures, the technology
group continued its growth streak in the first three quarters of the
financial year despite difficult conditions (war in Ukraine, inflationary
pressure, higher interest rates, etc.). Group sales increased moderately by
2.2% to € 221.14 million compared to the same period of the previous year
(9M 2022: € 216.35 million).
The strong expansion of business in the main business area of 'Green
Transportation' proved to be a key growth driver. This enabled the company
to benefit significantly from the increased demand from leading car
manufacturers for technological solutions for more climate-friendly
mobility and more environmentally-friendly drive systems in the volume
sector (mass car market).
The consolidated sales revenue generated was primarily driven by the core
business segment 'Green Transportation' (share of sales: 70.1%). In this
business segment, sales revenue increased significantly by 9.8% to € 155.01
million (9M 2022: € 141.24 million), mainly thanks to stronger OEM
business.
The increased growth in the OEM sales channel (9M 2023: +33.2% to € 98.70
million) was driven by a sharp rise in orders for bi-fuel engines and
increased sales of components in the OEM Mid & Heavy Duty segment. Due to
weaker sales in some Latin American and Eastern European markets, the
After-Market sales channel recorded a significant decline in revenue to €
56.30 million (9M 2022: € 67.10 million).
In contrast to the core business ('Green Transportation'), the 'Clean Tech
Solutions' business division recorded a significant decline in segment
sales to € 66.13 million (9M 2022: € 75.12 million). The main reason for
this decline in sales was not only the reduced production, which
particularly affected the third quarter, but also the postponement of some
major orders planned for 2023 to the following financial year 2024.
In contrast to the positive Group sales trend, Landi Renzo suffered a
significant decline in operating earnings (EBITDA) to € -1.12 million (9M
2022: € 7.07 million). This was mainly due to an unfavourable sales mix in
the 'Green Transportation' business segment (lower-margin OEM car sales
share), a lower business volume in the 'Clean Tech Solutions' segment and
higher fixed costs incurred to strengthen the company's operating
structure. As a result, the EBITDA margin also fell compared to the same
period of the previous year and even slipped into negative territory at -
0.5% (9M 2022: 3.3%).
This decline in consolidated operating profit was only partially offset by
an agreed list price change with a major customer of the Landi Renzo Group
in the OEM distribution channel in the second half of the half-year and a
price increase in the OEM Mid & Heavy Duty business area in the final
months of the financial year.
Adjusted for special costs and one-off costs (e.g. M&A costs or
restructuring costs), adjusted EBITDA (Adj. EBITDA) of € 4.57 million was
achieved in the past three quarters, which was significantly below the
earnings level of the same period in the previous year (9M 2022: € 8.70
million). The adjusted EBITDA margin (Adj. EBITDA margin) also fell
accordingly to 2.1% (9M 2022: 4.0%). The (adjusted) Group EBITDA of € 3.25
million (9M 2022: € 4.28 million) was primarily attributable to the Clean
Tech Solutions segment. Meanwhile, the core business segment 'Green
Transportation' contributed € 1.33 million (9M 2022: € 4.42 million) to the
Group result.
At the after-tax level, the technology group recorded a negative
consolidated net result (after minority interests) of € -27.73 million
compared to the same period of the previous year and thus had to accept a
significant decline in net earnings compared to the same period of the
previous year (9M 2022: € -10.12 million). In addition to the weaker
operating performance and high one-off extraordinary costs, significant
write-downs on a portion of the deferred tax assets recognised in the
previous year for tax losses also had a significant negative impact on the
earnings trend. In addition, significantly higher (incurred) tax expenses
of € 5.62 million (9M 2022: € 1.02 million) also had a negative impact on
earnings.
Business performance in Q3 2023
At a quarterly level, the Landi Renzo Group recorded a 3.6% decline in
consolidated sales to € 69.33 million (Q3 2022: € 71.91 million) compared
to the same quarter of the previous year due to weaker business development
in its infrastructure business segment. Segment sales in the Clean Tech
Solutions division fell by 24.2% to € 18.58 million at the end of the third
quarter (Q3 2022: € 24.52 million), mainly due to a lower production
volume. The decline in production volume was primarily the result of orders
being postponed to the following financial year 2024.
By contrast, the core business area 'Green Transportation' developed in the
opposite direction. Thanks to increased OEM customer demand for
technological solutions for bi-fuel engines in particular, segment revenue
in this division increased significantly by 7.1% to € 50.75 million (Q3
2022: € 47.39 million).
At Group operating result level, adjusted EBITDA (Adj. EBITDA) fell by
30.1% to € 0.65 million (Q3 2022: € 2.16 million), primarily due to the
decline in sales and earnings in the Clean Tech Solutions division. At the
same time, the adjusted EBITDA margin fell to 1.00% (Q3 2022: 3.0%).
Forecast and evaluation
With the publication of its nine-month and Q3 figures, the Landi Renzo
Group has confirmed its most recently adjusted corporate guidance for the
2023 financial year in the form of the outlook for the two business
segments 'Green Transportation' (sales growth and lower profitability
compared to the previous year, but margin improvement in H2 2023) and
'Clean Tech Solutions“ (sales at the previous year's level, but with an
improvement in profitability on an Adj. EBITDA basis).
In this context, the technology group specifically expects a slight
increase in sales in the core segment 'Green Transportation' for the fourth
quarter of the current financial year, which has already begun, compared to
the previous third quarter, which should result in particular from
increased sales in the OEM sales channel. Due to the increase in
profitability achieved in this segment in the previous third quarter, Landi
Renzo expects a (further) improvement in adjusted EBITDA for the fourth
quarter compared to the previous nine months. After the 'Clean Tech
Solutions' segment suffered from postponed orders in the third quarter, the
technology company is nevertheless anticipating an increase in sales and
profitability for the current fourth quarter compared to the previous
quarter.
In view of the company's performance falling short of our expectations, the
significant slowdown in growth momentum and the persistently difficult
general conditions, we have adjusted our previous sales and earnings
estimates downwards. For the current 2023 financial year, we are now
forecasting sales of € 307.14 million (previously: € 323.88 million) and
EBITDA of € 0.64 million (previously: € 9.58 million). Our significantly
reduced operating earnings forecast is the result of a lower expected
business volume as well as significantly higher expected one-off costs and
special costs (e.g. restructuring costs).
For the following financial year 2024, we expect sales of € 316.86 million
(previously: € 357.17 million) and EBITDA of € 13.31 million (previously: €
24.76 million). In the following year 2025, sales and EBITDA should
increase again to € 345.89 million (previously: € 379.73 million) and €
21.10 million (previously: € 37.94 million) respectively.
Our forecast for the Landi Renzo Group's future margin recovery is based on
rather conservative assumptions, i.e. the expected improvement in Group
profitability may be significantly stronger if, for example, the
after-market business and infrastructure business recover more quickly.
Overall, despite their temporary weakness, we believe that the Landi Renzo
Group is in a good starting position to return to a significant growth
trajectory from the coming 2024 financial year. The expected recovery of
the high-margin after-market business and the increased expansion of the
infrastructure and MHD business (mid- and heavy-duty business) should prove
to be key growth drivers. Landi Renzo has recently gained significant
momentum, particularly in the expansion of their high-margin MHD business
(LNG & CNG trucks), and should also be able to continue their growth streak
in this niche. Thanks to an expected improved sales mix in the 'Green
Transportation segment' (higher share of the lucrative after-market
business and MHD business) and the forecast recovery of their profitable
infrastructure business, this technology company should be able to
significantly improve its earnings situation from the coming financial
year.
The measures initiated by the management to optimise and strengthen their
business model and corporate structure should also help the technology
group to continue its growth trajectory in the area of sustainable
mobility, particularly in mid and heavy-duty vehicles, as well as in the
area of natural gas, biomethane and hydrogen infrastructures. At the same
time, the acceleration of growth and the optimisation of their business
model should also lead to a significant improvement in future
profitability.
We assume that Landi Renzo's management will publish new corporate guidance
in the first quarter of the coming 2024 financial year.
In light of our lowered sales and earnings forecasts for the current
financial year and subsequent years, we have lowered our previous price
target to € 0.60 (previously: € 0.70) per share. In view of the current
share price level, we therefore assign a 'BUY' rating and see significant
upside potential in the Landi Renzo share.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28597.pdf
Kontakt für Rückfragen
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: (6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) of completion: 21/12/2023 (7:21 am)
Date (time) of first distribution: 21/12/2023 (10:00 am)
-------------------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.
GBC AG: HAEMATO AG: suspended
Original-Research: HAEMATO AG - von GBC AG
Einstufung von GBC AG zu HAEMATO AG
Unternehmen: HAEMATO AG
ISIN: DE000A289VV1
Anlass der Studie: Research Note
Empfehlung: suspended
Kursziel: suspended
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Goldmann
Delisting of the HAEMATO share to take place from February 2023; price
potential not yet exhausted; GBC-rating and GBC-price target suspended
HAEMATO has announced the termination of the inclusion of the shares in the
open market of 30 November 2023. The shares are to be delisted after expiry
of the notice period, at the latest by the end of February 2024. According
to the company, the delisting is in particular the result of a cost-benefit
analysis. This statement should be seen in light of the fact that HAEMATO
AG has been part of the M1 Group, which is also listed on the stock
exchange, since July 2020. Obviously, the delisting is intended to save
duplicate cost structures associated with the listing of both companies.
Based on our DCF valuation model, which was last updated on 14 September
2023, the share is still undervalued and the share price potential has not
yet been exhausted. HAEMATO AG has developed surprisingly strongly in the
current financial year 2023, both in terms of sales and earnings. This is
also confirmed by the 9-month figures published in mid-November 2023, which
show a 12.8% increase in sales to € 212.2 million (previous year: € 188.2
million) and a significant jump in EBIT to € 9.5 million (previous year: €
6.7 million). This exceeded our expectations. We had previously forecast
EBIT of € 8.5 million for the year as a whole, which has already been
significantly exceeded after the first three quarters. Due to the excellent
business development, HAEMATO's management has raised its guidance for the
current financial year and now expects EBIT of € 10 to 12 million
(previously: € 6 to 8 million).
However, this extremely positive business development is offset by the
termination of the Botox project, which was seen as a high-potential
flagship project for the medium to long-term business development of
HAEMATO AG. At the same time, the co-operation with the Korean manufacturer
was terminated. The project was cancelled in connection with the entry of
two new Botox suppliers onto the market, which was accompanied by a
reduction in supply prices. At the reduced price level, the continuation of
the project was no longer profitable, which is why the project was
cancelled at an early stage, i.e. before the relevant development and
approval investments were made.
In our HAEMATO estimates, we had considered the Botox project as pure
upside potential, so that the cancellation of the project does not have a
negative impact on the estimates. On the contrary, we are even raising our
forecasts for the current 2023 financial year and now expect sales of €
272.00 million (previously: € 259.60 million) and EBIT of € 12.40 million
(previously: € 8.51 million). Due to the base effect, we have also raised
our forecasts for the next two financial years. However, with the decision
to delist, we are suspending both the price target and the rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28549.pdf
Kontakt für Rückfragen
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: (4,5a,5b,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung.htm
+++++++++++++++
Date (time) completion: 14.12.23 (3:31 pm)
Date (time) first transmission: 15.12.23 (09:30 am)
-------------------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.
GBC AG: Advanced Blockchain AG: Buy
Original-Research: Advanced Blockchain AG - von GBC AG
Einstufung von GBC AG zu Advanced Blockchain AG
Unternehmen: Advanced Blockchain AG
ISIN: DE000A0M93V6
Anlass der Studie: Research Comment
Empfehlung: Buy
Kursziel: 11.00 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Julien Desrosiers
Expected increase in profitability
Advanced Blockchain AG was recently presented at the Eigenkapitalforum by
CEO Simon Telian and Sebastian Markowsky, which met with considerable
interest from investors. Initial plans for 2024 have been communicated.
Assuming that the current very positive trend in the crypto market
continues, the management is planning strategic divestments of token
generation events in the amount of around € 2.5 million. These events could
take place, for example, with LAYR from Composable or Krest from peaq.
These token generation events are expected to have a recurring character
and thus increase the company's predictability, which could enable
sustainable positive results. In addition, the focus remains on closing
further OTC deals, which could amount to around € 2 million. With these
planned transactions, we forecast that revenue will increase to around € 5
million in total in 2024.
Advanced Blockchain AG has rethought its business model in light of the
rise in interest rates and the changed market situation. The focus is now
increasingly on recurring income, particularly through data-based solutions
that the company is currently developing and which could make a significant
contribution in the future. The focus for new incubations continues to be
on resource-efficient deployment. Management is also concentrating on
developing strategic partnerships, particularly in the core markets of
Switzerland, Dubai and Tokyo, and on building up highly qualified staff. We
expect a noticeable increase in net income, especially after the
implementation of a cost-cutting program in the current financial year
2023. We therefore assume that net income in 2024 will probably be around €
1 million. Furthermore, given the extremely positive market environment and
business development, this year's result may already exceed market
expectations.
The crypto markets are currently experiencing a significant upward
movement, with Bitcoin breaking through the USD 43,000 threshold and now
having a market capitalization of over USD 900 billion. Binance's recent
settlement with the US Department of Justice has influenced market
momentum. The growing anticipation of a Bitcoin ETF approval continues to
drive this momentum and significant capital inflows are expected to drive
prices higher in the cryptocurrency market.
Furthermore, important milestones were reached in the investments of
Advanced Blockchain AG: Panoptic recently raised USD 11.5 million in a seed
financing led by Greenfield Capital, resulting in a valuation of more than
USD 30 million. peaq recorded a successful launch of the first Wicrypt
hotspots on the Krest network. The Krest token price has seen a steady
increase since August, contributing a significant seven-figure amount to
the group's portfolio.
In addition, the company is now also represented in Dubai and will
participate in the upcoming Global Blockchain Congress on December 11 and
12. CEO Simon Telian is currently in Tokyo to explore potential
collaborations with the Japanese government. A white paper from the
Japanese government proposes crypto-friendly measures. These include
recommendations for tax changes, accelerated token valuations, regulation
of stablecoins and support for legal frameworks for NFTs. The document
proposes the creation of a Web3 minister, the introduction of crypto visas
and the expansion of startup visas.
We confirm our current valuation of € 11.00 per share and continue to
assign a Buy rating due to the considerable upside potential.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28523.pdf
Kontakt für Rückfragen
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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) of completion: 11.12.2023 (10:50)
Date (time) of first publication: 11.12.2023 (12:00)
-------------------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.
GBC AG: Mexedia SPA-SB: Buy
Original-Research: Mexedia SPA-SB - von GBC AG
Einstufung von GBC AG zu Mexedia SPA-SB
Unternehmen: Mexedia SPA-SB
ISIN: IT0005450819
Anlass der Studie: Management Interview
Empfehlung: Buy
Kursziel: 36.00 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Marcel Schaffer
Pioneering Tomorrow's Tech Landscape: Mexedia's Visionary Journey Unfolds
The MKK Conference in Munich has provided the backdrop for a compelling
conversation between the Mexedia's CEO, Orlando Taddeo, and equity research
analyst Matthias Greiffenberger. Against the vibrant atmosphere of one of
Germany’s leading conferences, this interview delves into Mexedia's
remarkable journey and strategic vision.
Listed on the Euronext Growth Paris exchange, Mexedia has rapidly evolved
beyond its roots in international voice and SMS termination activities.
Orlando Taddeo, at the helm of Mexedia's leadership, shares exclusive
insights into the company's trajectory, recent financial successes, and its
proactive stance on embracing cutting-edge technologies.
This engaging discussion explores Mexedia's commitment to staying ahead in
the dynamic tech landscape, utilizing artificial intelligence, and
fostering collaboration with developers. Against the backdrop of the MKK
Conference, renowned for showcasing innovations and trends, Matthias
Greiffenberger delves into Mexedia's open-platform philosophy and
strategies for both organic growth and acquisitions. This interview
promises a unique perspective into Mexedia's unfolding story, directly from
the visionary insights of CEO Orlando Taddeo.
GBC AG: To provide investors with a comprehensive understanding of Mexedia,
could you give an introductory overview of the company?
Orlando Taddeo: We're a dynamic tech company listed on the Euronext Growth
Paris exchange. Our journey began with a strong focus on international
voice and SMS termination activities, a sector where we've established a
significant presence. However, Mexedia's vision has always been
forward-looking and adaptive. Recognizing the evolving needs of our
customers and the market, we've expanded our portfolio to include
cutting-edge Customer Engagement and Customer Experience Business Services.
In these areas, we're not just participating; we're aiming to be pioneers,
leveraging advanced technologies like Artificial Intelligence to enhance
our tools and services. This expansion reflects our commitment to staying
at the forefront of technological advancements and our dedication to
offering solutions that are highly relevant and effective in today's
rapidly changing digital landscape. Our journey is one of continuous
evolution, and we're excited to bring our investors and customers along as
we explore new horizons in the tech world.
GBC AG: Following the recent publication of your half-year results, could
you provide a concise summary and share whether the results align with your
expectations?
Orlando Taddeo: We're quite pleased to share that our half-year results
have been quite encouraging. There has been a noticeable growth in our
revenues and EBITDA, which, to our satisfaction, aligns well with the
expectations and forecasts we had set for this period. This positive
outcome is a testament to the hard work and dedication of our team, and it
reflects the strength of our strategic initiatives, including our efforts
in diversifying our services and enhancing our cross-selling capabilities.
We believe these strategies have been key in navigating the challenges and
seizing the opportunities of our dynamic industry. We remain committed to
maintaining this momentum and continuing to deliver value to our
stakeholders.
GBC AG: Aligning with market demand, could you shed light on the current
sought-after products and services, and how Mexedia is positioned to meet
these demands?
Orlando Taddeo: One of the most fascinating aspects in the current market,
which we at Mexedia are keenly focused on, involves innovative value-added
services, particularly in the realm of business automation solutions. We
recognize that in today's fast-paced business environment, efficiency and
innovation are essential components of a successful strategy. At Mexedia,
we are excited about harnessing the power of artificial intelligence to
revolutionize customer engagement. Our approach involves using AI not just
as a tool, but as a transformative force to enhance and streamline
communication processes. This technology is pivotal in accelerating
operations, enabling businesses to operate more efficiently and
cost-effectively. We understand that the landscape of customer engagement
is constantly evolving, and staying ahead of these changes is crucial. By
integrating AI into our solutions, we are anticipating future trends. This
forward-thinking approach positions Mexedia as a leader in providing
innovative solutions that meet the ever-changing needs of businesses in the
digital age.
GBC AG: Exploring the open-platform nature of Mexedia, could you elaborate
on how developers contribute to the platform's growth and the development
of new features?
Orlando Taddeo: Mexedia’s open-platform approach allows developers to
contribute significantly, leading to new features and innovations, thereby
enhancing its service offerings. This collaborative environment enables
Mexedia to maintain its edge in the market. The open-platform nature of
Mexedia is one of its most distinctive and innovative aspects, particularly
evident through our App Store marketplace. This platform is not just a
repository of applications; it's a thriving ecosystem that fosters
continuous growth and innovation. By allowing both proprietary and
third-party Mini-Apps to be activated, we ensure that our users have access
to a diverse and comprehensive range of choices, tailored to meet their
specific needs. What truly sets Mexedia apart and serves as a catalyst for
its evolution is our inclusive approach toward developers and
industry-specific companies. By opening up the Mexedia App Store to these
external contributors, we've created a dynamic environment where continuous
development is not just encouraged but is a fundamental part of the
ecosystem. This approach allows us to offer brands a novel, comprehensive,
and dynamic mode of customer interaction. Our platform encompasses a wide
array of functionalities – from SMS, chat, and voice services to relational
AI, payments, authentications, augmented reality, and voice smart
assistants. The diversity of our Mini-App offerings means there's a
solution for every objective. Developers play a crucial role in this
ecosystem; their contributions in terms of innovative Mini-Apps and
features are invaluable. They not only expand the capabilities of the
Mexedia platform but also ensure that it remains at the forefront of
technological advancement and market relevance.
GBC AG: In terms of growth, can you outline Mexedia's strategy for both
organic expansion and acquisitions?
Orlando Taddeo: At the core of our organic growth strategy is a strong
emphasis on innovation and market penetration. We believe that by
continuously innovating our products and services, we can anticipate future
needs. This forward-thinking approach is complemented by our efforts to
penetrate deeper into existing markets and to identify and establish
ourselves in new ones. Our goal is to grow organically by enhancing our
offerings and extending our reach, thereby solidifying our position in the
market. Strategic acquisitions, on the other hand, play a pivotal role in
our expansion strategy. We seek opportunities to acquire companies in
sectors that align with our vision and can contribute to our service
portfolio. These acquisitions are selected to ensure they complement our
existing services but also bring new capabilities and expertise to the
table. By integrating these acquired companies and their unique strengths
into our operations, we can offer a more comprehensive suite of services to
our clients.
GBC AG: Looking ahead, how does Mexedia plan to enhance its EBITDA margin
in the coming years?
Orlando Taddeo: As we look towards the future, Mexedia is committed to
enhancing its EBITDA margin through a multifaceted strategy that focuses on
leveraging our existing services, improving operational efficiencies, and
introducing innovative solutions. We understand that a healthy EBITDA
margin is crucial for our long-term sustainability and success, and our
approach is designed to address this on multiple fronts.
GBC AG: Can you provide a practical example or case study that highlights
the capabilities and impact of Mexedia ON?
Orlando Taddeo: I can share a practical example that showcases the
advantages of using Mexedia ON in the retail sector: a retail client was
looking to enhance their customer engagement and drive sales. Before
implementing Mexedia ON, they faced challenges in effectively reaching and
engaging with their diverse customer base. Their communication strategies
were somewhat generic and did not fully leverage the potential of
multi-channel communication. This is where Mexedia ON stepped in. With
Mexedia ON, we developed and implemented a personalized communication
strategy tailored to the unique preferences and behaviors of their
customers. By harnessing the power of Mexedia ON's advanced analytics and
AI capabilities, we were able to gain deep insights into customer
preferences and engagement patterns. These insights enabled us to craft
targeted messages and offers that were delivered through the most effective
channels for each customer segment. Whether it was through SMS or other
digital channels, each message was optimized for maximum relevance and
impact. The results were remarkable. The client saw a significant increase
in customer engagement, which translated into higher sales figures.
Customers responded positively to the personalized communication, feeling
more valued and understood. This also helped in building long-term customer
loyalty. Basically, the efficiency of Mexedia ON in managing and automating
these multi-channel communications allowed the client to scale their
efforts without a corresponding increase in complexity or resource
allocation.
GBC AG: What is the future vision for Mexedia, and are there any upcoming
developments in the next two years that you find particularly exciting or
noteworthy?
Orlando Taddeo: As we look towards the future, Mexedia is firmly focused on
deepening its role as a key player in the realms of digital transformation
and communication innovation. Our vision is to be at the forefront, driving
change and setting new standards in the industry. In the next two years, we
have several exciting developments lined up that align with this vision.
One of the key areas we are focusing on is the expansion of our service
portfolio. We are constantly exploring new technologies and solutions that
can add value to our clients, by enriching our existing offerings with more
advanced, efficient, and cutting-edge solutions. Another significant area of
development is exploring new markets. Mexedia recognizes the importance of
global reach in today’s interconnected world. We are actively assessing
opportunities to enter new geographic markets, which gives us invaluable
insights into diverse market dynamics. This expansion is a strategic move
to reinforce our global footprint and bring our advanced technology and
communication solutions to a wider audience. These developments are
particularly exciting as they represent our commitment to lead and innovate
in the technology and communication sectors. We are enthusiastic about the
potential of these initiatives to strengthen our leadership position and to
offer even more value to our clients and stakeholders.
GBC AG: Thank you very much for the interview.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28451.pdf
Kontakt für Rückfragen
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,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) of completion: 01.12.2023 (16:20)
Date (time) of first publication: 07.12.2023 (12:00)
-------------------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.
GBC AG: Media and Games Invest SE: BUY
Original-Research: Media and Games Invest SE - von GBC AG
Einstufung von GBC AG zu Media and Games Invest SE
Unternehmen: Media and Games Invest SE
ISIN: SE0018538068
Anlass der Studie: Research study (Comment)
Empfehlung: BUY
Kursziel: 4.05 EUR
Letzte Ratingänderung:
Analyst: Marcel Goldmann, Cosmin Filker
Nine months 2023: Solid sales and operating earnings performance despite
challenging conditions; positive effects from the initiated savings
programme enabled an increase in profitability; GBC estimates and price
target confirmed
Business performance 9M 2023
Media and Games Invest (SE) published its nine-month and Q3 figures for the
current financial year on 30 November 2023. Based on these figures, the ad
tech group saw a moderate decline in digital Group revenue of 3.6% to €
223.27 million in the past nine months (9M 2022: € 231.55 million),
primarily due to divestments (in the games segment) and unfavourable
exchange rate developments. The revenue generated was primarily driven by
the traditionally largest advertising segment 'Supply Side Platform'
(revenue share: 89.7%), which generated revenue of € 200.35 million (9M
2022: € 209.65 million).
According to the company, an organic increase in consolidated sales was
achieved on a comparable basis. This revenue growth is primarily the result
of an increase in the software customer base and the volume of advertising
placed. The number of customers on MGI's digital advertising platform
increased significantly by 9.0% to 2,068 software customers at the end of
the third quarter compared to the same quarter of the previous year
(software customers at the end of Q3 2022: 1,898). At the same time, the
digital advertising volume delivered increased significantly by 8.0% to 186
billion at the end of the third quarter (advertising ads at the end of Q3
2022: 172 billion).
Thanks to the noticeable expansion of the software customer base, the
Ad-Tech Group was able to perform well amid the challenging market
situation and thus slightly overcompensate for negative market aspects such
as reduced customer advertising budgets and lower CPMs (cost-per-mile).
In addition, further market share was gained, enabling this technology
company to further expand its leading market position. According to a
recent Pixalate market study, MGI's subsidiary Verve Group remains the
market leader on Android and iOS in the US market with a market share of
11.0% and 28.0% respectively. In Europe, Verve recently achieved a
market-leading position on Android (No. 2 with a market share of 15.0%) and
iOS (No. 3 with a market share of 9.0%). In our view, MGI has thus
outperformed the general advertising market and the advertising industry as
a whole.
In contrast to the sales trend, MGI achieved growth at all earnings levels,
primarily due to the revaluation of the AxesInMotion earn-out payment
liability (positive one-off effect of € 62.76 million). EBITDA increased
dynamically by 73.6% to € 101.15 million compared to the same quarter of
the previous year (9M 2022: € 58.28 million). Adjusted for one-off effects
(e.g. M&A and restructuring costs or revaluations of balance sheet items),
adjusted EBITDA (Adj. EBITDA) totalled € 63.50 million, which was slightly
higher than in the same period of the previous year (9M 2022: € 61.70
million).
In terms of operating profitability, an increase in profitability to 28.4%
(9M 2022: 26.6%) was achieved on the basis of the adjusted EBITDA margin
(Adj. EBITDA margin). This improvement in profitability reflects the first
positive effects of the company's cost-cutting programme, which is expected
to generate annual cost savings of around € 10.0 million once successfully
implemented.
After the first nine months of the financial year, consolidated net income
(after minority interests) totalled € 41.83 million (9M 2022: € 8.77
million), which was significantly higher than the previous year's level.
This significant increase in net income was mainly due to the positive
one-off effect from the revaluation of an M&A-related payment obligation
described above.
Business development Q3 2023
The negative effects of divestments and unfavourable exchange rate
developments were particularly noticeable in the third quarter.
Accordingly, the MGI Group suffered a significant year-on-year decline in
digital Group sales of 10.6% to € 78.34 million (Q3 2022: € 87.62 million).
Adjusted for these negative currency effects, however, organic sales growth
of 1.0% was achieved at Group level, according to the company. This revenue
growth was primarily the result of an increase in the software customer
base and the volume of advertising delivered.
At operating earnings level, adjusted EBITDA (Adj. EBITDA) of € 23.10
million was achieved, mainly thanks to efficiency gains from the
cost-saving programme that has been initiated, thus confirming the high
earnings level of the previous year (Q3 2022: € 23.00 million). At the same
time, the adjusted EBITDA margin increased significantly to 29.5% (Q3 2022:
26.3%)
Forecast and price target
Against the backdrop of the company's solid performance in the first nine
months of 2023, MGI's management has confirmed its previously adjusted
guidance (dated 31 August 2023) for the current 2023 financial year with
the publication of its nine-month and Q3 figures. Accordingly, the
technology company continues to expect consolidated sales of around € 303.0
million and Adj. EBITDA of € 93.0 million. At the same time, the company
has also confirmed its medium-term guidance (Revenue CAGR: 25.0% to 30.0%;
Adj. EBITDA margin: 25.0% to 30.0%). As a result, MGI anticipates
significantly higher growth momentum again in the medium term on the basis
of an expected recovery in the advertising market.
Overall, we remain convinced that the ad tech group will be able to return
to growth from the 2024 financial year onwards, based on the gradual
recovery of the advertising market that we expect. In particular, the MGI
Group's strong positioning in the growth areas of programmatic advertising
and connected TV (CTV) in combination with innovative advertising solutions
(Moments.AI, ATOM etc.) should ensure further market share gains and a
significant outperformance compared to the general advertising industry in
the future. The significant expansion of their software customer base
achieved in recent quarters also provides a good basis for driving
(organic) growth even more strongly.
In light of the company's solid performance, the confirmed outlook and
their promising growth strategy, we confirm our previous revenue and
earnings estimates for the current financial year and subsequent years.
Accordingly, we also confirm our previous price target of € 4.05 per share.
With regard to the current share price level, we therefore continue to
assign a 'buy' rating and see significant upside potential in the MGI
share.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28503.pdf
Kontakt für Rückfragen
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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) of completion: 07/12/2023 (9:35 am)
Date (time) of first distribution: 07/12/2023 (10:30 am)
-------------------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.
GBC AG: Mexedia SPA-SB: Buy
Original-Research: Mexedia SPA-SB - von GBC AG
Einstufung von GBC AG zu Mexedia SPA-SB
Unternehmen: Mexedia SPA-SB
ISIN: IT0005450819
Anlass der Studie: Research Report (Note)
Empfehlung: Buy
Kursziel: 36.00 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Marcel Schaffer
Advancing Mexedia: Expanding Services, Strategic Acquisitions, and
Innovative Offerings
During the first half of 2023, the Mexedia Group witnessed a substantial
surge in revenue propelled by strategic acquisitions of Phonetime Inc. and
Matchcom Telecommunications Inc., executed through Mexedia Inc. These
acquisitions strategically redirected revenue from Mexedia Ltd.'s
voice-based electronic termination services to the flourishing U.S. market,
with the goal of fortifying the competitive position and streamlining the
integration of the newly acquired entities.
Concurrently, Mexedia S.p.A. SB, the parent company, introduced SMS
electronic termination services, yielding positive impacts on both revenue
and margin. The Mexedia Group achieved consolidated revenues of €133.36
million in the initial six months of 2023, showcasing an impressive growth
of 59.4% compared to the corresponding period in the previous year.
EBITDA remained steadfast at €4.10 million, reflecting a 1.9% increase from
the parallel period in the prior year. Mexedia Ltd. contributed 71% to the
EBITDA, while the remaining portion was attributed to Mexedia Inc. The dip
in the EBITDA margin stemmed from continuous optimization processes within
the U.S. companies.
Financial expenses rose to €2.36 million due to elevated working capital
and foreign exchange losses linked to the multicurrency operations of
Matchcom Telecommunications Inc., compared to €1.72 million in the
corresponding period of the previous year. The overall net result for the
group amounted to €1.44 million, a slight decrease from €1.58 million in
the same period of 2022.
Following deliberations at the MKK Conference, the forecast was fine-tuned,
anticipating revenues of €280 million for 2023 and €300 million for 2024.
The management is laser-focused on margin improvement, sustainable growth,
and a gradual transition to opportunities with higher margins.
The positive market projections in the telecommunications sector are fueled
by the escalating demand for communication services. Mexedia strategically
positions itself for substantial revenue growth through initiatives such as
the acquisition of Matchcom Telecommunications Inc. and Phonetime Inc.,
along with the introduction of Mexedia ON.
Mexedia ON, a pivotal element in the growth strategy, serves as a Customer
Experience Platform offering innovative channels like Metaverse and Smart
Voice Assistance. The refined forecast indicates an enhanced margin, with
an anticipated EBITDA of €13.12 million for 2023 and €18.15 million for
2024. Mexedia is committed to a comprehensive strategy aimed at boosting
the EBITDA margin, encompassing the optimization of existing services and
the introduction of innovative solutions.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28447.pdf
Kontakt für Rückfragen
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,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of the research report: 01.12.2023 (17:00)
Date and time of the first disclosure of the research report: 06.12.2023 (12:00)
-------------------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.
GBC AG: The NAGA Group AG: BUY
Original-Research: The NAGA Group AG - von GBC AG
Einstufung von GBC AG zu The NAGA Group AG
Unternehmen: The NAGA Group AG
ISIN: DE000A161NR7
Anlass der Studie: GBC Research FactSheet
Empfehlung: BUY
Kursziel: EUR 2.90
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Cosmin Filker
Strong earnings growth achieved in the first nine months of 2023, lower
sales growth but increase in profitability expected, price target: € 2.90,
rating: BUY
The NAGA Group AG recently published its annual report for the 2022
financial year, which is therefore late. The delayed publication is mainly
due to a change of auditor, the inclusion of new business activities and
new subsidiaries, but above all due to the clarification of valuation
issues regarding the cryptocurrency portfolio.
Although it is clear from the annual report that the company recorded
further sales growth of 8.9% to € 57.60 million (previous year: € 52.88
million) in the past 2022 financial year, EBIT of € -36.86 million
(previous year: € -9.55 million) was significantly below the previous
year's level. In particular, write-downs on cryptocurrencies held long-term
and intended for trading totalling € 18.57 million and a bad debt provision
of € 1.45 million led to the significant decline in earnings, as expected.
The write-downs on cryptocurrencies are related to the sharp fall in the
price of NAGA Coin (NGC). Even adjusted for these special effects, NAGA
would have reported a negative EBIT of € -16.84 million. This reflects the
strategy of strong customer and sales growth pursued until the 2022
financial year, which was accompanied, for example, by unchanged high
marketing expenses of € 28.35 million (previous year: € 30.97 million). In
order to reach the operating break-even point, these high expenses must
generate higher sales growth. However, this was offset by a generally
difficult market environment, which was characterised by a significant
decline in cryptocurrency prices on the one hand and falling transaction
figures on the other.
In response to developments in the past financial year 2022, NAGA's
management changed its strategy and initiated a reorganisation. The focus
was shifted from sales growth to profit growth and the corporate and cost
structures were adjusted accordingly. This change in strategy benefits the
'one-stop-shop' approach of the Naga app, which has now been fully
developed and introduced to the market. With the introduction of Naga Pay
and NAGAX, the aspects of a NeoBank, a NeoBroker and social investing are
combined with a crypto ecosystem within one app or application.
The development of the current financial year 2023 reflects the success of
the strategic realignment that has been introduced. According to
preliminary nine-month figures, EBITDA of € 4.2 million (previous year: €
-11.2 million) was already noticeably higher than the previous year's
figure despite a significant decline in sales to € 28.7 million (previous
year: € 46.7 million). The EBITDA margin was 14.6% after a negative figure
in the previous year. The main reason for this development was the
reduction in total expenses. Marketing and sales expenses in particular
were reduced to € 3.7 million (previous year: € 26.1 million). In this
context, the costs per customer acquired fell significantly to € 181. In
the past financial year, they still peaked at over € 1,650. In addition to
customer acquisition in foreign markets, which is associated with lower
costs, this sharp fall in costs is due to deliberate cost savings in the
area of marketing. Inefficient measures were discontinued and all
agreements in this area were scrutinised.
Despite the cost savings in customer acquisition, the number of active
customers rose to 20,700 as at 30/09/2023 (30/09/2022: 17,700). This was
accompanied by an increase in the number of trades in the first nine months
to 10.9 million (previous year: 8.4 million), although sales per trade fell
due to market conditions, which explains the decline in sales.
Based on the nine-month development, a visible decline in sales to € 39.17
million (previous year: € 57.60 million) should be reported in the current
financial year 2023, but EBITDA should, according to our estimates, reach €
5.13 million (previous year: € -13.73 million), the best figure in the
company's history.
We also anticipate lower growth momentum in the coming financial years
compared to previous years, although we expect a further improvement in
profitability. On the one hand, the cost-cutting measures taken, which are
also attributable to a sharp reduction in the number of employees to 117
(31/12/22: 171), are likely to have a full impact in the coming financial
year. On the other hand, the development of the so-called Super-app has
been completed, meaning that significantly lower development costs can be
expected in the coming financial years. Finally, the NAGA technology will
also be offered to third parties as a white label solution, a high-margin
business model. A first regulated online brokerage company from Kuwait will
soon launch a social trading product based on NAGA technology.
For the coming financial years 2024 and 2025, we expect sales growth of 10%
each to € 43.08 million (2024) and € 47.39 million (2025) respectively.
NAGA should break even in the coming financial year due to the expected
reduction in total costs at all earnings levels. The EBITDA margin should
rise to 15.4% and to 19.4% in the 2025 financial year.
As part of our DCF valuation model, we have determined a new price target
of € 2.90 (previously: € 3.60). The reduction in the price target is due in
particular to our reduced sales growth momentum. Although we expect a
general increase in profitability, the absolute earnings figures are below
our previous estimates. We continue to rate the share as BUY.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28343.pdf
Kontakt für Rückfragen
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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) completion: 20/11/23 (09:32 am)
Date (time) first transmission: 20/11/23 (11:30 am)
-------------------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.
GBC AG: Coreo AG: BUY
Original-Research: Coreo AG - von GBC AG
Einstufung von GBC AG zu Coreo AG
Unternehmen: Coreo AG
ISIN: DE000A0B9VV6
Anlass der Studie: Research Note
Empfehlung: BUY
Kursziel: EUR 1.00
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann
H1 2023: Large portfolio acquisitions to come in 2024; EBIT break-even
expected in 2024; price target: € 1.00; rating: BUY
In the first six months of 2023, Coreo AG was able to increase rental
income to € 3.17 million (previous year: € 2.82 million). As there were no
property additions in both the 2022 financial year and the current 2023
financial year, the 12.7% increase in gross rental income was achieved on
the same property basis. Portfolio optimisations carried out, such as the
property handover in Kiel in the past 2022 financial year or the conclusion
of a long-term rental agreement with the city of Wetzlar, have increased
the revenue base, from which Coreo AG benefited in the first half of 2023.
In addition, vacancies were already reduced in the past financial year and
rent increases were implemented in some cases. However, part of the
increase in gross rents is also due to the current market-related rise in
ancillary costs, which resulted in a significant increase in advance
operating cost payments of 44.1% to € 0.84 million (previous year: € 0.59
million).
Total operating costs of € 3.10 million (previous year: € 3.04 million)
remained roughly at the previous year's level. Within costs, the cost of
materials in particular increased to € 1.79 million (previous year: € 1.29
million). This was partly due to higher ancillary operating costs and
partly due to maintenance and modernisation expenses, which relate in
particular to the properties in Wetzlar, Delmenhorst and Göttingen.
However, the increase in the cost of materials was offset by a decrease in
personnel expenses and other operating expenses (including lower legal and
consulting costs). At € -0.44 million (previous year: € -0.61 million),
EBIT in the first six months of 2023 was therefore also higher than the
previous year's figure.
We have prepared our forecasts on the basis of the current property
portfolio. In addition, we also assume property acquisitions for the coming
financial years, which will both have an impact on the company's rental
income and, as part of the value-creating strategy, result in possible
valuation income.
In the first six months of 2023, Coreo AG generated gross rental income of
€ 3.17 million. With the exception of the sale of the 119 residential units
in the 'Hagenweg' property, the property portfolio is unchanged for the
second half of 2023, meaning that comparable gross rental income is likely
to be generated in the second half of the year. The loss of rental income
from 'Hagenweg' of around € 0.20 million (GBC estimate) will be limited, as
this will not occur until the fourth quarter of 2023. Compared to our
previous forecast (see forecast dated 14 July 2023), we are nevertheless
adjusting the expected rental income slightly more to € 6.12 million
(previously: € 6.53 million).
This adjustment is primarily due to the delay in the purchase of the
Hagen/Rostock portfolio, for which the purchase price (total investment
volume: € 2.5 million) has already been finalised. We had previously
expected to acquire the property in the second half of 2023. As things
stand, however, the property will not be acquired until the coming
financial year. In addition, the transfer of the Spree-Ost portfolio, for
which a purchase agreement has been in place since 2021, is planned for the
coming 2024 financial year. This portfolio comprises 1,341 flats and 15
commercial units and, as the largest acquisition in Coreo's history, would
have a significant impact on the company's revenue and earnings
performance. As a precautionary measure, we have postponed the acquisition
date to the second half of 2024 (previously: first half of 2024) and are
therefore also reducing the expected rental income for 2024 to € 8.22
million (previously: € 9.56 million). This effect is not relevant for the
2025 financial year; the lower expected rental income of € 12.15 million
(previously: € 12.36 million) expected in this financial year is solely a
result of the sale of 'Hagenweg'.
The book loss of € 0.61 million from the sale of the properties on
'Hagenweg' in Göttingen was recognised in full in the first half of 2023,
meaning that no further negative effects are expected for the second half
of the year. In our previous forecasts, we did not anticipate any valuation
losses; on the contrary, we assumed valuation gains due to the investments
in the existing portfolio. In the updated forecast, we have taken into
account both the book loss and conservatively assumed slightly lower book
gains on the existing portfolio. Accordingly, the company should report a
negative EBIT of € -0.12 million in the current 2023 financial year
(previously: € 2.18 million). With the expected strong increase in rental
income, in particular due to the addition of the two already fixed
portfolios, EBIT break-even should be achieved sustainably from the coming
2024 financial year.
As part of our DCF valuation model, we have determined a new price target
of € 1.00 (previously: € 1.30). The price target reduction is solely a
consequence of the forecast adjustment. We continue to assign a BUY rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28337.pdf
Kontakt für Rückfragen
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,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time completion (german): 17.11.23 (07:55 am)
Date and time first distribution (german): 17.11.23 (10:30 am)
Date and time completion (english): 20.11.23 (08:02 am)
Date and time first distribution (english): 20.11.23 (10:00 am)
-------------------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.
GBC AG: publity AG: Hold
Original-Research: publity AG - von GBC AG
Einstufung von GBC AG zu publity AG
Unternehmen: publity AG
ISIN: DE0006972508
Anlass der Studie: Research Report (Note)
Empfehlung: Hold
Kursziel: 17.00 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Marcel Schaffer
Focus on sustainable office properties. Positive outlook.
The business trajectory in the first half of 2023 reflects noteworthy
advancements for publity AG despite prevailing challenges in the real
estate industry. However, revenues experienced a substantial downturn,
decreasing to €2.01 million in the first half of 2023 (compared to €9.95
million in the previous year). These revenues were generated through
publity's successful transactions as an asset manager.
The significant dip in revenue consequently led to a decline in EBITDA to
€-1.46 million (compared to €6.63 million in the previous year). On a
positive note, other operating income had a notable impact, reaching €1.02
million (a significant increase from €0.03 million in the previous year),
primarily stemming from a legal dispute. Overall, operating costs remained
predominantly stable, with marginal adjustments in the cost of materials
(-2.0%) and a slight uptick in personnel expenses (+3.3%). Conversely,
other operating expenses rose to €3.43 million (compared to €2.31 million
in the previous year) due to partial revenue from the PREOS convertible
bond, transacted below the original price. Adjusted for this effect, costs
actually experienced a reduction.
Income from other securities witnessed a 14.5% decline to €2.95 million
(compared to €3.45 million) owing to the diminished volume of PREOS Global
Office Real Estate & Technology AG bonds on the balance sheet. Furthermore,
interest and similar expenses increased by 17.7% to €-2.74 million
(compared to €-2.33 million) due to the augmentation of the publity bond,
issued in the second half of 2022, by €20 million to €97.76 million
(compared to €77.76 million in the previous year).
The sharp decrease in revenue resulted in a negative net result of €-1.53
million (compared to €5.23 million in the previous year).
publity's financial statement mirrors a typical profile for investment
companies, marked by a substantial level of financial assets, notably the
shares held in PREOS constituting the majority. Despite the impressive
equity interest of 94.3%, these shares in the subsidiary are not fully
consolidated but are acknowledged as financial assets. The absence of full
consolidation means that the liabilities of the real estate companies GORE
and PREOS are not entirely reflected, contributing to publity AG
consistently maintaining an above-average equity ratio. Variations in
equity stem from both operational business dynamics and the appreciation or
depreciation of financial assets. As of June 30, 2023, there was no
extensive revaluation of financial assets.
As of June 30, 2023, equity remained nearly unchanged at €370.66 million
(compared to €372.19 million on December 31, 2022), primarily influenced by
an annual loss of €1.53 million. Consequently, the equity ratio also held
steady at 76.2% (compared to 76.4% on December 31, 2022).
publity AG's balance sheet prominently features investments in affiliated
companies, amounting to €367.3 million (compared to €366.94 million on
December 31, 2022), constituting 75.5% of total assets (compared to 75.3%
on December 31, 2022). Additionally, publity AG holds bonds from PREOS
Global Office Real Estate & Technology AG valued at €81.0 million (compared
to €83.98 million on December 31, 2021). These financial assets are
encompassed in the net financial assets, totaling €374.81 million (compared
to €377.87 million on December 31, 2022).
The primary component of debt capital is an outstanding publity bond valued
at €97.76 million (unchanged from December 31, 2022). This bond matures in
2027, and its terms were adjusted at the end of 2022, including an
extension of the term to 19.12.2027 (originally 19.06.2023), an interest
rate increase from 5.5% to 6.25% from 19.06.2023, and the introduction of
an option for early repayment. As of October 18, 2023, the bond is trading
at 28.0% on Tradegate at 15:34. The extension of the publity bond is
potentially subject to challenge by bondholders.
Liabilities to banks remain steady at €4.3 million (unchanged from December
31, 2022), and cash and cash equivalents amount to €0.38 million (compared
to €0.54 million on December 31, 2022). The management perceives the
liquidity situation as stable. Working capital has significantly increased
to €3.39 million, compared to €-0.19 million as of December 31, 2022,
primarily attributed to the rise in trade receivables to €4.35 million from
€1.16 million as of December 31, 2022. This increase is presumed to be a
response to the current challenging situation in the real estate industry,
potentially leading customers to exhaust their payment terms.
Due to the absence of a published cash flow statement, a more comprehensive
liquidity analysis is currently unfeasible.
On August 16, 2023, the Annual General Meeting sanctioned a capital
increase from company funds, proposing an augmentation of share capital
from €14.88 million to €16.74 million, involving the issuance of 1.86
million new no-par value shares with a nominal value of €1.00 each.
However, the finalization of the capital increase is still pending.
As of December 30, 2022, the share price for the investment in PREOS Global
Office Real Estate & Technology AG was €3.40 (Xetra), representing a market
capitalization of €385.79 million. Considering publity AG's substantial
94.3% shareholding, the reported value of the held share capital in
publity's balance sheet was €363.8 million. However, the PREOS share price
has experienced a significant decline since December 30, 2022, currently
standing at €0.41 (XETRA, October 23, 2023). This decline poses a notable
valuation discount affecting earnings. In our revaluation, we do not rely
on the current PREOS share price; instead, we utilize the published equity
of PREOS Global Office Real Estate & Technology AG, which amounted to
€203.56 million as of December 31, 2022, as a conservative lower limit.
Corresponding to the 94.3% shareholding ratio, this equates to a value of
€191.96 million.
As of June 30, 2022, loans to affiliated companies stood at €81.0 million.
These loans are in the form of convertible bonds issued by PREOS Global
Office Real Estate & Technology AG in 2019 and maturing in 2024. The
current price of the convertible bond is 1.26% (Frankfurt, October 19,
2023). Klaus Nieding, lawyer and Vice President of Deutsche
Schutzvereinigung für Wertpapierbesitz, has been appointed as the contact
person for the bondholders. The next step involves engaging in discussions
with the joint representative to explore potential restructuring options
for the PREOS convertible bond. Given the considerable potential for the
convertible bond to be written down, we have initially assumed a 50%
impairment in our valuation.
Despite facing persistent challenges such as high interest rates, increased
construction costs, and uncertainties in the economic landscape within the
real estate sector, the company remains optimistic about its recovery,
attributing this confidence to its position as a green asset manager. In
response to macroeconomic challenges and evolving trends in real estate,
the company is strategically focusing on sustainable office properties. The
goal is to manage at least 50% ESG-compliant buildings by 2030, with a
long-term objective of achieving 100%. The approach is holistic,
encompassing environmental considerations, innovative design options, and
social aspects. publity AG has already secured several certifications for
its properties, showcasing high ESG and digitalization standards.
Additionally, there are plans to convert the Centurion Tower in Frankfurt
into a green office building, serving as a model for the future of office
spaces.
The corporate strategy of publity AG centers on fortifying and expanding
its position as a portfolio holder in the real estate sector through its
subsidiaries. The primary focus remains on the German commercial real
estate market, where attractive value creation potential is identified.
Leveraging its expertise in real estate asset management, publity AG aims
to capitalize on the sustained demand for German commercial real estate,
particularly from foreign investors.
While the impacts of the coronavirus pandemic, the conflict in Ukraine, the
energy crisis, and rising interest rates on the company's economic
trajectory are challenging to predict, the Management Board anticipates
stabilization and positive development.
The Executive Board expects to break even after taxes in the course of the
2023 financial year, with a slightly positive EBIT forecast. In addition,
the Executive Board expects to be able to meet all financial obligations in
full and on time in the future.
We assume that there will be an increase in real estate transactions in the
2023 financial year compared to the previous year 2022. However, the market
is currently heavily impacted by the turnaround in interest rates. For the
current financial year 2023, we forecast revenue of €11.5 million, followed
by €15.0 million in 2024 and €20.1 million in 2025.
In accordance with the company's guidance for the 2023 financial year, the
Executive Board expects to break even after taxes and achieve a slightly
positive EBIT. The company continues to respond with strict cost management
in order to meet the current challenges. Our earnings forecasts do not
include any potential write-downs on the financial assets held.
We assume that the guidance can currently be easily achieved. For the
current financial year 2023, we expect EBIT of €0.3 million, followed by
€3.32 million in 2024 and €6.64 million in 2025.
Overall, we expect net income of €0.28 million in the current financial
year 2023, €2.39 million in 2024 and €4.71 million in 2025.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28325.pdf
Kontakt für Rückfragen
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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of the study: 17.11.2023 (12:00) German version: 13.11.2023 (10:00)
Date and time of the first publication of the study: 17.11.2023 (12:30) German version: 13.11.2023 (11:30)
-------------------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.
GBC AG: Advanced Blockchain AG: Buy
Original-Research: Advanced Blockchain AG - von GBC AG
Einstufung von GBC AG zu Advanced Blockchain AG
Unternehmen: Advanced Blockchain AG
ISIN: DE000A0M93V6
Anlass der Studie: Research Report (Note)
Empfehlung: Buy
Kursziel: 11.00 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Julien Desrosiers
Successful cost-cutting program: Advanced Blockchain AG maintains EBITDA at
previous year's level. Bitcoin halving in March 2024: supply shortage as a
catalyst.
The first half of 2023 witnessed Advanced Blockchain AG navigating through
a persistently volatile capital market, grappling with inflation concerns,
and contending with geopolitical uncertainties on both financial and
societal fronts. The crypto winter, intensified by the FTX collapse and the
insolvency of other crypto exchanges and custodians like Genesis, continued
to exert its influence. This was notably reflected in the pronounced
volatility of Bitcoin, commencing the year at $16,500 and concluding on
June 30, 2023, at $30,350—a significant distance from its pinnacle of
$69,045 in November 2021.
Ongoing efforts to regulate crypto assets, exemplified by MiCA regulation
(Markets in Crypto-Assets), persist. MiCA, an EU-approved regulatory
framework for crypto assets, aims to establish risk-appropriate regulation
enhancing investor protection and contributing to the functionality of
cryptocurrency markets. MiCA's implementation is to unfold in two stages,
with specific provisions, particularly those pertaining to asset-referenced
crypto assets and E-money tokens (stablecoins), anticipated to take effect
from July 2024. The majority of the regulation is slated to be operational
in early 2025. The regulation imposes requirements on crypto asset
providers and traders, mandating the submission of a whitepaper to
supervisory authorities. Additionally, it champions consumer protection by
necessitating a publicly accessible register for crypto asset whitepapers
and providers of crypto asset services.
MiCA categorizes crypto assets into three segments: E-money tokens,
asset-referenced tokens, and utility tokens. While encompassing common
cryptocurrencies like Bitcoin and Ethereum, it excludes security tokens or
non-fungible tokens (NFTs). Issuers of asset-referenced tokens and E-money
tokens must fulfill minimum liquidity requirements and have their
headquarters within the EU. The regulation introduces a customer right of
redemption against issuers and anti-money laundering regulations that
necessitate customer identification for crypto service providers. These
regulations also extend to transactions between 'hosted wallets' and
'unhosted wallets,' requiring identification of the owner of the 'unhosted
wallet' for transactions exceeding 1,000 euros.
The imminent introduction of Bitcoin ETFs by major asset management
entities such as BlackRock is suggested by the current news flow in the
United States. The proposed spot Bitcoin ETF by BlackRock, listed with the
Depository Trust & Clearing Corporation (DTCC), indicates potential
approval by the U.S. Securities and Exchange Commission (SEC). The SEC is
expected to make a decision by January 10, 2024. Approval of such an ETF
could pave the way for additional crypto ETFs, including those from ARK
Investment, Fidelity, and Valkyrie. While the SEC sanctioned Bitcoin
futures ETFs in October 2021, no Bitcoin or Ether spot funds have been
listed on U.S. exchanges.
Adding to the landscape is the significant event of the upcoming Bitcoin
halving in March 2024, where the miner reward will be halved. This
anticipated supply shortage could exert a positive influence on the
performance of Bitcoin.
In the first half of 2023, Advanced Blockchain experienced a reduction in
revenue to €1.23 million (compared to €23.4 million in the previous year).
This decline can be attributed to a diminished number of portfolio
transactions.
EBITDA stood at €0.52 million (compared to the previous year's €0.88
million). Despite the dip in revenue, EBITDA was successfully maintained
close to the previous year's level, owing to the effective implementation
of a cost-saving program by the management. EBIT even achieved a positive
value of €0.45 million (compared to the previous year's -€0.54 million).
The same positive trend extended to the net result, reaching €0.45 million
in the first half of 2023 (compared to the previous year's -€0.54 million).
As of June 30, 2023, the equity of the company remained relatively
unchanged at €14.48 million (compared to €14.93 million on December 31,
2022). The equity ratio also held steady at 67.3%, mirroring the figure as
of December 31, 2022 (66.3%). The predominant portion of equity and token
investments, amounting to €16.63 million, is documented within the category
of other assets.
The working capital exhibited an increase, reaching €-0.52 million (as
opposed to €-3.78 million on December 31, 2022), propelled by a notable
surge in trade receivables, which climbed to €2.74 million (compared to
€0.01 million as of December 31, 2022). The persistently negative working
capital underscores the efficient utilization of available capital, with
only limited funds being tied up.
Cash and cash equivalents experienced a significant decline to €0.34
million (versus €3.49 million on December 31, 2022). Given the ample
liquidity of certain securities in the portfolio, we hold no apprehensions
concerning the existing low cash position of the company. Additionally,
approximately €3 million was allocated to new investments during the first
half of 2023, capitalizing on a favorable investment climate. These
strategic investments are anticipated to establish a robust groundwork for
forthcoming positive outcomes, fortifying the company's standing in the
market.
Due to the lack of a published cash flow statement, we are unable to
perform a detailed liquidity analysis.
In the fiscal year 2023, Advanced Blockchain AG has been strategically
focusing on sustainable growth and meticulous cost management. The company
anticipates a reduction in expenses coupled with revenue generation through
token transactions and potential investments in upcoming token issuances.
Advanced Blockchain AG is actively engaged in advanced negotiations with
potential buyers for portfolio investments tied to token and equity
transactions, with the objective of achieving up to five successful sales,
totaling €5 million.
Currently, the company is in the planning stages of issuing a new
convertible bond with a total value of up to €3 million, intended to
replace the existing convertible bond expiring on July 14, 2024. The volume
was subsequently limited to a nominal amount of €1.1 million on October 17,
2023. This fresh bond boasts a six-year term and an annual interest rate of
3.0%, with a conversion price set at €4.25. It is proposed to issue up to
€1.5 million through the exchange of convertible bonds previously issued by
the company (ISIN: DE000A3MP4Q7). The net proceeds stemming from the
issuance of the convertible bond 2023/2029 will be allocated to general
business purposes, encompassing the financing of additional investments and
the advancement of the existing portfolio.
In a noteworthy development, Advanced Blockchain AG successfully secured
another prominent investor, selling 100,000 of its own shares to a fund
managed by Axxion S.A. at a per-share price of EUR 2.70.
To sustain its pioneering role as a blockchain incubator and Web3 investor,
Advanced Blockchain AG is strategically expanding its team of global
experts and planning to initiate two to three new investments. The company
is also gearing up to implement cross-chain initiatives across various
blockchain domains to leverage success and network effects. A commitment to
ongoing research and clear strategies will steer the progress and adoption
of diverse topics and use cases. Through the incubation of promising
protocols and technologies, Advanced Blockchain AG aims to bolster the
growth of the global blockchain ecosystem.
The continuous assessment of the top 10 portfolio investments is geared
towards enhancing transparency for investors. As of May 31, 2023, the top
10 investments encompass peaq/EoT Labs GmbH (incubation, equity, and token
investment), Mero (token investment), Contango (token investment), Maverick
(token investment), Talisman (token investment), Neon Labs (token
investment), Obol Network (token investment), Polymer (equity and token
investment), DELV/Element Finance (token investment), and Composable
Finance (incubation and token investment), presented in no particular
order. Based on an independently valued assessment as of May 31, 2023,
these top 10 Advanced Blockchain portfolio companies currently reflect a
total value of €39.65 million. Our analysis suggests a conservative
valuation approach, and we believe the fair value of the listed positions
is likely higher, estimating it to be around €45 million.
The undervaluation of Advanced Blockchain becomes strikingly apparent when
focusing solely on the top 10 positions in the portfolio and the market
capitalization. These top 10 positions alone carry a fair value of at least
€40 million, whereas Advanced Blockchain's market capitalization currently
hovers around €11 million. We posit that the remaining portfolio positions
hold a similar value to the top 10, leading us to estimate the current
portfolio value at approximately €90 million. Factoring in holding costs of
€2 million, the adjusted total value of the portfolio after deducting these
costs should be around €88 million.
Our enterprise value estimation, based on the net asset value (NAV), stands
at approximately €88 million, equating to €23.19 per share. In light of the
pronounced downturn in the crypto markets and the persistent 'crypto
winter,' we have applied an additional discount to the fair value,
currently pegged at around 53%.
We are maintaining our valuation. We have determined a fair value of €41.74
million or €11.00 per share. Due to the considerable upside potential, we
assign a BUY rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28323.pdf
Kontakt für Rückfragen
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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) Completion: 17.11.2022 (11:20) German version: 13.11.2022 (12:30)
Date (time) first publication: 17.11.2022 (12:00) German version: 13.11.2022 (13:30)
-------------------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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