Original-Research: euromicron AG - von GBC AG

Einstufung von GBC AG zu euromicron AG

Unternehmen: euromicron AG
ISIN: DE000A1K0300

Anlass der Studie: Research Report (Anno)
Empfehlung: BUY
seit: 04.04.2016
Kursziel: EUR 12.10
Letzte Ratingänderung: -
Analyst: Felix Gode, CFA

* For euromicron AG, 2015 was shaped by the Company's reorganisation. The
Company not only undertook a restructuring and streamlining of the Group
structures but also performed a strategic focusing. The Company is now
posi-tioned in the fields of digitalised buildings, critical infrastructure
and industry 4.0, thereby focusing on its combined expertise in systems
integration and its own supplementary technology solutions.
 
* In FY 2015, revenues were still slightly down by 0.4% at EUR344.89 million.
On the one hand some projects were deliberately not accepted in order to
concentrate fully on high-margin projects. On the other hand, developments
for new products are not yet fully completed with the result that they will
not contribute to growth until 2016.
 
* Earnings were burdened by various expenses. On the one hand, impacts were
felt from various operating effects relating in particular to past orders
with a loss-free valuation that no longer contributed to the profit margin
as well as expenses for the development of new business areas. On the other
hand, the reorganisation measures reduced the result and impacted EBITDA
with a total of EUR6.83 million. In addition, there was extraordinary
amortisation and depreciation of EUR6.31 which had an additional negative
effect on EBIT.
 
* In total, reported EBITDA amounted to EUR6.92 million compared to EUR21.15
million in 2014. The EBITDA figure adjusted for extraordinary effects was
significantly higher at EUR13.76 million.
 
* We expect a significant increase in revenues and earnings for FY 2016.
Whilst we expect to see revenues of EUR359.86 million, primarily contributed
by the Smart Buildings segment, we expect EBITDA of EUR15.02 million. This
once again includes EUR2.5 million in extraordinary expenses to finalise the
reorganisation. Adjusted for extraordinary expenses, operating EBITDA
should thus be EUR17.52 million, which is equivalent to an adjusted EBITDA
margin of 4.9%. For 2017, we do not expect any extraordinary expenses,
which will be associated with a further improvement in the EBITDA to EUR21.25
million or an EBITDA margin of 5.6%.
 
* We regard the management of euromicron AG as having been successful in
effectively reorganising the Group. Even if the figures in 2015 were
negatively impacted by the reorganisation, it is clear that the foundations
for profitable growth have been laid for future years. The first signs of
success are already evident and we are confident that the Company will
return to its previous strong income position in the next few years.
 
* On the basis of the expected development and of our forecasts, the shares
of euromicron AG are currently trading at a favourable P/B ratio of around
0.5 and a 2017 P/E ratio of around 7. This means a significant
un-dervaluation can be assumed. Based on our DCF model we calculate a fair
value of EUR12.10 per euromicron share. Given the high upside potential, we
rate it a BUY.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13687.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen
Katalog möglicher Interessenkonflikte finden Sie unter: 
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-------------------übermittelt durch die EQS Group AG.-------------------


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