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Original-Research: Aves One AG - von GBC AG

Einstufung von GBC AG zu Aves One AG

Unternehmen: Aves One AG
ISIN: DE000A168114

Anlass der Studie: Research Comment (english)
Empfehlung: BUY
Kursziel: 12.80 EUR
Kursziel auf Sicht von: 31.12.2020
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger

Current share price level opens up attractive entry opportunity, half-year
report should confirm growth trend
 
In the last two months, the share price of Aves One AG has come under
slight pressure. After reaching a record high of EUR 13.30 per share at the
end of June 2019, the share price has since fallen to EUR 9.65 (23.08.19).
This price development took place without any relevant newsflow. Contrary
to this, there was even a positive additional purchase announcement. We
therefore assume that the most recent share price development is primarily
attributable to profit-taking.
 
On 10 July 2019, it was reported that the asset portfolio in the Rail
segment had been expanded to more than 10,500 freight and tank wagons. The
acquisitions consist largely of new wagons and include around 800 used
freight wagons with a young average age of less than 10 years. Most of the
assets are fully let and should generate correspondingly high gross
margins.
 
We assume that Aves One AG will continue to expand its asset portfolio in
the coming financial years and that correspondingly higher sales will be
achieved. Due to the scalability of the business model, we expect a gradual
increase in margins. The company currently expects to achieve an asset
under management (AuM) of EUR 1.0 billion in the 2019 financial year and its
guidance for 2019 is sales of EUR 110 million with EBITDA of EUR 80 million. We
estimate the current guidance to be conservative and expect AuM of EUR 1.03
billion in 2019, EUR 1.13 billion in 2020 and EUR 1.28 billion in 2021.
 
In our opinion, the share price development offers a very attractive
opportunity to enter the market. At present, the upside potential to our
price target is 32.6%. Against this backdrop, we repeatedly assign our Buy
rating and confirm our price target of EUR12.80 per share. The half-year
figures for 2019 will be published in September and we expect the growth
trend to be confirmed.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/18801.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
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.htm
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Date (time) of completion: 27.08.2019 (18:15)
Date (time) of the first publication: 28.08.2019 (09:30)
Target price valid until: max. 31/12/2020

-------------------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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