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Original-Research: EPTI AB - von GBC AG

Einstufung von GBC AG zu EPTI AB

Unternehmen: EPTI AB
ISIN: SE0013774668

Anlass der Studie: Research Report (Initial Coverage)
Empfehlung: BUY
Kursziel: 1.13 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger, Felix Haugg

Large upside to NAV valuation. Unique selling proposition with own
corporate accelerator with over 100 IT experts. Value Creation 'for
founders, by founders'.
 
EPTI AB has a unique business model in which it combines extensive software
development and consulting services with the development of numerous high-
growth start-ups in the tech sector. The core of the company is the EPTI
Core, which consists of about 150 employees, 75% of whom are developers and
engineers. The other 25% are management consultants from all business
areas, from marketing to legal to HR. EPTI Core consults and develops
technology solutions for external customers as well as for EPTI' portfolio
companies. The customers/portfolio companies pay for these services either
with cash or with equity. This gives EPTI a high level of control over the
portfolio companies and allows EPTI to co-develop important milestones.
 
EPTI currently has over 25 company investments in the gaming, marketplace,
FinTech, SaaS and service segments. This also includes joint ventures and
own start-ups. The focus is on these segments because of the in-depth
knowledge and extensive experience possessed by both management and
employees. In addition, these segments show high growth potential and can
benefit from the EPTI Core.
 
EPTI went public via a reverse IPO in the fourth quarter of 2021. The
company had previously held the listed minority stake Invajo, which EPTI
acquired in full in order to be listed itself.
 
In the past fiscal year 2021, NAV increased by 72.8% to SEK 836.18 million
(PY: SEK 483.87 million). The increase in value is mainly due to the
completed capital acquisitions of the portfolio companies and a higher
valuation at the last transaction date. Due in particular to the
acquisition of Talnox Group, the number of employees also increased from 80
to 225.
 
With two transactions of the investments moblrn and Linky Tech, which took
place after December 31, 2021, the NAV rose to SEK 911.18 million. However,
we have identified further hidden reserves, at EPTI Core and Apotekamo.
According to EPTI, EPTI Core is valued at an EBITDA multiple of 12x. In our
peer group analysis, we determined a rounded mean of the arithmetic mean
and median of 20x and used this as the EBITDA multiple for EPTI Core. For
Apotekamo, we have determined a valuation of SEK 152.19 million,
corresponding to hidden reserves of SEK 106.31 million, as part of a peer
group analysis and a precautionary discount.
 
The NAV on a K3 basis (Swedish accounting) is SEK 911.18 million or a NAV
per share of SEK 9.08 / EUR 0.88, which means a huge upside potential to
the current price of 73.3%. According to the GBC valuation approach, we
have identified further hidden reserves and determined a NAV of SEK
1,164.73 million. Per share, we have determined a fair value of SEK 11.61
or EUR 1.13. Against the background of the high upside potential, we assign
a BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/23929.pdf

Kontakt für Rückfragen
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.htm
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Date and time of completion of the research report: 27.04.2022 (17:30) 
Date and time of the first disclosure of the research report: 28.04.2022 (10:30)

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


Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. 
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