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Original-Research: SBF AG - von GBC AG
Einstufung von GBC AG zu SBF AG
Unternehmen: SBF AG
ISIN: DE000A2AAE22
Anlass der Studie: Research report (Update)
Empfehlung: Buy
Kursziel: 5.10 EUR
Letzte Ratingänderung:
Analyst: Marcel Goldmann, Cosmin Filker
SBF GROUP IN PROFITABLE GROWTH MODE ; INCREASE IN PROFITABLE FORECASTS; NEW
STOCK PRICE TARGET: 5.10 EUR; BUY-RATING CONFIRMED
SBF AG published its half-year figures for the 2019 financial year on
08/08/2019. Ac-cording to the published figures, SBF generated EUR 7.96
million in revenue in the first six months of the current financial year,
approximately 55.0% of the revenue generated in the previous year of 2018
(EUR 14.70 million). The SBF Group is therefore back on a growth path
again. As part of its growth strategy, the company also decided to make
significant investments of up to EUR 4.5 million in its machinery in the
first half of the current financial year. As at the balance sheet date,
around EUR 2.0 million of this amount had already been released.
SBF also reported highly positive performance in terms of net earnings. In
the first six months of the current financial year, the company generated
EUR 0.95 million in after-tax profit, around 68.0% of the consolidated
annual result (EUR 1.39 million) of the previous financial year of 2018.
This disproportionately high earnings performance was possible thanks to
scaling effects.
In addition, as at the balance sheet date of 30/06/2019, SBF reported an
order backlog of EUR 32.0 million and pending offers (relating to tenders)
of over EUR 100.0 million. In view of the current positive business
development of the SBF Group and current order levels, SBF's management
confirmed the corporate guidance it had issued for the current financial
year of 2019. The company also anticipates further revenue of approximately
EUR 17.0 million and EBIT of approximately EUR 2.0 million from its
subsidiary SBF Spezialleuchten GmbH, which is also the Group's core
holding.
As a result of current business performance exceeding our expectations, as
well as the highly positive order situation and the renewed improvements in
the market environment, we have adjusted our previous forecast for the SBF
Group's profit expectations upwards. For the current 2019 financial year,
we continue to expect revenue of EUR 17.70 million and new increased Group
earnings of EUR 1.70 million (previously: EUR 1.43 million). For the
subsequent financial years of 2020 and 2021, we anticipate revenue of EUR
19.70 million (previously: EUR 19.50 million) and EUR 24.10 million
(previously: EUR 22.40 million). On a net basis, it should be possible to
generate Group earnings of EUR 1.81 million (previously: EUR 1.60 million)
and EUR 2.45 million (previously: EUR 2.13 million).
On the basis of our increased estimates for the current financial year and
subse-quent years, we have valued SBF AG using our DCF model and arrived at
a fair value of EUR 5.10 per share (previously: EUR 3.85 per share),
thereby raising the stock price target. In view of the current share price
level, we are expecting high price potential and have again awarded the
shares a 'Buy' rating. Overall, we consider the SBF Group, with its strong
market position in niche segments of the burgeoning rail industry, to be
very well placed to benefit from the expected global increase in
investments in the rail sector. In this context, the SBF Group's positive
customer image as a preferred Tier 1 supplier to leading rail vehicle
manufacturers should be a particular advantage.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/18837.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,6a,7,11);
Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Datum und Zeitpunkt der Fertigstellung der Studie: 21.08.2019(08:53 Uhr)
Datum und Zeitpunkt der ersten Weitergabe der Studie: 21.08.2019(10:30 Uhr)
-------------------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.
°
Die SBF AG, vormals Corona Equity Partner AG, ist ein in Deutschland ansässiger Hersteller von elektrischen Ausrüstungen für Eisenbahnwaggons. Das Unternehmen ist über seine Tochtergesellschaft SBF Spezialleuchten GmbH tätig und produziert Deckensysteme, Beleuchtungslösungen und Belüftungslösungen für den Innen- und Außenbereich von Eisenbahnwagen. Das Unternehmen bietet Deckenbeleuchtungssysteme für den Innenbereich, Halogen-Leuchtdioden (LED)-Kombileuchten für den Außenbereich, Voll-LED-Scheinwerfer und modulare LED-Systeme für Schienenfahrzeuge sowie Luftkanalsysteme zur Versorgung von Lüftungsanlagen mit Warm- und Kaltluft für den Zuginnenraum. Das Unternehmen bietet Planungs-, Konzeptentwicklungs- und Fertigungsdienstleistungen an. Das Unternehmen ist als Holing-Unternehmen tätig.