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Original-Research: Cogia AG - von GBC AG
Einstufung von GBC AG zu Cogia AG
Unternehmen: Cogia AG
ISIN: DE000A3H2226
Anlass der Studie: Research Report (Anno)
Empfehlung: BUY
Kursziel: 3.23 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger, Marcel Schaffer
Focus on organic and dynamic growth. Global cooperations show international
demand for Cogia products.
Cogia AG is a provider of AI-based semantic solutions in the field of big
data analytics and media monitoring technology with a focus on customer
experience in very dynamic markets. The management plans strong organic and
inorganic growth. Due to the acquisition of elastic.io, revenues increased
by 207.1% to EUR 1.28 million (PY: EUR 0.42 million) in the past fiscal
year 2021. EBITDA was improved disproportionately to sales by 347.7% to EUR
0.59 million (PY: EUR 0.13 million), which corresponds to a margin increase
from 31.7% (FY 2020) to 46.2% (FY 2021). Due to the high scheduled
depreciation on companies of elastic.io (around EUR 1.25 million
annualized), EBIT decreased to - EUR 0.81 million (PY: EUR -0.28 million).
The net result also amounted to -EUR 0.81 million (previous year: EUR -0.32
million).
The company concludes numerous international contracts and cooperations
and, in our opinion, should continue to grow dynamically in the future. For
example, Cogia AG was able to win two customers from Sierra Leone - an oil
company and a diamond company. In addition, a leading manufacturer of
medical products from Brazil is now one of Cogia AG's customers. A
strategic partnership has also been entered into with CPIA GmbH, which
developed the Openpack platform that connects corrugated cardboard
factories, suppliers, software manufacturers, etc. Furthermore, Cogia
recently launched Socializer Messenger, a unique communication tool for
corporate and government use that meets the highest security requirements.
In addition, Cogia was accepted into 500 Global's Accelerate Aichi Landing
Pad program through a multi-stage selection process. Through the program,
Cogia should be able to achieve good contacts and, possibly, sales success
in Japan. To further develop the technology, Cogia GmbH cooperates with
Professor Dr. Johannes Busse, an expert in data science, ontology, AI and
text mining at the University of Applied Sciences Landshut (HAW Landshut).
Overall, Cogia is very active internationally in acquiring new customers.
We expect dynamic revenue growth and forecast revenues of EUR 1.96 million
in the current fiscal year 2022, followed by EUR 3.63 million in 2023.
Due to the focus on recurring revenues, the business model of Cogia AG
should be very scalable. We assume significant margin increases and expect
EBITDA of EUR 0.2 million for the current fiscal year 2022 and EUR 0.96
million for 2023. Due to the high goodwill amortization, our EBIT forecast
is significantly below EBITDA at EUR -1.02 million for 2022 and EUR -0.26
million for 2023. On a net level, we forecast EUR -1.35 million for the
current fiscal year 2022 and EUR -0.6 million for 2023.
Due to the increased risk-free interest rate and the slightly reduced
growth expectation, we have reduced our price target based on the DCF model
to EUR 3.23 (previously: EUR 3.72) per share. There is still a high upside
potential and we assign a Buy rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/25537.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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the research report: 29.09.2022 (9:50) German version: 26.09.2022 (15:00)
Date and time of the first distribution of the research report: 29.09.2022 (12:00) German version: 28.09.2022 (10:30)
-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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