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Original-Research: Vectron Systems AG - von GBC AG
Einstufung von GBC AG zu Vectron Systems AG
Unternehmen: Vectron Systems AG
ISIN: DE000A0KEXC7
Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 10.10 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Cosmin Filker, Matthias Greiffenberger
9 months 2023: Significant increase in sales and earnings achieved; 2023
forecasts raised and target price increased slightly; BUY
According to preliminary figures, Vectron Systems AG (short: Vectron)
achieved a significant growth in turnover and result in the third quarter,
which seamlessly continues the positive development of the previous year.
The sales revenue of EUR 9.4 million (previous year: EUR 5.7 million) generated
in the third quarter of 2023 was 63.6 % higher than in the previous year.
While the major part of the revenue growth is likely to be attributable to
acardo Group AG, which was acquired on 01.01.2023, the POS Systems segment
should also have contributed organic growth. This should be primarily due
to the expansion of the digital business, which is reflected in an increase
in recurring revenue to EUR 3.4 million (PY: EUR 1.4 million). In the third
quarter, when demand is typically slow due to seasonal factors, the
improved ability to plan the business, which has already been achieved,
meant that there was no longer a noticeable decline in both revenue and
earnings. At EUR 1.1 million (previous year: EUR -2.1 million), EBITDA was only
slightly below the EBITDA of EUR 1.2 million for the second quarter of 2023.
Although the quarterly result was positively influenced by the release of
provisions in the amount of EUR 0.4 million, both business units generated
positive EBITDA.
In the nine-month period, turnover increased significantly by 52.5 % to EUR
27.9 million (previous year: EUR 18.3 million). Recurring income rose by 47.7
% to EUR 9.6 million (previous year: EUR 6.5 million) and consequently EBITDA
also increased significantly to EUR 2.8 million (previous year: EUR -2.6
million). Overall, the 9-month EBITDA was positively influenced by special
effects amounting to EUR 0.9 million. On the basis of these figures, our
previous forecast for the full year 2023 (see study dated 14 September
2023), in which we assumed revenues of EUR 36.75 million and EBITDA of EUR 2.54
million, appears somewhat too low. This is particularly true in view of the
fact that the basis for recurring revenues is steadily growing with the
planned introduction of further digital modules. In addition, acardo's
couponing business should benefit from the strong consumer months,
especially towards the end of the year.
We are therefore raising our revenue estimates for the current 2023
financial year to EUR 38.55 million (previously: EUR 36.75 million).
Analogously, we expect an EBITDA of EUR 3.17 million (previously: EUR 2.54
million) and are thus within the company's recently raised earnings
guidance, according to which the Vectron management expects an EBITDA
between EUR 2.2 million and EUR 3.2 million. After consideration of the
PPA-amortisation, which is related to the acardo acquisition, Vectron AG
should show a negative EBIT of EUR -0.33 million (previously EUR -0.96
million). Adjusted for this non-cash effect, this corresponds to an EBIT of
EUR 1.67 million (previously EUR 1.04 million).
As a result of the slight forecast increase, which is limited to the
estimates for the current financial year 2023, we have determined an only
marginally higher price target of EUR 10.10 (previously: EUR 10.00) within the
framework of the DCF valuation model. We continue to assign the BUY rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/27949.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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date (time) completion: 25.10.23 (8:20 am)
Date (time) first transmission: 25.10.23 (10:00 am)
-------------------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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