Original-Research: getgoods.de Corporate Bond - von GBC AG
Aktieneinstufung von GBC AG zu getgoods.de Corporate Bond
Unternehmen: getgoods.de Corporate Bond
ISIN: DE000A1PGVS9
Anlass der Studie: Credit Research (Anno)
Empfehlung: strongly above average
Letzte Ratingänderung: -
Analyst: Felix Gode, Cosmin Filker
The 2012 financial year was very successful for getgoods.de AG and was
accompanied by an increase in sales by 27.1% to EUR402.58 million. The growth
rate was thus around the level of growth for the overall market. Among
others, the diversification of the product portfolio contributed to the
growth. Whereas the product focus up to now was on IT, mobile
communications, and electronic products, the company expanded this focus in
the 2012 financial year to further commodity groups, such as toys and
household and DIY products.
The expansion of the product scope firstly has the advantage that the newly
included products provide higher margin contributions on average and
secondly compensate for the seasonal heterogeneity. Currently, more than
30% of the sales are generated in Q4 or the Christmas trade.
On the earnings side too, getgoods.de AG developed very dynamically in the
2012 financial year. Among others, the increased gross profit margin, which
is to be seen primarily in connection with the inclusion of other product
groups and the increased number of purchases directly via the company's own
website, also contributed to this. However, it should be noted that the
capital measures implemented in the form of a bond issue and a capital
increase caused one-off costs that encumbered the result. The EBIT posted
was thus EUR5.93 million in the 2012 financial year, which, however, takes
approx. EUR3 million in costs for capital measures into account. When
adjusted to reflect the one-off costs, the EBIT was thus EUR8.93 million and
27.9% above the level of the previous year. In accordance with the
proportional development of earnings to sales, the adjusted EBIT margin of
2.2% was also kept at its level of the previous year.
Overall, we rate the development of getgoods.de AG as convincing. Above
all, the company has made clear that, even with clearly two-digit growth
rates, it can keep the cost situation at an appropriate level and thus also
the margin levels.
For the coming financial years, we are also confident that getgoods.de AG
will grow at least at the rate of the German e-commerce market. For the
2013 financial year, we are expecting sales of EUR485.00 million and thus
20.5% more than in the previous year. With regard to earnings, we are
anticipating corresponding growth, with an increase in margins. For 2013,
we are assuming an EBIT margin of 2.3%. This results in an absolute EBIT
level of EUR11.17 million.
Despite the strong growth and the associated strong expansion of the
balance sheet total, getgoods.de AG appears to have a solid financial basis
and in particular continues to operate very profitably. The key indicators
for credit standing definitely permit this conclusion. In light of this, we
confirm our assessment up to now with regard to the company bond issued in
September 2012 and continue to award 5 'GBC falcons' which corresponds to a
rating of 'strongly above average'.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/11963.pdf
Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (1;4;5); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
+++++++++++++++
-------------------übermittelt durch die EquityStory 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.
Aktieneinstufung von GBC AG zu getgoods.de Corporate Bond
Unternehmen: getgoods.de Corporate Bond
ISIN: DE000A1PGVS9
Anlass der Studie: Credit Research (Anno)
Empfehlung: strongly above average
Letzte Ratingänderung: -
Analyst: Felix Gode, Cosmin Filker
The 2012 financial year was very successful for getgoods.de AG and was
accompanied by an increase in sales by 27.1% to EUR402.58 million. The growth
rate was thus around the level of growth for the overall market. Among
others, the diversification of the product portfolio contributed to the
growth. Whereas the product focus up to now was on IT, mobile
communications, and electronic products, the company expanded this focus in
the 2012 financial year to further commodity groups, such as toys and
household and DIY products.
The expansion of the product scope firstly has the advantage that the newly
included products provide higher margin contributions on average and
secondly compensate for the seasonal heterogeneity. Currently, more than
30% of the sales are generated in Q4 or the Christmas trade.
On the earnings side too, getgoods.de AG developed very dynamically in the
2012 financial year. Among others, the increased gross profit margin, which
is to be seen primarily in connection with the inclusion of other product
groups and the increased number of purchases directly via the company's own
website, also contributed to this. However, it should be noted that the
capital measures implemented in the form of a bond issue and a capital
increase caused one-off costs that encumbered the result. The EBIT posted
was thus EUR5.93 million in the 2012 financial year, which, however, takes
approx. EUR3 million in costs for capital measures into account. When
adjusted to reflect the one-off costs, the EBIT was thus EUR8.93 million and
27.9% above the level of the previous year. In accordance with the
proportional development of earnings to sales, the adjusted EBIT margin of
2.2% was also kept at its level of the previous year.
Overall, we rate the development of getgoods.de AG as convincing. Above
all, the company has made clear that, even with clearly two-digit growth
rates, it can keep the cost situation at an appropriate level and thus also
the margin levels.
For the coming financial years, we are also confident that getgoods.de AG
will grow at least at the rate of the German e-commerce market. For the
2013 financial year, we are expecting sales of EUR485.00 million and thus
20.5% more than in the previous year. With regard to earnings, we are
anticipating corresponding growth, with an increase in margins. For 2013,
we are assuming an EBIT margin of 2.3%. This results in an absolute EBIT
level of EUR11.17 million.
Despite the strong growth and the associated strong expansion of the
balance sheet total, getgoods.de AG appears to have a solid financial basis
and in particular continues to operate very profitably. The key indicators
for credit standing definitely permit this conclusion. In light of this, we
confirm our assessment up to now with regard to the company bond issued in
September 2012 and continue to award 5 'GBC falcons' which corresponds to a
rating of 'strongly above average'.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/11963.pdf
Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (1;4;5); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
+++++++++++++++
-------------------übermittelt durch die EquityStory 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.