Original-Research: HPI AG - von GBC AG
Aktieneinstufung von GBC AG zu HPI AG
Unternehmen: HPI AG
ISIN: DE000A0JCY37
Anlass der Studie: Research Report (Initial Coverage)
Empfehlung: BUY
Kursziel: EUR 2.30
Letzte Ratingänderung: -
Analyst: Felix Gode
The past FY 2011 was very successful for HPI AG. Sales revenues could be
increased by 157.9% to EUR77.11 million. Inorganic growth was recorded for
the first time due to the first time consolidation of 3KV and MRL in 2011.
But even viewed organically, HPI AG increased by at a two-digit rate of
10.3%. Based on the acquisitions in the previous year, the company's sales
revenues could be distributed onto additional pillars, which contributes to
an improved diversification.
Considerable improvements could also be made in terms of earnings. EBIT
rose from EUR0.45 million to now EUR1.69 million, which represents an increase
of 273.9%. Here, the acquisition of MRL has had an especially positive
impact. The purchase service provider for C-parts contributed an EBIT of
EUR1.3 million in 2011 and was largely responsible for the good performance
of the group EBIT.
The company's good development continued in Q1 2012. Sales revenues have
been increased by 2.2% to EUR18.4 million in the first three months of the
year. Among other things, the sales of subsidiaries HPI Distribution and
51% of VCE Virtual Chip Exchange in order to streamline group structure
especially negatively influenced the turnover. At the same time, however,
EBIT could be improved from EUR0.32 million to EUR0.38 million. The EBIT margin
also increased by 0.3 percentage points to 2.1%.
In view of the positive development in the first months, the management
still expects that revenues of more than EUR80 million can be achieved. Given
the very dynamic growth of 3KV, and the expected increase in sales of MRL,
it should be possible to overcompensate the predicted decline in electronic
components. As a result, we expect a turnover of EUR80.11 million for fiscal
year 2012, however, we have not taken into account any further
acquisitions.
We made the EBIT forecasts based on IAS/IFRS, as HPI AG will prepare its
annual financial statement in accordance with the international accounting
standards for the first time in 2012. Therefore we expect an EBIT of EUR2.32
million, after a similar value of EUR2.66 million in 2011. The slight decline
in EBIT is due in particular to the omitted profit contributions in the
previous year, based on the positive special effects in the wake of the
catastrophe in Japan. For FY 2013, we expect an increase in EBIT margin to
3.0% in the course of streamlining the group structure and raising synergy
effects.
HPI AG is a dynamically growing company especially in the area of
electronics, which wants to generate significant sales increases in the
coming years, in an organic as well as inorganic way. Raising synergy
effects and streamlining the group structure has also created potential for
an increase in margins. With a market valuation equivalent to book value,
plus a price-earning ratio of 8.2 for 2013, the company appears to be
valued moderately, especially since positive operating cash flows and
double-digit returns are earned on the invested capital.
We estimated a target price of EUR2.30 for HPI AG, which leads to a price
potential of almost 100%. Against this background the rating is to BUY.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/11760.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: (5);
Einen Katalog möglicher Interessenkonflikte finden Sie unter:
www.gbc-ag.de/index.php/publisher/articleview/frmCatId/17/frmArticleID/98/
++++++++++++++++
-------------------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 HPI AG
Unternehmen: HPI AG
ISIN: DE000A0JCY37
Anlass der Studie: Research Report (Initial Coverage)
Empfehlung: BUY
Kursziel: EUR 2.30
Letzte Ratingänderung: -
Analyst: Felix Gode
The past FY 2011 was very successful for HPI AG. Sales revenues could be
increased by 157.9% to EUR77.11 million. Inorganic growth was recorded for
the first time due to the first time consolidation of 3KV and MRL in 2011.
But even viewed organically, HPI AG increased by at a two-digit rate of
10.3%. Based on the acquisitions in the previous year, the company's sales
revenues could be distributed onto additional pillars, which contributes to
an improved diversification.
Considerable improvements could also be made in terms of earnings. EBIT
rose from EUR0.45 million to now EUR1.69 million, which represents an increase
of 273.9%. Here, the acquisition of MRL has had an especially positive
impact. The purchase service provider for C-parts contributed an EBIT of
EUR1.3 million in 2011 and was largely responsible for the good performance
of the group EBIT.
The company's good development continued in Q1 2012. Sales revenues have
been increased by 2.2% to EUR18.4 million in the first three months of the
year. Among other things, the sales of subsidiaries HPI Distribution and
51% of VCE Virtual Chip Exchange in order to streamline group structure
especially negatively influenced the turnover. At the same time, however,
EBIT could be improved from EUR0.32 million to EUR0.38 million. The EBIT margin
also increased by 0.3 percentage points to 2.1%.
In view of the positive development in the first months, the management
still expects that revenues of more than EUR80 million can be achieved. Given
the very dynamic growth of 3KV, and the expected increase in sales of MRL,
it should be possible to overcompensate the predicted decline in electronic
components. As a result, we expect a turnover of EUR80.11 million for fiscal
year 2012, however, we have not taken into account any further
acquisitions.
We made the EBIT forecasts based on IAS/IFRS, as HPI AG will prepare its
annual financial statement in accordance with the international accounting
standards for the first time in 2012. Therefore we expect an EBIT of EUR2.32
million, after a similar value of EUR2.66 million in 2011. The slight decline
in EBIT is due in particular to the omitted profit contributions in the
previous year, based on the positive special effects in the wake of the
catastrophe in Japan. For FY 2013, we expect an increase in EBIT margin to
3.0% in the course of streamlining the group structure and raising synergy
effects.
HPI AG is a dynamically growing company especially in the area of
electronics, which wants to generate significant sales increases in the
coming years, in an organic as well as inorganic way. Raising synergy
effects and streamlining the group structure has also created potential for
an increase in margins. With a market valuation equivalent to book value,
plus a price-earning ratio of 8.2 for 2013, the company appears to be
valued moderately, especially since positive operating cash flows and
double-digit returns are earned on the invested capital.
We estimated a target price of EUR2.30 for HPI AG, which leads to a price
potential of almost 100%. Against this background the rating is to BUY.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/11760.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: (5);
Einen Katalog möglicher Interessenkonflikte finden Sie unter:
www.gbc-ag.de/index.php/publisher/articleview/frmCatId/17/frmArticleID/98/
++++++++++++++++
-------------------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.