Original-Research: Greiffenberger AG - von GBC AG
Aktieneinstufung von GBC AG zu Greiffenberger AG
Unternehmen: Greiffenberger AG
ISIN: DE0005897300
Anlass der Studie: Research Report (Anno)
Empfehlung: Buy
Kursziel: EUR 9.30
Letzte Ratingänderung:
Analyst: Philipp Leipold
Greiffenberger AG can look back on a successful financial year in 2012. The
Group was able to achieve further improvements both in turnover and
operating EBIT during 2012. In the meantime, Greiffenberger AG now
generates around 30% of turnover from the energy efficiency and
environmental technology segments. It has made targeted investments since
2008 in order to expand the product portfolio in these segments. In
addition, the subsidiary companies benefited from their favourable
positioning in international competition during 2012 resulting in an
increase in the export ratio to around 60% (previous year: 57%).
The largest subsidiary company, ABM, experienced very positive
developments. With only a moderate increase in turnover, ABM was able to
substantially increase sector results over the full financial year 2012 to
EUR 4.8 million (previous year: EUR 3.5 million). This reflected the positive
influence of the 'Impulse 2011' programme initiated in the previous year,
and led to an improvement in the EBIT margin to 5.0% (previous year: 3.7%).
In light of its international positioning, the broad customer base and the
innovative product portfolio for growth markets, we believe that a
significantly higher EBIT margin is realistic in a medium-term perspective.
In our view, Greiffenberger AG enjoys a solid asset, liabilities and
financial situation. Thanks to positive results, the equity ratio rose
slightly to 25.3%, despite the adjustments to pension provisions required
under IFRS. An equity ratio of 33% remains the goal at the Group level. As
a result of large-scale investments during 2012, net debt increased
slightly to around EUR 41.7 million.
We expect moderate growth at the Group level for the current financial year
2013. All three subsidiary companies, ABM, Eberle and BKP, are expect to
contribute to this increase. By contrast, operating income should trend
slightly downward according to our estimates. This is due to the start-up
costs for the new plant in Poland, which amount to around EUR 1.7 million.
The production of intermediary products at the new plant is expected to
make a noticeable contribution to higher gross profit margins from 2015. We
estimate EBITDA for 2013 will be EUR 14.33 million, which means an EBITDA
margin of 8.9%. Adjusted for the start-up costs for the new ABM plant, this
represents an additional improvement in EBITDA. We expect financial results
to realise a considerable improvement of around EUR 1.3 million.
Greiffenberger AG enjoys significantly more attractive credit terms
following its March 2012 restructuring of Group financing.
Using our DCF model we derived a new price target of EUR 9.30 for
Greiffenberger AG stock (previously: EUR 11.00). Based on the current share
price, this represents a clear potential for a price increase of around
70%. Despite the reduction in the target price, we believe Greiffenberger
AG shares are clearly undervalued. Accordingly, we confirm our buy
recommendation.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/11904.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),(7); 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 Greiffenberger AG
Unternehmen: Greiffenberger AG
ISIN: DE0005897300
Anlass der Studie: Research Report (Anno)
Empfehlung: Buy
Kursziel: EUR 9.30
Letzte Ratingänderung:
Analyst: Philipp Leipold
Greiffenberger AG can look back on a successful financial year in 2012. The
Group was able to achieve further improvements both in turnover and
operating EBIT during 2012. In the meantime, Greiffenberger AG now
generates around 30% of turnover from the energy efficiency and
environmental technology segments. It has made targeted investments since
2008 in order to expand the product portfolio in these segments. In
addition, the subsidiary companies benefited from their favourable
positioning in international competition during 2012 resulting in an
increase in the export ratio to around 60% (previous year: 57%).
The largest subsidiary company, ABM, experienced very positive
developments. With only a moderate increase in turnover, ABM was able to
substantially increase sector results over the full financial year 2012 to
EUR 4.8 million (previous year: EUR 3.5 million). This reflected the positive
influence of the 'Impulse 2011' programme initiated in the previous year,
and led to an improvement in the EBIT margin to 5.0% (previous year: 3.7%).
In light of its international positioning, the broad customer base and the
innovative product portfolio for growth markets, we believe that a
significantly higher EBIT margin is realistic in a medium-term perspective.
In our view, Greiffenberger AG enjoys a solid asset, liabilities and
financial situation. Thanks to positive results, the equity ratio rose
slightly to 25.3%, despite the adjustments to pension provisions required
under IFRS. An equity ratio of 33% remains the goal at the Group level. As
a result of large-scale investments during 2012, net debt increased
slightly to around EUR 41.7 million.
We expect moderate growth at the Group level for the current financial year
2013. All three subsidiary companies, ABM, Eberle and BKP, are expect to
contribute to this increase. By contrast, operating income should trend
slightly downward according to our estimates. This is due to the start-up
costs for the new plant in Poland, which amount to around EUR 1.7 million.
The production of intermediary products at the new plant is expected to
make a noticeable contribution to higher gross profit margins from 2015. We
estimate EBITDA for 2013 will be EUR 14.33 million, which means an EBITDA
margin of 8.9%. Adjusted for the start-up costs for the new ABM plant, this
represents an additional improvement in EBITDA. We expect financial results
to realise a considerable improvement of around EUR 1.3 million.
Greiffenberger AG enjoys significantly more attractive credit terms
following its March 2012 restructuring of Group financing.
Using our DCF model we derived a new price target of EUR 9.30 for
Greiffenberger AG stock (previously: EUR 11.00). Based on the current share
price, this represents a clear potential for a price increase of around
70%. Despite the reduction in the target price, we believe Greiffenberger
AG shares are clearly undervalued. Accordingly, we confirm our buy
recommendation.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/11904.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),(7); 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.