Original-Research: Greiffenberger AG - von GBC AG
Einstufung von GBC AG zu Greiffenberger AG
Unternehmen: Greiffenberger AG
ISIN: DE0005897300
Anlass der Studie: Research Report Anno
Empfehlung: BUY
Kursziel: EUR 9.80
Letzte Ratingänderung:
Analyst: Philipp Leipold
* By generating sales of EUR155.24 million in the fiscal year 2013,
Greiffenberger AG was almost able to achieve the same result as in the
previous year 2012, falling behind by 2%. Contrary to the two subsidiaries
Eberle and BKP, the largest subsidiary ABM was able to continue the
positive sales development of the preceding years.
* The reduction in profitability in 2013 is partially based on one-off
effects of EUR2 million in conjunction with the new plant in Poland and lower
sales of the two subsidiaries Eberle and BKP. In 2013, the adjusted
EBIT-Margin of ABM was closely to 7%. Consequently, ABM is making good
progress reaching the in-tended margin-level of 8%, on a midterm
perspective.
* The balance sheet figures slightly improved in the fiscal year 2013.
Despite above average capital expenditures, Greiffenberger was able to
reduce net debt by undertaking an efficient working capital management
strategy. Due to the visible effects of the implemented arrangements, we
expect the development to be sustainable.
* For the fiscal year 2014, as well as for the subsequent years, we are
convinced that Greiffenberger AG will improve its profitability and reach
higher margin levels. Our forecast includes a rising EBITDA-margin in 2014
as well as in 2015 to a level of 9.3% and 10.0% respectively. Therefore, we
expect a significant appreciation of equity along with an additional
reduction of net debt.
* For the shares of Greiffenberger AG, we increased our target price to
EUR9.80 (prior: EUR9.30), whereby the dilution due to the capital increase from
April 2014 is already taken into consideration. Based on the actual share
price, an upside potential of approximately 60 % can be derived. Based on
the significant underpricing, we assign a buy-rating to the shares of the
Greiffenberger AG.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/12283.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:
http://www.gbc-ag.de/de/Offenlegung.htm
+++++++++++++++
-------------------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.