Research-Studie


Original-Research: asknet Solutions AG - von Sphene Capital GmbH

Einstufung von Sphene Capital GmbH zu asknet Solutions AG

Unternehmen: asknet Solutions AG
ISIN: DE000A2E3707

Anlass der Studie: Update Report
Empfehlung: Buy
seit: 07.10.2020
Kursziel: EUR 17,50 (bisher EUR 17,30)
Kursziel auf Sicht von: 24 Monate
Letzte Ratingänderung: -
Analyst: Peter Hasler

Replacement of 10% bond by 6% bond

asknet Solutions is going to prematurely redeem the 10.0% bond (ISIN:
DE000A2YN140) with a notional value of EUR 8.0 million and a one year-term.
The necessary liquidity will be provided by issuing a 6.0% bond with a EUR
9.0 million notional value and a three-year term (ISIN: DE000A3H2VS8).
Through the replacement, asknet Solutions will significantly cut its annual
interest expenses to EUR 0.540 million from EUR 0.800 million. While 100%
of the original bondholders have switched to the new bond, EUR 1.0 million
were placed with international institutional investors in a private
placement, according to the company.

Including the proceeds from the sale of the Swiss-French subsidiary Nexway
Group AG and the recent capital increase, asknet Solutions has raised over
EUR 13 million to finance M&A activities in the Academics business with a
specific focus on the global education and niche e-commerce markets,
according to the company.

Given the significantly lower interest payments, we are adjusting our DCF-
entity model derived price target to EUR 17.50 from EUR 17.30 (base-case
scenario). In a Monte Carlo scenario analysis, in which we used alternative
sales and earnings scenarios, the best-case and worst-case equity values
are now EUR 19.90 and EUR 14.10 per share, respectively. Similar price
targets can be derived from an economic value-added model, which is our
secondary valuation method. Based on yesterday's closing price of EUR 9.60,
our new price target results in a price potential of 82.3% over a 24-month
period. We confirm our buy rating for the shares of asknet Solutions AG.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/21719.pdf

Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89)74443558/ +49 (152)31764553
peter-thilo.hasler@sphene-capital.de

-------------------übermittelt durch die EQS Group AG.-------------------


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