Original-Research: All for One Group SE - von BankM AG

Einstufung von BankM AG zu All for One Group SE

Unternehmen: All for One Group SE
ISIN: DE0005110001

Anlass der Studie: Acquisition
Empfehlung: Buy
Kursziel: €74.20
Kursziel auf Sicht von: 12 Months
Letzte Ratingänderung: 24.5.2017; previously 'Hold'
Analyst: Daniel Grossjohann

CONVERSION/4 - flanked by planned near-shore acquisition - will drive
growth after the pandemic

With the planned acquisition of the Polish SNP Poland Sp. z o.o., All for
One Group SE (ISIN DE0005110001, Prime Standard, A1OS GY) is strengthening
its own capacities in order to be prepared for the upcoming migration wave
towards SAP S/4HANA. The Polish unit of SNP also includes a Digital
Transformation Center (DTC). All for One Group is increasing its own share
of the largely automated (migration) value chain, while partner and seller
SNP can place its own focus more strongly on the core competency of a data
migration software supplier. As the takeover has not yet been finally
negotiated, the sales of SNP Poland are not yet included in our forecast.
In view of the upcoming migration of existing SAP customers to SAP S/4HANA
- which is largely independent of economic developments - All for One Group
has a specific growth driver in CONVERSION/4. This is not yet reflected in
the valuation (EV/Sales 0.8), because the market casts a special eye on the
quarterly development. Here - analogous to the overall economy - an
increase in the operating performance can be expected after the conclusion
of the vaccination campaign (summer 2021).

Our price target for the All for One Group share, equally based on DCF
valuation and peer group analysis, is €74.20. We reiterate our “Buy”

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Kontakt für Rückfragen
BankM AG
Daniel Grossjohann
Mainzer Landstrasse 61, 60329 Frankfurt
Tel. +49 69 71 91 838-42
Fax +49 69 71 91 838-50

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