Research-Studie


Original-Research: Aves One AG - von GBC AG

Einstufung von GBC AG zu Aves One AG

Unternehmen: Aves One AG
ISIN: DE000A168114

Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 12.80 EUR
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger

The figures for the first quarter confirm the expectations of strong growth
accompanied by an improvement in margins. We confirm our forecast and our
price target of € 12.80. Rating: BUY.

In the first quarter, there were significant increases in revenues and
earnings, primarily due to the investments made in the 2018 financial year.
Improved rental rates and increased capacity utilisation also contributed
to this positive development.

In the first quarter, revenues increased by 74.0% to € 27.19 million
(previous year: € 15.63 million) and EBITDA increased disproportionately by
109.1% to € 20.65 million (previous year: € 9.88 million). This shows that
Aves One can significantly increase assets under management without
increasing costs to the same extent. Especially due to the lean management
approach, personnel costs increased only insignificantly. The total cost
block rose by only 9.1% to € 6.96 million (previous year: € 6.37 million).
At the net level (adjusted for exchange rate effects on the balance sheet),
the result thus increased by 695.5% to € 3.37 million (previous year: €
0.42 million).

In the course of the Q1 figures, the guidance was confirmed with sales of
at least € 110 million and EBITDA of over € 80 million. The Q1 figures
extrapolated to the full year would already result in revenues of € 108.77
million and EBITDA of € 82.58 million, which is why we continue to assess
the guidance as conservative. Especially in view of the fact that we expect
further investments and an increase in assets under management to more than
€ 1 billion in the current fiscal year 2019. For the current fiscal year
2019, we continue to forecast revenues of € 118.10 million and EBITDA of €
86.13 million.

We confirm our forecast (see Research Report from 28th of May 2019) and
confirm our price target of € 12.80 and award the rating BUY.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/18269.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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Datum und Zeitpunkt der Fertigstellung der Studie: 05.05.2019 (10:30 Uhr)
Datum und Zeitpunkt der ersten Weitergabe: 06.06.2019 (11:00 Uhr)
Gültigkeit des Kursziels: bis max. 31.12.2019

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


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