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Original-Research: SBF AG - von GBC AG

Einstufung von GBC AG zu SBF AG

Unternehmen: SBF AG
ISIN: DE000A2AAE22

Anlass der Studie: Research report (initial coverage)
Empfehlung: Buy
Kursziel: 3.62 EUR
Letzte Ratingänderung: 
Analyst: Marcel Goldmann

Technology and market leader in ceiling systems for rolling stock in the
rail industry growth sector; Strong growth momentum by widening the range
of products and services offered, entering new markets and increasing
vertical integration; Significant increase in profitability using economies
of scale as part of the growth path pursued; Target price: EUR 3.62;
Rating: Buy
 
Through its core holding SBF Spezialleuchten GmbH, SBF AG is a specialist
in ceiling systems for rolling stock, particularly in the European railway
technology sector. The rail industry is generally considered a sustainable
growth area, and a study conducted by SCI Verkehr found that the current
market volume is EUR183 billion for the global railway technology market.
Researchers expect an average future market growth of 2.8% (CAGR) for this
segment by 2022.
 
SBF AG generated revenue in the amount of EUR19.53 million in financial
year 2017, which was below the previous year's result of EUR21.46 million.
This drop in revenue was the result of a limited amount of new contracts
being awarded and a subsequent decline in order volume. However, there was
a significant improvement in terms of earnings compared to the previous
year. For example, net earnings took a positive turn with EUR1.36 million
profit (previous year: EUR -0.04 million).
 
SBF AG expects earnings for its core holding SBF Spezialleuchten GmbH to be
at the same level in financial year 2018 as the previous year despite a
continued decline in revenue caused by a period of consolidation. On this
basis, we expect revenues in the amount of EUR14.5 million and a net profit
of EUR1.37 million at Group level (SBF AG) for financial year 2018.
 
Following the consolidation phase in the previous year, the company
established a good starting position for itself to return to the growth
path (strong market positioning, technology leader within the ceiling
systems sector, close client relationships, etc.). SBF AG has now embarked
on a profitable growth path and aims to achieve further expansion of its
business model as a systems provider for the railway technology industry.
Expanding the range of products and services offered and increasing
vertical integration and internationalisation are key elements of the
growth strategy in pursuit of this objective.
 
As part of the intended growth path, it should be possible for the company
to profit from the increased investments in particular, which are expected
to be made in the global railway technology sector. In addition, the
planned regional expansion into new railway technology markets should have
a positive impact on future business development, and the planned expansion
of vertical integration and potential orders resulting from it should also
prompt an increase in business volume.
 
On this basis, we expect a profitable growth phase to begin in financial
year 2019, which according to our calculations should amount to EUR17.7
million, EUR19.5 million and EUR22.4 million in revenue for financial years
2019, 2020 and 2021 respectively. With this expected strong revenue
momentum and developing economies of scale, the net earnings should also
rise significantly to EUR1.43 million, EUR1.6 million and EUR2.13 million
respectively.
 
Given the strong market positioning, the growth path the Group is on and
the increased investments that are expected to be made in the railway
technology sector globally, we have evaluated SBF AG using our DCF model,
leading us to calculate a fair value of EUR3.62 per share. On the basis of
the current share price level, we are expecting high price potential and
have awarded the shares a 'Buy' rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/17725.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,6a,7,11);
Einen Katalog möglicher Interessenkonflikte finden Sie unter: 
http://www.gbc-ag.de/de/Offenlegung.htm
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Datum (Zeitpunkt)Fertigstellung: 27.03.19(10:51 Uhr)
Datum (Zeitpunkt) erste Weitergabe: 27.03.19(11:30 Uhr)

-------------------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.

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