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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: Managementinterview
Empfehlung: Managementinterview
Letzte Ratingänderung: 
Analyst: Marcel Goldmann

12/03/2019 - GBC management interview with Rudolf Witt, Speaker of the
Board of SBF AG
 
'We see ourselves at the beginning of an extremely positive development'
 
SBF AG and its holdings operate in the mobility sector, in particular the
rolling stock industry. SBF AG acts as the managing holding company. Its
operational business activities are carried out by the subsidiary SBF
Spezialleuchten GmbH, which also represents the core holding of the holding
company. SBF Spezialleuchten GmbH is a leading European system vendor for
ceiling, lighting and ventilation systems for rolling stock. The company
has become a specialist in LED systems for the interior and exterior of
rail vehicles of all types.
 
After SBF AG recently announced its provisional results for financial year
2018 and an outlook for the current financial year, we took the opportunity
to carry out a management interview with Mr Rudolf Witt, the Speaker of the
Board of SBF AG, with a particular focus on current developments in the
rail industry and the current financial year 2019.
 
GBC: Mr Witt, the global rail technology market is regarded as a
sustainable growth sector. What developments or trends are you observing
within this segment and what market developments do you expect in the
coming years?
 
Mr Witt: It is right to call the global market for rail technology a
sustainable growth sector that is independent of economic cycles. The ever-
increasing global population and the simultaneous discussion about the
environment and the negative effects of automobile traffic necessitate
further investment in the railways. In the future, most people will use
railways to get around. Thus, we also expect significant growth of the
global rail technology market in future.
 
GBC: Deutsche Bahn is currently dealing with several problems, such as
frequent train cancellations, a lack of replacement trains and an outdated
rail network, which often lead to travel delays. In order to tackle this
crisis, Deutsche Bahn is looking to invest heavily, primarily in trains,
staff and the rail network. How can your company benefit from this
investment policy of Deutsche Bahn AG?
 
Mr Witt: Especially in the recent past, there have been clear signals from
the German Federal Government, as the owner of Deutsche Bahn AG, promoting
the improvement of DB's negative performance as quickly as possible. Since
Deutsche Bahn has regularly failed to meet its targets, the Federal
Ministry of Transport is increasing the pressure and making
disproportionately high investment funds available. It can be assumed that
our strong clients will benefit from this and so will our company.
 
GBC: According to media reports, extensive major railway projects in the
United Kingdom with budgets of several billion pounds are currently being
planned, and some have even been ordered already. These include, among
other things, massive investments in new trains. Are you at SBF also
focusing your business activities on this region?
 
Mr Witt: England in particular is a very attractive market for us,
especially since there is a very high investment backlog there. For this
reason, the English government has adopted an extensive, billion-pound
program to modernise the entire rail network. The plans provide for
investments of over £200 billion within the next ten years. As our major
clients have also secured attractive orders in the first tenders, we have
already been approached as a potential supplier, which is certainly a
positive for us. One uncertain factor at the present time is the unclear
issue of Brexit, which automatically brings about investment uncertainty.
If the general conditions are right, however, we would not rule out a
production site in England.
 
GBC: The corporate strategy of SBF AG in the past three years was very
strongly focused on the consolidation of the company. This phase has now
been successfully completed. What strategic approach will your company be
taking from now on?
 
Mr Witt: Thanks to very hard and ultimately successful work, the last three
years have made SBF the preferred Tier-one supplier of all major rolling
stock manufacturers. Thanks to our outstanding performance, we will expand
our position further and be more proactive in shaping the future of the
company, but will still proceed with restraint. Due to the support of
important players invested in SBF, we have a very good opportunity to
achieve the desired growth.
 
GBC: In order to tap into additional growth potential, you are also looking
to make strategic acquisitions. What type of takeover candidates are you
focusing on and is such an acquisition planned in the near future?
 
Mr Witt: You are right that our company, having completed the consolidation
phase, is now starting a phase of healthy growth. We are looking in two
strategic directions here: on the one hand, growth under our own steam
through large-scale investments in vertical integration to stabilise and
build on our already strong competitive position. On the other hand, we are
on the lookout for attractive acquisition opportunities, provided that
these are within the rolling stock market and bring the corresponding
synergy effects with them. These extensive growth investments are scheduled
to be implemented this year and the following year.
 
GBC: What is your outlook for 2019? What can we expect from SBF AG in the
current financial year?
 
Mr Witt: 2019 will be an exciting year for us. We expect more incoming
orders, which is also to be expected based on corresponding enquiries from
our clients. It must therefore also be assumed that we are sure to exceed
the previous year's turnover and can continue to expect increasing revenue
and earnings figures. The optimal incorporation of the investments I
mentioned earlier is a particularly important strategic step, which will
drive our company forward in all sorts of ways.
 
GBC: Where do you see the SBF Group in three to five years?
 
Mr Witt: The SBF Group has great potential which until now has not yet been
fully unlocked. I want to stress that we can still see huge opportunities
in the future, as the prevailing general conditions we have now put in
place are optimal. We see ourselves at the beginning of a still extremely
positive development thanks to our particularly positive starting position
as a result of our structured company setup and the market in which we
operate, which continues to show sustainably strong growth in the long
term, independently of economic cycles. I think it is quite possible that
in a few years, our company will be far bigger and more profitable than it
is today and we will be a highly visible and highly efficient player on the
rolling stock market.
 
GBC: Mr Witt, thank you for talking with us.
 
GBC summary: In the past, the SBF Group has put itself in a good position
on the market to benefit from increased investments in the railway sector
worldwide. The company is now in sustainable growth mode and is expected to
be able to make the most of its good client access and high product
performance and quality in particular.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/17741.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: 28.03.19(09:52 Uhr)
Datum (Zeitpunkt) erste Weitergabe: 28.03.19(10:30 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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