Aves One AG
Original-Research: Aves One AG (von GBC AG): Buy
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: 13.60 EUR
Kursziel auf Sicht von: 31.12.2021
Letzte Ratingänderung: –
Analyst: Matthias Greiffenberger, Cosmin Filker
Good first quarter confirms forecast
one-offs from the sale of the last real estate property and adjustments of
the container portfolio
The first quarter of Aves One was in line with our expectations. Our sales
estimate was exceeded, whereas our earnings estimate extrapolated to the
full year fits very well. As a result, we confirm our current forecast,
which is also in line with the guidance con-firmed by the Aves One board of
directors. In our opinion, there could be further ad-justments to the
container portfolio in the current financial year 2020 and we assess the
development of the Rail portfolio as particularly good.
Revenues in the first quarter of 2020 rose by 24.0% to € 33.73 million
(previous year: € 27.19 million), of which € 3.39 million is attributable
to the sale of the self-storage park. All real estate holdings were thus
sold. Adjusted for this effect, sales growth amounted to 11.6%. EBITDA rose
by 5.2% to € 21.72 million (previous year: € 20.64 million), which
corresponds to an EBITDA margin of 64.4% (previous year: 75.9%). The EBITDA
margin, adjusted for the container disposals and the sale of the
self-storage Park, remained at the previous year’s level of 75.4% and thus
Aves One AG continues to show a very profitable business development.
We confirm our forecast and continue to regard our current estimates as
conservative. The EBITDA from Q1 extrapolated to the full year would amount
to € 86.88 million and thus exceed our forecast of € 86.44 million. It
remains to be seen how high the occupancy rate and rental yields can be
maintained over the year. In addition, portfolio acquisitions could help
the company to achieve earnings above our current forecast. At present, the
company appears to be only slightly affected by the Corona crisis.
The greatest impact should be seen in new or extended leases. The results
from the first quarter confirm our forecast and we again assign the BUY
rating with a target price of € 13.60 (previously: € 13.60).
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/21021.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,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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Date and time of completion of the research report: 04.06.2020 (14:45)
Date and time of first publication: 08.06.2020 (09:30)
Validity of the price target: until max. 31.12.2021
——————-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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