Greiffenberger AG
Original-Research: Greiffenberger AG (von GBC AG): BUY
Original-Research: Greiffenberger AG – von GBC AG
Aktieneinstufung von GBC AG zu Greiffenberger AG
Unternehmen: Greiffenberger AG
ISIN: DE0005897300
Anlass der Studie: Research Report (Update)
Empfehlung: BUY
Kursziel: 9.30 EUR
Letzte Ratingänderung:
Analyst: Philipp Leipold
Greiffenberger AG had to record a reduction in turnover in the first half
of 2013. Although the group was able to grow considerably following a
weaker first quarter 2013, it was not yet able to fully compensate the fall
in turnover. While the largest subsidiary ABM can look back on an
encouraging operating development, turnover at Eberle and BKP fell
markedly. For BKP, the long winter and a smaller number of public tenders
had their impact on turnover figures.
Greiffenberger AG’s financial ratios have further improved in the first
half of 2013. Due to a positive annual net profit, equity increased to
€32.56 million, which corresponds to an equity ratio of 25.7% by the end of
June 2013. At the same time, thanks to a positive cash flow it was possible
to reduce the net debt by more than €1 million to €40.5 million.
The half year figures for 2013 were, due to a weaker first quarter,
slightly below our expectations. We have thus adjusted our forecasts for
the business year 2013 slightly downward. Our prediction for 2013 is now
sales revenues of €159.00 million (previously: €162.00 million) and an EBIT
of €13.76 million (previously: €14.33 million). Our forecast takes into
account an exceptional burden due to the new plant in Lublin, of around
€1.7 million. Thanks to the disappearance of these start-up costs for the
new plant in Poland as well as an overall increase in business volume, a
marked increase in earnings can be assumed for the coming business year
2014.
On the basis of the current share price, our valuation figures indicate a
significant undervaluation of Greiffenberger shares. In particular when
one’s attention is drawn to the year 2014, the price-to-earnings-ratio of
around 7 appears especially attractive and is, according to our assessment,
unduly low. The share price is currently noted at just under 20% below the
shares’ book value.
Our target for Greiffenberger AG share prices is still €9.30. We are
therefore reiterating our recommendation to buy shares. Taking the current
share price as a starting point, a significant share price potential of
more than 60% is obtained.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/12039.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 §34b Abs. 1 WpHG und FinAnV beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5),(7); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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