KPS AG
Original-Research: KPS AG (von GBC AG): BUY
Original-Research: KPS AG – von GBC AG
Einstufung von GBC AG zu KPS AG
Unternehmen: KPS AG
ISIN: DE000A1A6V48
Anlass der Studie: Research Report (Update)
Empfehlung: BUY
Kursziel: EUR 9.80
Letzte Ratingänderung: –
Analyst: Felix Gode, CFA
• In H1 2015/16, KPS AG has been able to maintain the high growth rate
already shown in previous periods, growing by 20.3% to €68.83 million.
€68.83 million also represented a new turnover record on a half-year basis.
• A significant driver of this was the management/transformation consulting
segment, making up €60.26 million of the total turnover. But the
products/licenses segment is also continuously increasing in importance and
in H1 2015/16 at €6.64 million it made twice the contribution to turnover
as in H1 2014/15. Especially the increasing abroad activities contributed a
large share to this pleasant development. For example, significant growth
in sales was achieved in Scandinavia and Switzerland.
• Another record was achieved in H1 2015/16 with an EBIT of €10.61 million.
This represented a 37.8% increase over the previous year and was clearly
disproportionate compared to the increase in sales. The EBIT margin
improved correspondingly from 13.5% to 15.4%.
• In the context of the good half-year figures, the company confirmed its
guidance for the whole FY 2015/16 and continues to predict sales of €140
million and an EBIT of €22 million.
• In the face of the €68.83 million already achieved in H1 2015/16, KPS AG
would have to make around €71 million in H2 2015/16 in order to reach the
target. To do so, the company would have to exceed the value achieved in H2
of the previous year by 10%. In the context of the 20% growth rate in H1,
we believe this is a realistic proportion.
• To this extent, we also confirm our existing estimates and expect sales
of €141.35 million and an EBIT of €22.20 million for FY 2015/16. We are
also maintaining our expectations of continued growth for the following FY
2016/17. Internationalisation is likely to be increasingly a driver of
growth in the coming years. KPS has only recently opened a branch in the
Netherlands in order to be able to offer optimum service to customers there
and in Belgium. In future, however, KPS AG is likely to help its customers
transform their IT solutions even beyond European markets, which would be
an additional growth driver in the coming years.
• As a result of our estimates, we are keeping to our target price of
€9.80. It is important to remember that we have already incorporated the
expected dilution from the issuing of bonus shares at a ratio of 10:1. Our
target price is based on a total of 37.29 million shares. The dilution
effect, however, compensated for by a lower risk-free interest rate of 1.0%
henceforth (previously: 1.5%). The BUY rating remains unchanged.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13937.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: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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