Original-Research: MyBucks S.A. - von GBC AG
Einstufung von GBC AG zu MyBucks S.A.
Unternehmen: MyBucks S.A. ISIN: LU1404975507
Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 23.25 EUR Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann
Loan repayment creates foundation for earnings growth; target price and rating confirmed
MyBucks S.A. has continued its growth during the first six months of the current financial year 2017/2018 (end of financial year: 30 June). Revenue significantly increased by 18.1% to EUR29.01 million (1st HY 16/17: EUR24.56 million). Since the majority of the acquired opportunity companies were already included at the beginning of the past financial year 2016/2017, the achieved sales growth almost exclusively represents organic growth.
The half-year-figures 2017/2018 confirm our assumptions that MyBucks S.A. continues to be on a dynamic growth path. The achieved revenue amounting to EUR29.01 million provides a good foundation for achieving our revenue forecasts for the fiscal year 2017/2018, which are unchanged at EUR65.50 million. MyBucks will only have to do better with the results after taxes in the second half of the financial year in order to reach our targeted positive result after taxes in the amount of EUR0.28 million.
As revealed in the current Corporate News dated 07 March 2018, which reported that comparably expensive debt capital was repaid, the company created an important basis for significant improvements in earnings. After the successful capital increase and the resulting repayment of loans, the average refinancing rate of previously over 20% was significantly reduced to below 15%. Based on the current debt capital in the amount of EUR133.09 million (31 December 2017), this amounts to annual interest savings of around EUR6 million. The first effects will already be evident during the current financial year, although they will only be partially effective until the end of this financial year on 30 June 2018. This should, however, suffice to achieve our target results after tax.
In the coming year, the achieved interest savings will be effective throughout the entire year, resulting in a likely disproportionate earnings improvement. Furthermore, MyBucks is anticipated to achieve a gradual increase in revenue in the coming financial years. We expect that a rollout in other countries on the basis of MyBucks technology that has already been developed can be implemented relatively quickly and cost-effectively. Currently, the company operates in a total of 14 countries (12 in the subSahara region). Another aspect regarding the planned increase in market shares in operating regions is the expansion of the product range and thereby the leveraging of cross-selling potential.
Since MyBucks S.A. achieved our assumptions postulated in the last research report (see study dated 12 February 2018), not least through implemented interest savings, we are confirming our forecasts. We are also confirming our residual income model, for which we have determined a target price of EUR23.25. Based on the current share price of EUR12.50, we are continuing to award a BUY rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/16199.pdf
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