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: Researchstudie (Anno) Empfehlung: Buy Kursziel: 14.50 EUR Kursziel auf Sicht von: 31.12.2021 Letzte Ratingänderung: Analyst: Cosmin Filker; Marcel Goldmann
Concentration on high-margin areas after sale of the maritime container segment; business development to be even more stable; target price raised slightly
On 18 March 2021, Aves One AG announced the sale of its sea container business, which means that the company's focus in future will be on the two business segments 'rail' and 'swap bodies'. With the discontinuation of the sea container business, Aves One AG is now in a position to implement an even stronger focus on the high-growth and significantly more profitable rail and swap body segments. At the same time, the reliability of its business development will increase due to, among other things, the elimination of exchange rate effects, and the overall group profitability will increase significantly.
In the past financial year 2020, which still included the maritime container segment, the company managed to achieve revenue growth of 6.1% to EUR123.85 million (previous year: EUR116.78 million) despite pandemicrelated burdens. This was driven exclusively by a 10.2% increase in revenue in the Rail segment to EUR83.90 million (previous year: EUR76.13 million), which compensated for the -6.1% decline in revenue in the Container segment to EUR37.05 million (previous year: EUR39.46 million). The expansion of the wagon fleet and a slight increase in rental rates in the Rail segment contributed to successful development.
While the EBITDA of EUR81.80 million (previous year: EUR84.60 million) was moderately below the previous year's value, in particular due to higher maintenance expenses and in connection with losses from the sale of sea containers, the EBIT fell significantly to EUR9.64 million (previous year: EUR51.70 million). This is due to the significantly higher depreciation and amortisation of EUR72.14 million (previous year: EUR32.90 million), in which the extraordinary impairment requirement of the sea container business sold in 2021 was booked in advance. The sale of the maritime container portfolio at a purchase price of USD 182.5 million (EUR 147.10 million) was below the previous balance sheet valuation, so that an impairment of EUR 33.04 million was already taken into account as at 31 December 2020.
For Aves One AG, the current financial year 2021 will also be characterised by the effects of the sale of the maritime container portfolio, which is expected to be completed in the coming months. Taking into account the discontinuation of the sea container sales, the Aves One Board of Directors forecasts sales revenues of more than EUR 100 million and an EBITDA of more than EUR 70 million for the current financial year. We base our forecasts on the company's guidance and expect revenues of EUR 104.88 million and EBITDA of EUR 73.40 million for 2021. For the coming financial years, we expect further revenue increases of 12.7% (2022e) and 7.9% (2023e), which are based on a further increase in the asset portfolio. For the coming financial years, we conservatively expect only a moderate increase in the EBITDA margin, which should primarily be supported by a slightly disproportionately low development of overhead costs. Higher economies of scale are possible here.
We have determined a new target price of EUR 14.50 (previously: EUR 13.50) within the framework of the DCF valuation model. The price target increase is a result of the estimates for the 2023 financial year included in the concrete estimation period for the first time, which provides a higher basis for the continuity phase of our model. We continue to assign the BUY rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/22558.pdf
Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the research report: 04.06.2021 (01:42 pm) Date and time of first publication: 07.06.2021 (1:00 pm)
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