13.06.2019 Aves One AG DE000A168114
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
Anlass der Studie: Research Comment
The figures for the first quarter confirm the expectations of strong growth accompanied by an improvement in margins. We confirm our forecast and our price target of € 12.80. Rating: BUY.
In the first quarter, there were significant increases in revenues and earnings, primarily due to the investments made in the 2018 financial year. Improved rental rates and increased capacity utilisation also contributed to this positive development.
In the first quarter, revenues increased by 74.0% to € 27.19 million (previous year: € 15.63 million) and EBITDA increased disproportionately by 109.1% to € 20.65 million (previous year: € 9.88 million). This shows that Aves One can significantly increase assets under management without increasing costs to the same extent. Especially due to the lean management approach, personnel costs increased only insignificantly. The total cost block rose by only 9.1% to € 6.96 million (previous year: € 6.37 million). At the net level (adjusted for exchange rate effects on the balance sheet), the result thus increased by 695.5% to € 3.37 million (previous year: € 0.42 million).
In the course of the Q1 figures, the guidance was confirmed with sales of at least € 110 million and EBITDA of over € 80 million. The Q1 figures extrapolated to the full year would already result in revenues of € 108.77 million and EBITDA of € 82.58 million, which is why we continue to assess the guidance as conservative. Especially in view of the fact that we expect further investments and an increase in assets under management to more than € 1 billion in the current fiscal year 2019. For the current fiscal year 2019, we continue to forecast revenues of € 118.10 million and EBITDA of € 86.13 million.
We confirm our forecast (see Research Report from 28th of May 2019) and confirm our price target of € 12.80 and award the rating BUY.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/18269.pdf
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Logistik/Verkehr , A16811 , AVES , XETR:AVES