28.08.2019 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 (english)
Current share price level opens up attractive entry opportunity, half-year report should confirm growth trend
In the last two months, the share price of Aves One AG has come under slight pressure. After reaching a record high of € 13.30 per share at the end of June 2019, the share price has since fallen to € 9.65 (23.08.19). This price development took place without any relevant newsflow. Contrary to this, there was even a positive additional purchase announcement. We therefore assume that the most recent share price development is primarily attributable to profit-taking.
On 10 July 2019, it was reported that the asset portfolio in the Rail segment had been expanded to more than 10,500 freight and tank wagons. The acquisitions consist largely of new wagons and include around 800 used freight wagons with a young average age of less than 10 years. Most of the assets are fully let and should generate correspondingly high gross margins.
We assume that Aves One AG will continue to expand its asset portfolio in the coming financial years and that correspondingly higher sales will be achieved. Due to the scalability of the business model, we expect a gradual increase in margins. The company currently expects to achieve an asset under management (AuM) of € 1.0 billion in the 2019 financial year and its guidance for 2019 is sales of € 110 million with EBITDA of € 80 million. We estimate the current guidance to be conservative and expect AuM of € 1.03 billion in 2019, € 1.13 billion in 2020 and € 1.28 billion in 2021.
In our opinion, the share price development offers a very attractive opportunity to enter the market. At present, the upside potential to our price target is 32.6%. Against this backdrop, we repeatedly assign our Buy rating and confirm our price target of €12.80 per share. The half-year figures for 2019 will be published in September and we expect the growth trend to be confirmed.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/18801.pdf
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Logistik/Verkehr , A16811 , AVES , XETR:AVES