29.08.2019 SBF AG DE000A2AAE22
Original-Research: SBF AG (von GBC AG): Buy
Original-Research: SBF AG - von GBC AG
Einstufung von GBC AG zu SBF AG
Unternehmen: SBF AG
Anlass der Studie: Research report (Update)
SBF GROUP IN PROFITABLE GROWTH MODE ; INCREASE IN PROFITABLE FORECASTS; NEW STOCK PRICE TARGET: 5.10 EUR; BUY-RATING CONFIRMED
SBF AG published its half-year figures for the 2019 financial year on 08/08/2019. Ac-cording to the published figures, SBF generated EUR 7.96 million in revenue in the first six months of the current financial year, approximately 55.0% of the revenue generated in the previous year of 2018 (EUR 14.70 million). The SBF Group is therefore back on a growth path again. As part of its growth strategy, the company also decided to make significant investments of up to EUR 4.5 million in its machinery in the first half of the current financial year. As at the balance sheet date, around EUR 2.0 million of this amount had already been released.
SBF also reported highly positive performance in terms of net earnings. In the first six months of the current financial year, the company generated EUR 0.95 million in after-tax profit, around 68.0% of the consolidated annual result (EUR 1.39 million) of the previous financial year of 2018. This disproportionately high earnings performance was possible thanks to scaling effects.
In addition, as at the balance sheet date of 30/06/2019, SBF reported an order backlog of EUR 32.0 million and pending offers (relating to tenders) of over EUR 100.0 million. In view of the current positive business development of the SBF Group and current order levels, SBF's management confirmed the corporate guidance it had issued for the current financial year of 2019. The company also anticipates further revenue of approximately EUR 17.0 million and EBIT of approximately EUR 2.0 million from its subsidiary SBF Spezialleuchten GmbH, which is also the Group's core holding.
As a result of current business performance exceeding our expectations, as well as the highly positive order situation and the renewed improvements in the market environment, we have adjusted our previous forecast for the SBF Group's profit expectations upwards. For the current 2019 financial year, we continue to expect revenue of EUR 17.70 million and new increased Group earnings of EUR 1.70 million (previously: EUR 1.43 million). For the subsequent financial years of 2020 and 2021, we anticipate revenue of EUR 19.70 million (previously: EUR 19.50 million) and EUR 24.10 million (previously: EUR 22.40 million). On a net basis, it should be possible to generate Group earnings of EUR 1.81 million (previously: EUR 1.60 million) and EUR 2.45 million (previously: EUR 2.13 million).
On the basis of our increased estimates for the current financial year and subse-quent years, we have valued SBF AG using our DCF model and arrived at a fair value of EUR 5.10 per share (previously: EUR 3.85 per share), thereby raising the stock price target. In view of the current share price level, we are expecting high price potential and have again awarded the shares a 'Buy' rating. Overall, we consider the SBF Group, with its strong market position in niche segments of the burgeoning rail industry, to be very well placed to benefit from the expected global increase in investments in the rail sector. In this context, the SBF Group's positive customer image as a preferred Tier 1 supplier to leading rail vehicle manufacturers should be a particular advantage.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/18837.pdf
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