08.06.2020 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
Good first quarter confirms forecast
The first quarter of Aves One was in line with our expectations. Our sales estimate was exceeded, whereas our earnings estimate extrapolated to the full year fits very well. As a result, we confirm our current forecast, which is also in line with the guidance con-firmed by the Aves One board of directors. In our opinion, there could be further ad-justments to the container portfolio in the current financial year 2020 and we assess the development of the Rail portfolio as particularly good.
Revenues in the first quarter of 2020 rose by 24.0% to € 33.73 million (previous year: € 27.19 million), of which € 3.39 million is attributable to the sale of the self-storage park. All real estate holdings were thus sold. Adjusted for this effect, sales growth amounted to 11.6%. EBITDA rose by 5.2% to € 21.72 million (previous year: € 20.64 million), which corresponds to an EBITDA margin of 64.4% (previous year: 75.9%). The EBITDA margin, adjusted for the container disposals and the sale of the self-storage Park, remained at the previous year's level of 75.4% and thus Aves One AG continues to show a very profitable business development.
We confirm our forecast and continue to regard our current estimates as conservative. The EBITDA from Q1 extrapolated to the full year would amount to € 86.88 million and thus exceed our forecast of € 86.44 million. It remains to be seen how high the occupancy rate and rental yields can be maintained over the year. In addition, portfolio acquisitions could help the company to achieve earnings above our current forecast. At present, the company appears to be only slightly affected by the Corona crisis.
The greatest impact should be seen in new or extended leases. The results from the first quarter confirm our forecast and we again assign the BUY rating with a target price of € 13.60 (previously: € 13.60).
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/21021.pdf
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Logistik/Verkehr , A16811 , AVES , XETR:AVES