AC-SERVICE AG (FRA:ACV) Original-Research: All for One Group SE (von BankM AG): Kaufen
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Original-Research: All for One Group SE - von BankM AG
Einstufung von BankM AG zu All for One Group SE
Unternehmen: All for One Group SE
ISIN: DE0005110001
Anlass der Studie: Vorläufige Zahlen 2020/21; Kurzanalyse
Empfehlung: Kaufen
seit: 27.11.2020
Kursziel: EUR 67.60
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung: 24.5.2017, vormals Halten
Analyst: Daniel Grossjohann
Guidance exceeded, weaker start and post-pandemic growth acceleration to expect in 2020/21
The preliminary figures of All for One Group SE (ISIN DE0005110001, Prime Standard, A1OS GY) for the business year 2020/21 exceeded our expectations. Sales declined only about 1%, despite the challenging pandemic/lockdown environment. Reported EBIT of €19.3 million was around 53% above the previous year's figure, which was burdened by one-time costs. Although a positive one-time effect (€0.5 million) for pensions was recorded this year, our previous EBIT expectations (€16.1 million) were clearly exceeded. The company´s outlook for 2020/21 assumes only a slight increase in sales. This reflects some cautiousness due to the current pandemic situation, affecting the typically strong year-end quarter and the hope for a quick normalisation (with catch-up effects related to SAP S/4HANA migrations) starting around April 2021. This recovery does not seem to us to be reflected in the current share price, as All for One Group continues to trade with an EV/sales multiple of just around 0.64 - which is well below peer valuations.
Our price target for the All for One Group share, equally based on DCF valuation and peer group analysis, is €67.60. We reiterate our “Buy” rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/21886.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
http://www.bankm.de/webdyn/141_cs_Research%20Reports%20Disclaimer.html.
Kontakt für Rückfragen
BankM AG
Daniel Grossjohann
Mainzer Landstrasse 61, 60329 Frankfurt
Tel. +49 69 71 91 838-42
Fax +49 69 71 91 838-50
Email: daniel.grossjohann@bankm.de
-------------------übermittelt durch die EQS Group AG.-------------------
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