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Original-Research: Vectron Systems AG - from GBC AG
23.04.2025 / 10:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of GBC AG to Vectron Systems AG
Company Name: Vectron Systems AG
ISIN: DE000A0KEXC7
Reason for the research: GBC Management Interview
Recommendation: -
Target price: -
Last rating change:
Analyst: Cosmin Filker
Following the acquisition of a majority stake by the Shift4 Group, Vectron
Systems AG delisted from the Frankfurt Stock Exchange last year. An
extraordinary general meeting is to be held this week, at which minority
shareholders will once again have the opportunity to sell their shares. GBC
analyst Cosmin Filker spoke with Vectron CEO Thomas Stümmler.
GBC AG: In the past financial year, Shift4 Payments Inc. acquired a majority
stake in Vectron Systems AG. Vectron has been part of the Shift4 Group since
30 June 2024, and Vectron shares have not been listed on the Frankfurt Stock
Exchange since 30 September 2024. According to the latest information,
Shift4's stake is 70%. Are there plans to increase the stake or initiate a
squeeze-out procedure?
Thomas Stümmler: I cannot speak for Shift4, of course. However, there have
been discussions as to whether it makes sense to purchase the remaining
shares. With over 75 per cent of the shares and the intended control and
profit transfer agreement, Shift4 is already in a position to implement the
operational issues that are important to it. As I see it, additional share
purchases would have no further positive effect on the operating business,
so it is necessary to consider whether it would make sense to spend another
high double-digit million amount on this.
GBC AG: Delisting from a regulated trading venue naturally goes hand in hand
with a reduction in communication requirements. What communication
activities should minority shareholders expect after the last publication of
the annual report based on the German Commercial Code (HGB)?
Thomas Stümmler: Although the delisting of the shares has been completed,
active IR work, such as participation in conferences, no longer makes sense.
We will therefore comply with the minimum legal requirements.
GBC AG: At the extraordinary general meeting on 25 April 2025, the control
and profit transfer agreement between Vectron and Shift4 is to be approved.
Can you briefly explain the components and what impact this will have on
minority shareholders?
Thomas Stümmler: Minority shareholders will once again be given the
opportunity to sell their shares to Shift4 for EUR 10.93. If shareholders
decide against this, they will receive an annual compensation payment of EUR
0.47 gross per share. Based on the settlement price and the current interest
rate environment, this is not too bad.
GBC AG: Based on the current share price, does this mean that minority
shareholders can expect a fixed annual return of 3.7% gross?
Thomas Stümmler: Investors who opt for the annual dividend must be aware,
however, that they are investing in an illiquid asset and, depending on the
number of shares they hold, may not be able to sell them quickly.
Furthermore, with such an asset, high price fluctuations must also be
expected.
GBC AG: At the end of last year, a cooperation agreement was signed that
includes product bundling between Vectron and Shift4. How has marketing
started?
Thomas Stümmler: Of course, it took some time before we were able to present
the new product range to our customers. We are currently satisfied with
demand. I am convinced that, together with Shift4, we can offer our
customers a significantly more attractive product portfolio.
GBC AG: Can you briefly outline the development of the past financial year
for minority shareholders?
Thomas Stümmler: Please note that we no longer report in accordance with
International Financial Reporting Standards (IFRS), but only in accordance
with the German Commercial Code (HGB). Accordingly, taking into account the
100% stake in acardo group AG, we generated revenue of EUR 42 million and an
operating result (EBITDA) of EUR -0.7 million in 2024. In Vectron's core
business, the share of recurring revenue increased to over 50%.
GBC AG: For the current financial year, you are expecting a decline in
revenue and negative EBITDA of between EUR2 million and EUR1 million. What are
the reasons for this, and do you not expect any positive effects from the
Shift4 cooperation?
Thomas Stümmler: Together with Shift4, we are shifting our business from
one-off sales to monthly recurring fees. As a result, revenue from a
customer is no longer recognised immediately in full, but is spread over a
long period of time. For this reason, the figures will suffer initially, but
will rise significantly in the medium to long term.
GBC AG: Mr Stümmler, thank you for talking to us.
You can download the research here: http://www.more-ir.de/d/32326.pdf
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Beim oben analysierten Unternehmen ist folgender möglicher
Interessenkonflikt gegeben: (5a,5b,6a,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung
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Date of completion: 22.04.2025 (2:13 pm)
Date of first disclosure: 23.04.2025 (10:00 am)
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2121844 23.04.2025 CET/CEST
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