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: Acquisition

Empfehlung: Buy

Kursziel: EUR74.20

Kursziel auf Sicht von: 12 Months

Letzte Ratingänderung: 24.5.2017; previously 'Hold'

Analyst: Daniel Grossjohann

CONVERSION/4 - flanked by planned near-shore acquisition - will drive

growth after the pandemic

With the planned acquisition of the Polish SNP Poland Sp. z o.o., All for

One Group SE (ISIN DE0005110001, Prime Standard, A1OS GY) is strengthening

its own capacities in order to be prepared for the upcoming migration wave

towards SAP S/4HANA. The Polish unit of SNP also includes a Digital

Transformation Center (DTC). All for One Group is increasing its own share

of the largely automated (migration) value chain, while partner and seller

SNP can place its own focus more strongly on the core competency of a data

migration software supplier. As the takeover has not yet been finally

negotiated, the sales of SNP Poland are not yet included in our forecast.

In view of the upcoming migration of existing SAP customers to SAP S/4HANA

- which is largely independent of economic developments - All for One Group

has a specific growth driver in CONVERSION/4. This is not yet reflected in

the valuation (EV/Sales 0.8), because the market casts a special eye on the

quarterly development. Here - analogous to the overall economy - an

increase in the operating performance can be expected after the conclusion

of the vaccination campaign (summer 2021).

Our price target for the All for One Group share, equally based on DCF

valuation and peer group analysis, is EUR74.20. We reiterate our 'Buy'


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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.-

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

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oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.