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Original-Research: Aves One AG - von GBC AG

Einstufung von GBC AG zu Aves One AG

Unternehmen: Aves One AG ISIN: DE000A168114

Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 12.80 EUR Letzte Ratingänderung: - Analyst: Matthias Greiffenberger

The figures for the first quarter confirm the expectations of strong growth accompanied by an improvement in margins. We confirm our forecast and our price target of EUR 12.80. Rating: BUY.

In the first quarter, there were significant increases in revenues and earnings, primarily due to the investments made in the 2018 financial year. Improved rental rates and increased capacity utilisation also contributed to this positive development.

In the first quarter, revenues increased by 74.0% to EUR 27.19 million (previous year: EUR 15.63 million) and EBITDA increased disproportionately by 109.1% to EUR 20.65 million (previous year: EUR 9.88 million). This shows that Aves One can significantly increase assets under management without increasing costs to the same extent. Especially due to the lean management approach, personnel costs increased only insignificantly. The total cost block rose by only 9.1% to EUR 6.96 million (previous year: EUR 6.37 million). At the net level (adjusted for exchange rate effects on the balance sheet), the result thus increased by 695.5% to EUR 3.37 million (previous year: EUR 0.42 million).

In the course of the Q1 figures, the guidance was confirmed with sales of at least EUR 110 million and EBITDA of over EUR 80 million. The Q1 figures extrapolated to the full year would already result in revenues of EUR 108.77 million and EBITDA of EUR 82.58 million, which is why we continue to assess the guidance as conservative. Especially in view of the fact that we expect further investments and an increase in assets under management to more than EUR 1 billion in the current fiscal year 2019. For the current fiscal year 2019, we continue to forecast revenues of EUR 118.10 million and EBITDA of EUR 86.13 million.

We confirm our forecast (see Research Report from 28th of May 2019) and confirm our price target of EUR 12.80 and award the rating BUY.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/18269.pdf

Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm ++++++++++++++++ Datum und Zeitpunkt der Fertigstellung der Studie: 05.05.2019 (10:30 Uhr) Datum und Zeitpunkt der ersten Weitergabe: 06.06.2019 (11:00 Uhr) Gültigkeit des Kursziels: bis max. 31.12.2019

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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