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: 13.50 EUR

Letzte Ratingänderung:

Analyst: Cosmin Filker; Marcel Goldmann

Financing conditions further improved; New credit line increases

flexibility and planning security; Target price and rating confirmed

In an announcement dated 1 February 2021, Aves One AG announced the further

optimisation of its financing structure, together with an improvement in

financing conditions. On the one hand, a new financing line of EUR 75

million was agreed with KfW IPEX-Bank, which can be drawn in the event of

acquisitions. According to the company, this increases both planning

security and flexibility in financing future growth. No details were given

on the conditions of this financing line, but we assume an FK interest rate

that is below the average group-wide interest rate.

Another component of the current corporate announcement is the improvement

of financing terms on existing loans. With interest savings of EUR 0.75

million on a total volume of EUR 155 million, the financing interest rate

was reduced by a further 0.5 %. The savings in financing costs are

particularly important for Aves One AG because, as a portfolio holder and

lessor of logistics assets, the company has extensive debt financing. After

nine months of 2020, finance costs amounted to EUR31.24 million, with EBIT

of EUR34.28 million. However, the company has achieved significant

improvements in financing conditions in the past reporting periods. While

the nominal interest rate was 5.2% at the end of 2016, it was significantly

improved to 3.5% by the end of 2019.

This trend is likely to have continued in the past financial year and

should continue to decline in the coming reporting periods. According to

the Executive Board, the goal is a nominal interest rate below 3.0 %, which

should lead to a further improvement in the overall quality of the result.

Further improvements should be achieved here, especially from the planned

continuation of the reduction of the container business. The container

business is transacted and financed exclusively in US dollars. Due to the

lack of access to favourable loans in US dollars, the financing costs in

the container segment are comparatively expensive. In addition, existing

bank financing is to be further optimised and thus, as currently reported,

improved.

As we have planned for this development, we are keeping our forecasts

unchanged and will revise them when the annual report is presented (April

2021). With a target price of EUR13.50, our rating remains BUY.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/22062.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: (4,5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung

Date (time) of completion: 02.02.2021 (2:00 pm)

Date (time) first transmission: 03.02.2021 (10:00 am)

-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.