Original-Research: Vectron Systems AG - von GBC AG

Einstufung von GBC AG zu Vectron Systems AG

Unternehmen: Vectron Systems AG


Anlass der Studie: Research Comment

Empfehlung: Buy

Kursziel: 21.55 Euro

Kursziel auf Sicht von: 31.12.2022

Letzte Ratingänderung:

Analyst: Cosmin Filker, Felix Haugg

1H 2021: New record figures for sales and earnings achieved, 2021 forecasts

slightly increased, target price: EUR21.55; rating: BUY

On 20 July 2021 Vectron Systems AG (short: Vectron) published

extraordinarily good preliminary figures for the second quarter 2021 and

thus for the first half-year 2021. After an increase in sales of +14.7% to

EUR 8.6 million in the first quarter of 2021, sales more than doubled to

EUR 12.5 million in the second quarter of 2021 (Q2 2020: EUR 5.1 million),

thus marking a new quarterly record. Vectron also set a new record with the

half-year sales of EUR 20.9 million (previous year: EUR 12.60 million). We

assume that in the past reporting period especially the so-called

fiscalisation effect caused significant sales effects. The extended non-

objection period for the TSE-compliant retrofitting of the cash systems was

set for 31 March 2021. In addition, the legislator included the funding of

digital investments up to EUR 20,000 within the framework of the

'Überbrückungshilfe III', which represents an important investment

incentive for the gastronomy industry, despite corona-related closures.

As a result of the noticeable increase in sales, the EBITDA in the first

half of 2021 rose significantly to EUR 3.9 million (previous year: EUR -1.3

million). Economies of scale as a result of the strong expansion in

turnover are likely to have led to this new record being achieved. This

figure does not include the revenues of the 100% holding bonVito GmbH,

which generated revenues of EUR1.5 million and EBITDA of EUR0.4 million in

the first half of the year.

In view of the higher-than-expected revenue and, in particular, earnings

development, we are adjusting our previous forecasts for the current 2021

financial year (see research study dated 10 June 2021) upwards. We are now

forecasting revenues of EUR 38.58 million (previously: EUR 34.62 million)

and an EBITDA of EUR 4.18 million (previous year: EUR 3.52 million). Our

estimates are kept conservative, as we are currently unable to estimate the

impact of new corona variants on the catering business, for example. We

assume that Vectron's management will communicate a new guidance with the

publication of the half-year report (31.08.2021).

The slight increase in estimates for the current financial year 2021 have

resulted in a slight increase in the price target to EUR 21.55 (previously:

EUR 21.15). Based on the current share price of EUR 12.68, we continue to

assign a BUY rating.

Die vollständige Analyse können Sie hier downloaden:


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Date (time) completion (german version): 27/07/2021 (1:27 pm)

Date (time) first publication (german version): 28/07/2021 (9:30 am)

Date (time) completion (english version): 30/07/2021 (8:18 am)

Date (time) first publication (english version): 30/07/2021 (9:30 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.