Sa, 2. März 2024, 14:23 Uhr

Vectron Systems AG


Original-Research: Vectron Systems AG (von GBC AG): BUY

25.10.23 10:02


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: 10.10 EUR

Kursziel auf Sicht von: 31.12.2024

Letzte Ratingänderung:

Analyst: Cosmin Filker, Matthias Greiffenberger

9 months 2023: Significant increase in sales and earnings achieved; 2023

forecasts raised and target price increased slightly; BUY

According to preliminary figures, Vectron Systems AG (short: Vectron)

achieved a significant growth in turnover and result in the third quarter,

which seamlessly continues the positive development of the previous year.

The sales revenue of EUR 9.4 million (previous year: EUR 5.7 million) generated

in the third quarter of 2023 was 63.6 % higher than in the previous year.

While the major part of the revenue growth is likely to be attributable to

acardo Group AG, which was acquired on 01.01.2023, the POS Systems segment

should also have contributed organic growth. This should be primarily due

to the expansion of the digital business, which is reflected in an increase

in recurring revenue to EUR 3.4 million (PY: EUR 1.4 million). In the third

quarter, when demand is typically slow due to seasonal factors, the

improved ability to plan the business, which has already been achieved,

meant that there was no longer a noticeable decline in both revenue and

earnings. At EUR 1.1 million (previous year: EUR -2.1 million), EBITDA was only

slightly below the EBITDA of EUR 1.2 million for the second quarter of 2023.

Although the quarterly result was positively influenced by the release of

provisions in the amount of EUR 0.4 million, both business units generated

positive EBITDA.

In the nine-month period, turnover increased significantly by 52.5 % to EUR

27.9 million (previous year: EUR 18.3 million). Recurring income rose by 47.7

% to EUR 9.6 million (previous year: EUR 6.5 million) and consequently EBITDA

also increased significantly to EUR 2.8 million (previous year: EUR -2.6

million). Overall, the 9-month EBITDA was positively influenced by special

effects amounting to EUR 0.9 million. On the basis of these figures, our

previous forecast for the full year 2023 (see study dated 14 September

2023), in which we assumed revenues of EUR 36.75 million and EBITDA of EUR 2.54

million, appears somewhat too low. This is particularly true in view of the

fact that the basis for recurring revenues is steadily growing with the

planned introduction of further digital modules. In addition, acardo's

couponing business should benefit from the strong consumer months,

especially towards the end of the year.

We are therefore raising our revenue estimates for the current 2023

financial year to EUR 38.55 million (previously: EUR 36.75 million).

Analogously, we expect an EBITDA of EUR 3.17 million (previously: EUR 2.54

million) and are thus within the company's recently raised earnings

guidance, according to which the Vectron management expects an EBITDA

between EUR 2.2 million and EUR 3.2 million. After consideration of the

PPA-amortisation, which is related to the acardo acquisition, Vectron AG

should show a negative EBIT of EUR -0.33 million (previously EUR -0.96

million). Adjusted for this non-cash effect, this corresponds to an EBIT of

EUR 1.67 million (previously EUR 1.04 million).

As a result of the slight forecast increase, which is limited to the

estimates for the current financial year 2023, we have determined an only

marginally higher price target of EUR 10.10 (previously: EUR 10.00) within the

framework of the DCF valuation model. We continue to assign the BUY rating.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen


Halderstraße 27

86150 Augsburg

0821 / 241133 0


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Date (time) completion: 25.10.23 (8:20 am)

Date (time) first transmission: 25.10.23 (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.


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