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Sa, 2. März 2024, 14:23 Uhr

Vectron Systems AG

WKN: A0KEXC / ISIN: DE000A0KEXC7

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


25.10.23 10:02
dpa-AFX

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Original-Research: Vectron Systems AG - von GBC AG



Einstufung von GBC AG zu Vectron Systems AG



Unternehmen: Vectron Systems AG


ISIN: DE000A0KEXC7



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:


http://www.more-ir.de/d/27949.pdf



Kontakt für Rückfragen


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,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:


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


+++++++++++++++


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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