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Vectron Systems AG

WKN: A0KEXC / ISIN: DE000A0KEXC7

Original-Research: Vectron Systems AG (von GBC AG): GBC Management Interview


02.11.23 10:01
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: GBC Management Interview


Empfehlung: GBC Management Interview


Letzte Ratingänderung:


Analyst: Cosmin Filker, Matthias Greiffenberger



acardo acquisition and digitisation strategy have positive influence; risk


from purchase price payment practically non-existent



After the fiscalisation effect has largely expired, Vectron Systems AG is


currently in a transformation process.

Their focus is on the expansion of


digital services, so that in future the predominant part of Vectron's


business will consist of recurring revenues. One-off revenues from cash


sales are taking a back seat. The increase in recurring income by around


48% to EUR 9.6 million is a clear indication of the success of this strategy.


At the same time, the current financial year is significantly influenced by


the inorganic effects of the acquired couponing specialist acardo Group AG.


GBC analyst Cosmin Filker spoke with Vectron board member Thomas Stümmler:



GBC AG: At the beginning of the current financial year 2023, you acquired


the couponing specialist acardo Group AG. What interim conclusion can you


draw about this acquisition after three quarters?



Thomas Stümmler: We are still very happy to have acquired such an exciting


company. acardo serves around half of the German coupon market within the


food retail sector. Furthermore, acardo operates two popular apps in this


field, Couponplatz and Scondoo. In addition, acardo operates or supports


the apps of large retail chains, such as Edeka, with content. acardo


software runs on the cash register systems of many large retail companies.


This fits in perfectly with Vectron's strategy. With acardo we also seek to


spread couponing throughout the gastronomy sector and make ourselves more


independent of individual industry trends.



GBC AG: What are the possibilities of a stronger cooperation between the


two segments 'POS systems' and 'couponing'?



Thomas Stümmler: We think that couponing will also play a big role in the


gastronomy sector. We also want to give restaurant owners the opportunity


to market special offers via acardo's end-customer apps. Furthermore, we


want to give the supply industry the opportunity to advertise beverages,


for example, not only in trade with coupons, but also in the field of


gastronomy. For this, we want to convince our massive customer base of the


advantages of couponing, while acardo can market this new marketing


platform through its existing contacts to the industry.



GBC AG: In the first three quarters of 2023, you generated strong revenue


growth of almost 50% to EUR 27.9m (PY: EUR 18.3m). EBITDA climbed significantly


to EUR 2.8 million (previous year: EUR -2.6 million). What were the most


important drivers behind this?



Thomas Stümmler: In addition to the acquisition of acardo and the


associated positive results, a pleasing increase in recurring revenues was


primarily responsible for the improvement in the group result. We have


really only scratched the surface of the potential of these digital


services.



GBC AG: You've mentioned the strong increase in recurring revenues which


are primarily related to the expansion of the digital business. Which


modules are to be introduced to the market in the near future?



Thomas Stümmler: To give you a few examples:


* A web shop for 'take away' with a connection to the cash register.


* Ordering by QR code and paying at the table


* Online table reservation


* Couponing for gastronomy


* ...etc...



GBC AG: EBITDA in the first nine months was positively affected by special


effects totalling EUR 0.9 million. What are these related to and what will


its further development be?



Thomas Stümmler: These were mainly one-off effects from provisions that


could be released. This will, therefore, not continue.



GBC: Are the 'aftermaths' of the implemented cost-saving programme now over


and which cost savings could Vectron finally realise?



Thomas Stümmler: We have reduced our staff from about 200 employees to


about 150. This means considerable monthly savings, which, however, have


only occurred slowly this year, because many long-serving employees had


long notice periods. As you know, we have decided to source hardware from


external partners in the future. Therefore, we have cut most of the jobs in


hardware manufacturing and development and have not made any cuts in


software development, for example. Our digital growth strategy was thus not


affected by the savings.



GBC AG: Back to the acardo acquisition. Depending on acardo's earnings


performance, an earn-out in a wide range of EUR 4 to EUR 25 million will be due


in the 2026 financial year. What result would acardo have to achieve for


the maximum earn-out to be due? How should this be financed?



Thomas Stümmler: For this, acardo would have to generate an average EBIT of


EUR 5.5 million in the financial years 2024 and 2025. If this is missed by a


significant margin, the earn-out could be as low as EUR 4 million. Regardless


of how high the earn-out ultimately turns out to be, we can pay a


significant part of the claim from the accrued acardo profits and finance


the rest, which should then be possible with such a profitable subsidiary.


So, actually, every scenario has its appeal. You should not forget that we


can use the profits from the current year and partly from 2026, because we


expect to have to pay first in Q2 2026. Before that, all the financial


statements have to be available.



GBC AG: A follow-up question on this. What happens if you do not have


sufficient liquid funds at the time of the earn-out payment? What risks do


you face?



Thomas Stümmler: We have tried to structure the deal in such a way that all


conceivable scenarios remain manageable. That's why we agreed that in this


case that we would NOT have to pay, but that the ex-owners of acardo could


then buy the company back at the purchase price at the time. The


accumulated profits would remain with us. Should the ex-owners then also


not be able or willing to pay this, the company would remain with us until


one of the two parties finally buys it.



GBC AG: Mr. Stümmler, finally a question for investors with a long-term


investment horizon. Where do you see Vectron in five years?



Thomas Stümmler: We seek to become the leading provider of a complete


digital ecosystem for retail and gastronomy. Digital services can multiply


the turnover per customer. If we consistently and patiently continue along


the path we have now embarked on, then the largest cash register base in


the market should automatically make us the largest digital provider. The


growth of these digital products is already clearly visible today and shows


that the strategy is working.



GBC AG: Mr Stümmler, thank you for the interview.




Die vollständige Analyse können Sie hier downloaden:


http://www.more-ir.de/d/27993.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 (german): 31.10.2023 (08:29 am)


Date (time) first transmission (german): 31.10.2023 (10:00 am)


Date (time) completion (english): 31.10.2023 (3:30 pm)


Date (time) first transmission (english): 02.11.2023 (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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