Mo, 4. März 2024, 17:58 Uhr

Vectron Systems AG


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

02.11.23 10:01


Original-Research: Vectron Systems AG - von GBC AG

Einstufung von GBC AG zu Vectron Systems AG

Unternehmen: Vectron Systems AG


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


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:

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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:


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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