Original-Research: MyBucks S.A. (von GBC AG): Kaufen

Original-Research: MyBucks S.A. - von GBC AG

Einstufung von GBC AG zu MyBucks S.A.

Unternehmen: MyBucks S.A.
ISIN: LU1404975507

Anlass der Studie: Research Note
Empfehlung: Kaufen
Kursziel: 23.25 EUR
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann

FY 2016/2017 dominated by acquisition effects; dynamic revenue growth and significant improvement in earnings expected; unchanged BUY rating

For MyBucks S.A. (short: MyBucks), the past financial year was dominated by the acquisition of the Opportunity companies (Kenya, Tanzania, Mozambique, Uganda) as well as the acquisition of the Australian digital microcredit provider Fair Go Finance. As expected, MyBucks not only implemented this regional expansion of their business activities, but also, in particular by acquiring Opportunity credit institutions, expanded its product range to include banking services.

The contribution to revenue from the newly acquired companies amounted to a total of EUR10.93 million and made up a large portion of the 48.3% growth in revenue, which reached EUR53.77 million (previous year: EUR36.25 million). MyBucks also posted purely organic, dynamic revenue growth amounting to 18.2% to reach EUR42.84 million.

Overall, MyBucks recorded a negative net result of -EUR11.32 million (previous year: -EUR0.61 million). Based on the almost constant EBIT, this is due to significantly higher financial expenses compared with the previous year, amounting to EUR21.31 million (previous year: EUR11.69 million). Different instruments are used to finance the loan book, with unsecured loans as the primary source. In line with the expanded loan book, financial liabilities rose to EUR121.02 million (30/06/2016: EUR59.23 million) and as a result, financial expenses increased significantly.

We have identified two factors, or challenges, at MyBucks that are key to future business development. In order to be able to use economies of scale and therefore scale effects, it is essential that we continue on the dynamic course of growth taken thus far. An important step was taken in this regard in the past financial year with the acquisition of the Opportunity companies.

The second important factor in future business development is the expansion of low-interest financial resources, as a basis for expanding the revenue- generating loan book. Despite the increase in average financing costs over the past financial year, based on our calculations, a trend reversal is likely to start here. According to information from the company, comparatively expensive loans are set to be repaid and replaced by new forms of financing. Furthermore, customer deposits are to be gradually increased, which may be easier to implement given the acquisition of the Opportunity credit institutions. Customer deposits most recently rose to EUR11.31 million (30/06/2016: EUR0.39 million) and make up 9.3% of the total financial liabilities. The recent successful capital increase of EUR11.7 million (issue of EUR1.3 million shares) will be used to reduce comparatively high-interest mezzanine capital and therefore to further reduce financing costs.

Under the updated residual income model, we have calculated a target price of EUR23.25 (previously: EUR27.60). The reduction in target price is based both on the dilutive effect resulting from the capital increase (issued shares priced at EUR9.00) and our forecast reduction for the coming financial year. This was made on the basis of the worse-than-expected figures for the 2016/2017 financial year. Based on the current share price of EUR9.90, we are maintaining our BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16109.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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http://www.gbc-ag.de/de/Offenlegung.htm
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