Ich weiß zwahr nicht ob das Kopieren von Texten erlaubt ist aber ich habe gerade was über ACG gefunden und hier der Txt. Quelle Wallstreetonline vom 09.03.2001
Die Analysten von Commerzbank Securities stufen die Aktie von ACG erstmals ein und vergeben das Urteil kaufen
Commerzbank Securities initiates coverage of ACG with a BUY recommendation
ACG is a leading European chip broker and the world’s number-one broker of smartcards and components, providing high value-added structured and shortage solutions to telecommunication equipment companies, system integrators and smartcard producers. ComSec believes ACG’s services will benefit from increasing market-wide inventory imbalances and the increase in smartcard applications worldwide. ComSec’s sum-of-the-parts valuation suggests a fair value of €56 per share, and ComSec initiates coverage of ACG with a BUY recommendation.
The semiconductor market is becoming increasingly volatile. Technology and procurement system advances are driving shorter and shorter product and purchasing cycles. This is creating increasing volatility in the supply/demand balance and causing problems for the existing system of centralised OEM component ordering. ComSec expects this volatility to increase in the medium term. ACG is one of Europe’s leading chip brokers and the largest brokerage supplier to the telecoms and PC-related products sectors. It is focusing its business on providing internet-based excess inventory management solutions for chip producers. This is a high-margin service, and ComSec believes that ACG can grow divisional revenues at 21% over the FY 2000-2003E period, protecting its market share in an extremely fragmented broker market.
ACG is the world’s largest smartcard broker. Its pooled sourcing strategy provides the necessary scale to have a strong presence with the leading smartcard chip producers, creating value-added purchasing power for both small and large system integrators. ACG also offers an element of in-house smartcard module production and is involved in the fast-growing contactless, RFID smartcard market. ComSec believes this division will grow at a CAGR of 92% pa over the FY 2000-2003E period.
ACG’s share price appears undervalued. ACG currently trades in line with the distribution sector average on an EV/sales basis and slightly above on an EV/EBITDA basis, which ComSec believes does not reflect the value-added present in brokerage services. ComSec sum-of-the-parts valuation suggests a fair value for the stock of €56 per share, and we initiate coverage with a BUY recommendation.
Ist doch was ! Luki :-)
Die Analysten von Commerzbank Securities stufen die Aktie von ACG erstmals ein und vergeben das Urteil kaufen
Commerzbank Securities initiates coverage of ACG with a BUY recommendation
ACG is a leading European chip broker and the world’s number-one broker of smartcards and components, providing high value-added structured and shortage solutions to telecommunication equipment companies, system integrators and smartcard producers. ComSec believes ACG’s services will benefit from increasing market-wide inventory imbalances and the increase in smartcard applications worldwide. ComSec’s sum-of-the-parts valuation suggests a fair value of €56 per share, and ComSec initiates coverage of ACG with a BUY recommendation.
The semiconductor market is becoming increasingly volatile. Technology and procurement system advances are driving shorter and shorter product and purchasing cycles. This is creating increasing volatility in the supply/demand balance and causing problems for the existing system of centralised OEM component ordering. ComSec expects this volatility to increase in the medium term. ACG is one of Europe’s leading chip brokers and the largest brokerage supplier to the telecoms and PC-related products sectors. It is focusing its business on providing internet-based excess inventory management solutions for chip producers. This is a high-margin service, and ComSec believes that ACG can grow divisional revenues at 21% over the FY 2000-2003E period, protecting its market share in an extremely fragmented broker market.
ACG is the world’s largest smartcard broker. Its pooled sourcing strategy provides the necessary scale to have a strong presence with the leading smartcard chip producers, creating value-added purchasing power for both small and large system integrators. ACG also offers an element of in-house smartcard module production and is involved in the fast-growing contactless, RFID smartcard market. ComSec believes this division will grow at a CAGR of 92% pa over the FY 2000-2003E period.
ACG’s share price appears undervalued. ACG currently trades in line with the distribution sector average on an EV/sales basis and slightly above on an EV/EBITDA basis, which ComSec believes does not reflect the value-added present in brokerage services. ComSec sum-of-the-parts valuation suggests a fair value for the stock of €56 per share, and we initiate coverage with a BUY recommendation.
Ist doch was ! Luki :-)
