Original-Research: Homes & Holiday AG (von GBC AG): Buy

Original-Research: Homes & Holiday AG - von GBC AG

Einstufung von GBC AG zu Homes & Holiday AG

Unternehmen: Homes & Holiday AG
ISIN: DE000A2GS5M9

Anlass der Studie: Research report (IPO study)
Empfehlung: Buy
Kursziel: 4.83 EUR
Letzte Ratingänderung:
Analyst: Marcel Goldmann, Cosmin Filker

The fully-integrated franchise specialist for holiday properties

Homes & Holiday AG and its subsidiaries, Porta Mondial AG, Porta Mallorquina and Porta Holiday, specialise in services relating to high- quality holiday properties within its own developed franchise system. With its Porta Mondial, Porta Mallorquina and Porta Holiday brands, the Group combines the brokerage business with holiday rentals and property management. With the comprehensive online services and individual advisory on site, the Group relies consistently on multi-channel sales. In addition to the core market of Mallorca - where it is presently the leading broker on the Internet and belongs to the top 3 overall - the Group focuses on holiday property locations in Spain and Germany. In future, expansion is planned to the Spanish mainland and into the German holiday property regions.

With its main focus on Spain and Germany, Homes & Holiday AG is active in the most attractive holiday property markets in Europe, in very interesting growth regions. In combination with the continuing favourable interest rate level, the holiday property specialist operates in a very attractive market environment. From 2016 to 2017, the property transaction volume grew in Spain by 21.3% to EUR 73.8 billion (PY: EUR 60.9 billion). The volume of holiday properties sold to foreign buyers amounted to approx. EUR 1.6 billion on the Balearic Islands in 2016. The property market in Germany also developed just as positively. The number of German citizens who own a holiday property reached a new peak value in 2017, at 1.0 million people (PY: 0.93 million).

The generally strong rise in demand for holiday properties in Spain and Germany and the dynamic development of the booking figures for holiday properties, are important factors for the future development of Homes & Holiday AG.

Homes & Holiday AG (Porta Mondial AG) was able to achieve constant growth in recent years, which was particularly supported by its subsidiary, Porta Mallorquina. In 2017, a new peak value was reached for sales volume on Mallorca, at an estimated EUR 90.0 million. At the Group level, a sales volume of EUR 138.8 million was generated for this time period. In order to grow more strongly in the future, the company is currently issuing new shares during the course of the IPO (periode: 5th to 21st of June). For this purpose, the required marketable holding company was founded, with Homes & Holiday AG, and the long-standing operating subsidiaries (Porta Mondial AG incl. Porta Mallorquina & Porta Holiday) incorporated into it.

It is worth noting that in the past the management has continuously developed the business model of Homes & Holiday AG in the direction of a 'full-service provider' (brokerage business, holiday lettings (referral) and property management) for holiday properties. As a result, the company has created a significant competitive advantage, in our opinion, as the company is presently the only German franchise system provider which offers such a comprehensive range of services for holiday properties. This makes the company more attractive to customers and increases their loyalty.

The property business also operates master centres (service centres) to support its franchise partners and enable them focus intensively on their core activity, sales. This has significantly increased the revenue of the partners, and made it much easier to acquire new partners. The management now intends to take advantage of these unique selling points of Homes & Holiday AG ('first mover advantage') and accelerate the growth further with funds from the initial public offering.

With the further expansion of the partner network and the synergies between the business divisions, additional significant growth in sales volume is also estimated to reach EUR 160.0 million for the current 2018 financial year, with net commission revenue of approx. EUR 4.3 million. For the subsequent years, we are anticipating an acceleration of the dynamic revenue growth and disproportionate earnings development, particularly due to the funds from the initial public offering. On the basis of our estimates for the company development, within the scope of our valuation model, we have calculated a fair value (post money) of EUR 4.83 per share of Homes & Holiday AG.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16585.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
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: (4,5a,5b,6a,7,10,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++

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