Original-Research: Aves One AG - von GBC AG
Einstufung von GBC AG zu Aves One AG
Unternehmen: Aves One AG
Anlass der Studie: Research Note
Kursziel: 13.87 EUR
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger
Business development in the 1st HY 2019, good half-year figures, guidance
confirmed, stock price target increased significantly to EUR 13.87
(previously: EUR 12.80)
Aves One AG has significantly increased its asset portfolio recently which
has led to a significant increase in revenues. The most recent transactions
should only be reflected fully in the coming quarters, which should lead to
further revenue increases. Assets under management (AUM) increased overall
by 63.5% to EUR 839.34 million (PY: EUR 523.77 million).
In addition to the expansion of assets, a further strategic focus was also
on the Rail and Container segments. Since the Real Estate segment was last
reported, the logistics property in Alsdorf, Germany, was sold in June
2019. The property was on the balance sheet at EUR 10.90 million and the
company achieved a book profit of EUR 0.19 million from the sale.
In the first half of 2019, revenues increased by 71.7% to EUR 55.56 million
(PY: EUR 32.37 million), which was mainly as a result of the larger asset
portfolio. The company has invested more in the recent past to additional
support its growth course.
This is also reflected in segment revenues. Rail revenues increased by
139.3% to EUR 35.76 million (PY: EUR 14.94 million). In the Container
segment, significant revenue increases of 25.1% were also achieved while
overall revenues increased here by EUR 18.09 million (PY: EUR 14.46
In addition to revenue increases through sales volumes, the company was
also able to noticeably increase its utilisation and rental rates. This was
also reflected in increased gross returns. In the Container segment, gross
returns rose by 5.4% (H1 2018) to 6.5% (H1 2019) and in the Rail segment,
gross yields increased accordingly from 6.1% to 6.4%.
This dynamic revenue growth was reflected in an above-average improvement
in EBITDA. EBITDA increased by 90.8% to EUR 41.90 million (PY: EUR 21.97
million), a margin improvement from 67.9% (H1 2018) to 75.4% (H1 2019). The
above-average improvements in earnings were mainly due to our lean
management approach which resulted in comparatively low personnel expenses.
Personnel expenses thus rose by 11.3% to EUR 2.34 million (PY: EUR 2.10
Overall, EBIT was doubled by 100.2% to EUR 26.46 million (PY: EUR 13.22
million) thanks, among other things, to high cost discipline and economies
of scale. In the course of financing the assets acquired, the financial
result continued to increase by 57.5% to EUR 19.14 million (PY: EUR 12.15
Non-cash exchange rate effects amounted to EUR 1.17 million (PY: EUR 5.09
million). Adjusted for this effect, EAT was generated which totalled EUR
3.88 million (PY: EUR -0.46 million). As a result, significant earnings
were achieved in the past half-year of 2019, accompanied by a high level of
The company's rapid growth rate was again evident in the first half of the
year and we expect this development to continue in the second half too. The
company confirmed the guidance for the 2019 financial year with revenues of
EUR 110 million and EBITDA of EUR 80 million. We continue to view this
guidance as conservative and confirm our forecast with revenues of EUR
118.10 million in the current 2019 financial year and an EBITDA of EUR
86.13 million. Our estimates also tally with the development from the first
half of the year which, extrapolated to the full year (excluding the asset
acquisitions already made in 2019), has already generated revenues of EUR
111.11 million and an EBITDA of EUR 83.69 million. In line with the
acquisitions made, revenues and earnings should again be slightly higher.
The company is also well on the way to achieving its planned EUR 1 billion
of assets under management by the end of the 2019 financial year. AUM of
EUR 839.34 million were already reported in the first half of the year. In
the medium term, we anticipate further asset acquisitions and expect asset
utilisation to remain at a high level. This would also generate large gross
margins in the future. While absolute financing costs are expected to
increase as a result of asset acquisitions, we expect to be able to further
optimise the financing structure, especially against the backdrop of
continuing low interest rates.
Against the background of good corporate development and the rollover
effect, we raise our price target to EUR 13.87 (previously EUR 12.80) and
award the buy rating.
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Datum (Uhrzeit) der Fertigstellung: 09.10.2019 (10:48 Uhr)
Datum (Uhrzeit) der ersten Veröffentlichung: 09.10.2019 (11:30 Uhr)
Gültigkeit des Kursziels: bis max. 31.12.2020
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