Original-Research: KPS AG (von GBC AG): BUY

Original-Research: KPS AG - von GBC AG

Einstufung von GBC AG zu KPS AG

Unternehmen: KPS AG
ISIN: DE000A1A6V48

Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 13.20 EUR
Kursziel auf Sicht von: 31.12.2019
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger, Cosmin Filker

The acquisitions made in the past are developing better than expected.
Forecasts confirmed - price target: EUR 13.20, rating: Buy
 
The 9M figures of KPS were published on 29.07.2019. Overall, the figures
are in line with the forecast and we confirm our estimates against this
background. Good sales growth was achieved with a clearly disproportionate
improvement in earnings. Sales increased by 4.4% to EUR 136.0 million
(previous year: EUR 130.3 million), which was achieved primarily due to three
new projects and the current high-revenue project phases. This also more
than compensated the decline in one of the major project. In the same
period, EBITDA increased by 23.8% to EUR 18.7 million (previous year: EUR 15.1
million). This increase in earnings would have been even more significant
if the companies acquired in the past had not developed accordingly well.
Due to this positive development and the strong growth, further earn-out
payments were due. This one-off effect burdened EBITDA by EUR 1.2 million.
Adjusted for this effect, EBITDA amounted to EUR 19.9 million, which
corresponds to an EBITDA margin of 14.6% (previous year: 11.6%).
 
Within the publication of the nine-month figures, the guidance was
confirmed with revenues of EUR 170 to 180 million and EBITDA of EUR 22 to 27
million. Against the background of the current figures, the guidance
appears conservative and could, in our opinion, also be exceeded. We assume
that the growth strategy with increasing innovation, industrialization and
internationalization can be successfully implemented by the company. Market
conditions remain very good. Demand for IT consulting remains high and the
retail sector is benefiting from the strong growth in the e-commerce
segment. Many companies are already planning to switch to SAP HANA, which
should mean further orders for KPS AG.
 
We believe the company is very well positioned and confirm our forecasts
and the price target of EUR13.20. We confirm our buy rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/18557.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: 
http://www.gbc-ag.de/de/Offenlegung.htm
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Date and time of completion of this research: 30/07/2019 (10:45)       
Date and time of first distribution: 31/07/2019 (10:00)
Target price valid until: max. 31/12/2019

-------------------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.