Original-Research: Mynaric AG (von GBC AG): Buy

Donnerstag, 18.07.2019 10:01 von Equitystory - Aufrufe: 76

Original-Research: Mynaric AG - von GBC AG

Einstufung von GBC AG zu Mynaric AG

Unternehmen: Mynaric AG

Anlass der Studie: Research report (Anno)
Empfehlung: Buy
Kursziel: 95.47 EUR
Letzte Ratingänderung: 
Analyst: Marcel Goldmann, Cosmin Filker

Financial year 2018 completed with significantly higher total output and
full implementation of important strategic steps; Serial production of air
terminals planned for the current FY making us the sole provider of a
modularised system in the air sector; Growth market for laser-based
communication networks offers enormous growth potential and whose form is
just starting to crystallise; Target price: EUR 95.47; Rating: Buy
Mynaric specialises in the development and production of laser-based
products for use in laser-supported communications networks in the
aerospace sector. The target market is still quite young, but this sector
is starting to accelerate and its form is just starting to crystallise.
Market experts expect a long-term market potential in the multi-billion US
dollar range for this growth sector.
Mynaric's previous financial year in 2018 was characterized primarily by
the continuing development of the air terminal, development of the space
terminal and the start of serial production of ground stations. From a
financial standpoint, the technology company was able to more than double
its total output in the past financial year by EUR 4.41m to EUR 7.38m year-
on-year (previous year: EUR 2.97m). A negative EBITDA and a net loss of EUR
-6.25m and EUR -6.66m were achieved, respectively, due to the still
relatively low total output and the high investments in the further
development of the product range and expansion of the company.
In the past, Mynaric has focused strongly on the development of laser-based
communications solutions and has already developed initial market-ready
products (ground stations). These were also moved into serial production.
Now additional communication products, such as the air terminal, are to
move gradually into serial production. The air terminal is currently
undergoing further development, and is to go into serial production during
the second half of 2019.
Given this background, Mynaric currently finds itself in a transition phase
from a technology-oriented prototype developer to a customer-oriented
product supplier, to enable it to also meet the expected future demand for
laser communication technology for the implementation of large-scale
communication products. According to market experts, laser communication
technology represents a key technology for the successful implementation of
the planned major projects. To underpin this new, customer-oriented
approach, Mynaric changed its management in early 2019. This means that
Bulent Altan, who had previously managed the satellite development at
SpaceX, and Hubertus von Janecek, who has extensive experience selling
high-tech products, were appointed to the Mynaric Management Board.
To support further stages of growth, Mynaric made a cash increase in
capital of EUR 11.0m (gross issue proceeds) in early 2019. The cash
increase in capital was subscribed by one of the main shareholders in a
Mynaric customer in the satellite business, who is planning to develop a
major satellite network. Mynaric had already announced the signature of a
memorandum of understanding (MoU) in relation to a planned satellite
constellation with this potential major customer in October 2018. After a
first demo mission, this satellite network will require probably more than
1,000 laser communication terminals.
In the past, Mynaric created a good structural foundation and established a
promising market position allowing it to profit significantly from the
expected dynamic growth in the laser-based communications networks in the
aerospace sector. For the current financial year of 2019, we are expecting
total output for Mynaric of EUR 14.79m and EBITDA of EUR -5.13m. By
transferring additional product groups into serial production, the break-
even threshold for operations should be reached in 2020 and, at this point
total output is set to increase to EUR 42.99 m. For the subsequent business
years, we expect a strong rise in operating results (EBITDA) on the basis
of a dynamic growth in total output and the arrival of economies of scale.
As a result, double-digit EBITDA margins should be achievable in the long
It is on this basis that we have valued this technology company using our
DCF model and arrived at a fair value of EUR 95.47 (previously: EUR
108.50). Our reduction in the target share price is the result of a
downward correction to total output forecasts, which also led to an
adjustment in our previous earnings forecasts. In addition, the current
roll-over effect (target stock price is now based on the next financial
year 2020) has counteracted a sharper target price reduction. Against the
background of the current share price, this still results in a BUY rating.
In the past, Mynaric has created a good launch pad, particularly with its
further upgraded product range, the cooperation agreements in place, the
signed declaration of intent for a satellite constellation, and the newly
appointed management to be able to profit significantly from the expected
dynamic growth in the laser-based communication networks sector.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
Datum (Zeitpunkt)Fertigstellung: 17.07.19 (18:14 Uhr)   
Datum (Zeitpunkt) erste Weitergabe: 18.07.19 (10:00 Uhr)

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