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

Donnerstag, 18.07.2019 10:06 von DGAP - Aufrufe: 173

Original-Research: Mynaric AG - von GBC AG

Einstufung von GBC AG zu Mynaric AG

Unternehmen: Mynaric AG ISIN: DE000A0JCY11

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 yearon -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 breakeven 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 term.

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: http://www.more-ir.de/d/18467.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: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Datum (Zeitpunkt)Fertigstellung: 17.07.19 (18:14 Uhr) Datum (Zeitpunkt) erste Weitergabe: 18.07.19 (10:00 Uhr)

-------------------übermittelt durch die EQS Group AG.-------------------

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