09.02.2016 - Equity Research Einzelstudie // kaufen

Research Report (Anno) – KPS AG - english

pdf For the original study, please click here
Unternehmen: KPS AG
ISIN: DE000A1A6V48
Branche: Dienstleistungen
Rating: kaufen
Kurs bei Erstellung in €: 6,95
Kursziel in €: 9,80
Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5a;7;11

We also expect to see further increases in profits. For FY 2015/16, we are expecting EBIT of €22.20 million, which is also in line with the expectations of the Executive Board of KPS AG. For 2016/17, we expect an increase to €25.00 million, which is equivalent to an EBIT margin of 16.2%. In the medium term, we regard EBIT margins of up to 17% as realistic. From a quarterly point of view, this figure was already achieved in Q4 2014/15.

Due to the very strong operating performance, the KPS AG share price is not too ambitious, despite continuing to increase in price over the last few years. Based on our estimates, we have calculated a P/E ratio of 10.7 for FY 2016/17 and EV/EBITDA of 8.8. Given the high quality of the financials, the strong operating cash flow together with low investment requirements and a high return on capital, we see significant upward potential.

Based on the 2014/15 Annual Report, we have revalued the KPS AG share and determined a new fair target price of €9.80 (previously: €8.35). The rating thus remains unchanged: BUY.


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