euromicron AG

18.08.2015 - Equity Research Einzelstudie // kaufen

Researchstudie Anno – euromicron AG - Buy

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Unternehmen: euromicron AG
ISIN: DE000A1K0300
Branche: Industrie-Maschinenbau-Technologie-Automotive
Rating: kaufen
Kurs bei Erstellung in €: 8,77 €
Kursziel in €: 15,50 €
Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5a, 5b, 11

• In the financial year 2014 euromicron AG showed significant growth of 6.3% to €346.34 million. The South segment, and thus the production companies, proved to be particularly dynamic showing an increase of 10.0%. The takeovers of ATECS AG and SIM GmbH had an influence on this and made an inorganic contribution.

• In contrast, in the HY1 2015 sales declined by 1.3 %, which was mainly due to the refraining of low margin revenue, in favor for profitability, as part of the strategic reorientation. The lower sales volume however temporarily put pressure on the earnings side. Also it must be considered that in the HY1 2015 on-off restructuring costs of €1.3 million were charged. Adjusted by the one-off effects the EBITDA in the HY1 2015 was €3.92 million, with a corresponding EBITDAmargin of 2.5 %.

• Following on the change on the executive board, euromicron AG streamlined its strategy. This involved an increased focus on digitisation and thus on strengthening and expanding the product and solutions business in the medium term. This is expected to increase successively the level of margins as a result of a greater value creation depth and the system critical position in the projects.

• For the financial year 2015 we forecast a flat development of sales, with the expectation that the lower end of the forecast range issued by the executive board of €340-360 million will be achieved at €341.59 million. We expect heterogeneous development of both the North and South segments, with a slight increase in the North segment and a middle single digit decline in the South segment. For the financial year 2016 we assume that growth will accelerate by 2.9% to €351.48 million, whereas the planned divesture of non-profitable subsidiaries is already considered.

• Because the earnings for the financial year 2015 will probably be charged with another €3.50 million as a result of reorganisation measures, we are not yet expecting an improvement in profitability in the operating activities. So, with adjustments for one-off expenses, the EBITDA is expected to be just below the 2014 level at €20.81 million (unadjusted: €17.31 million). We then expect a significant improvement in the EBITDA for 2016 at €24.50 million and an EBITDA margin of 7.0%.

• With a market capitalisation of €61.9 million, the euromicron AG shares are currently trading with a discount of around 40% of the unadjusted equity. Regarding the strategic streamlining and the changes to the organisational structure that are already under way, the earnings situation in the next few years is expected to stabilise and improve further. At the current share price level we expect a price/earnings ratio of about 8.5 for the financial year 2016. Against this background, we do not consider a valuation below the book value as justified. As a result of our DCF model we have recorded a fair value for each share of €15.50 and thus issue the rating BUY.


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