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

Aktieneinstufung von GBC AG zu Greiffenberger AG

Unternehmen: Greiffenberger AG ISIN: DE0005897300

Anlass der Studie: Research Report (Anno) Empfehlung: Buy Kursziel: EUR 9.30 Letzte Ratingänderung: Analyst: Philipp Leipold

Greiffenberger AG can look back on a successful financial year in 2012. The Group was able to achieve further improvements both in turnover and operating EBIT during 2012. In the meantime, Greiffenberger AG now generates around 30% of turnover from the energy efficiency and environmental technology segments. It has made targeted investments since 2008 in order to expand the product portfolio in these segments. In addition, the subsidiary companies benefited from their favourable positioning in international competition during 2012 resulting in an increase in the export ratio to around 60% (previous year: 57%).   The largest subsidiary company, ABM, experienced very positive developments. With only a moderate increase in turnover, ABM was able to substantially increase sector results over the full financial year 2012 to EUR 4.8 million (previous year: EUR 3.5 million). This reflected the positive influence of the 'Impulse 2011' programme initiated in the previous year, and led to an improvement in the EBIT margin to 5.0% (previous year: 3.7%). In light of its international positioning, the broad customer base and the innovative product portfolio for growth markets, we believe that a significantly higher EBIT margin is realistic in a medium-term perspective.   In our view, Greiffenberger AG enjoys a solid asset, liabilities and financial situation. Thanks to positive results, the equity ratio rose slightly to 25.3%, despite the adjustments to pension provisions required under IFRS. An equity ratio of 33% remains the goal at the Group level. As a result of large-scale investments during 2012, net debt increased slightly to around EUR 41.7 million.   We expect moderate growth at the Group level for the current financial year 2013. All three subsidiary companies, ABM, Eberle and BKP, are expect to contribute to this increase. By contrast, operating income should trend slightly downward according to our estimates. This is due to the start-up costs for the new plant in Poland, which amount to around EUR 1.7 million. The production of intermediary products at the new plant is expected to make a noticeable contribution to higher gross profit margins from 2015. We estimate EBITDA for 2013 will be EUR 14.33 million, which means an EBITDA margin of 8.9%. Adjusted for the start-up costs for the new ABM plant, this represents an additional improvement in EBITDA. We expect financial results to realise a considerable improvement of around EUR 1.3 million. Greiffenberger AG enjoys significantly more attractive credit terms following its March 2012 restructuring of Group financing.   Using our DCF model we derived a new price target of EUR 9.30 for Greiffenberger AG stock (previously: EUR 11.00). Based on the current share price, this represents a clear potential for a price increase of around 70%. Despite the reduction in the target price, we believe Greiffenberger AG shares are clearly undervalued. Accordingly, we confirm our buy recommendation.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/11904.pdf

Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5),(7); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++

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