Original-Research: All for One Group SE - von BankM AG
Einstufung von BankM AG zu All for One Group SE
Unternehmen: All for One Group SE
ISIN: DE0005110001
Anlass der Studie: H1-Bericht, Kurzanalyse
Empfehlung: Kaufen
seit: 17.05.2021
Kursziel: EUR 75,00
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung: 24.5.2017, vormals Halten
Analyst: Daniel Grossjohann
Cloud revenues grew 11%; CONVERSION/4 and self-developed add-ons as upcoming value drivers
The All for One Group SE (ISIN DE0005110001, Prime Standard, A1OS GY) was able to increase revenues by 2% in the first half of the fiscal year, with a disproportionate increase in strategically important recurring revenues (+6% to €97.5 million). Despite the significant decline in the licensing business (-24% to €12 million) caused by the ongoing pandemic and the successful cloud transformation, the EBIT margin was expanded (5.8%; H1 19/20: 5.2%). In our view, CONVERSION/4 holds a lot of potential - the pipeline for the subscription model to migrate to SAP S/4HANA is well filled. Further successful references should accelerate demand in the medium term. Especially in regard to this potential, the All for One Group share continues to be favorably priced with an EV/revenue multiple of 0.78 (peer group median: 1,35).
Our price target for the All for One Group share, equally based on DCF valuation and peer group analysis, is €75.00. We reiterate our “Buy” rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/22459.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
http://www.bankm.de/webdyn/141_cs_Research%20Reports%20Disclaimer.html.
Kontakt für Rückfragen
BankM AG
Daniel Grossjohann
Mainzer Landstrasse 61, 60329 Frankfurt
Tel. +49 69 71 91 838-42
Fax +49 69 71 91 838-50
Email: daniel.grossjohann@bankm.de
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