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: 9M-Bericht, Kurzanalyse
Empfehlung: Kaufen
seit: 09.08.2022
Kursziel: EUR 85,30
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung: 24.5.2017, vormals Halten
Analyst: Daniel Grossjohann
Weak margin in Q3 leads to reduced EBIT guidance, sales growth remains sound
The surprisingly significant deterioration in 'EBIT before M&A' margin in Q3 (0.3% vs. 5.4% in Q3 20/21) led to a reduction in EBIT guidance for the current fiscal year. Measures to counter the margin decline due to pandemic/sickness, inflation, sales mix (less licensing business) and macro uncertainties have already been initiated. On a positive note, while geopolitical uncertainty is causing project delays, demand and order intake remain strong and the sales outlook raised in Q2 thus remains valid. We have adjusted our estimates on the margin side, especially for 21/22, as burdening factors such as pandemic-related high sickness absence and geopolitical uncertainties should be temporary. Inflation-related cost increases should be able to be passed on with a time lag. With an EV/Sales below 1, a resilient growth path (digitalization, SAP S/4HANA migration, cloud transformation) and a share of recurring revenues of over 50%, the All for One Group share (EV/Sales 21/22: 0.52) still appears attractively priced to us.
Our price target for the All for One Group share, equally based on DCF valuation and peer group analysis, is €85.30. We reiterate our “Buy” rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/24785.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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