NEON EQUITY AG (von GBC AG): BUY
Original-Research: NEON EQUITY AG - von GBC AG
Einstufung von GBC AG zu NEON EQUITY AG
Unternehmen: NEON EQUITY AG
ISIN: DE000A3DW408
Anlass der Studie: Research Report (Anno)
Empfehlung: BUY
Kursziel: 10,76 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Schaffer
- Always positive results achieved since the company was founded
- Successful year 2022 with after-tax result of almost 12 million €
NEON EQUITY AG has been listed on the “Primärmarkt” of the Düsseldorf Stock
Exchange since 13 January 2023 and has been tradable on Xetra since 1
February 2023. This is a pure listing, without raising any proceeds from
the issue. In accordance with its corporate focus, the company plans to
participate as a strategic investor in companies with future potential or
to establish such companies. This is based on the strategic objective of
sustainably increasing the enterprise value of the portfolio companies by
implementing a capital market strategy. Within the framework of their
investment approach, the portfolio companies are not only provided with
capital, the companies can access the extensive industry know-how and the
network of NEON EQUITY AG. The investment focus is on small to medium-sized
companies operating in the real estate, consulting or technology sectors.
In principle, the portfolio candidates should have good development
potential and be able to be developed into an IPO candidate in the long
term.
Despite its recent stock market debut, the company has a corporate history
spanning several years. Since its foundation in 2012, NEON EQUITY AG has
acquired various investments and sold some or all of them again. In total,
exit transactions amounting to € 645.54 million have been carried out,
which have enabled the company to always show positive earnings levels.
This also applies to the past financial year 2022, in which total income of
€ 17.45 million (previous year: € 11.89 million) was generated. The
proceeds from the sale of shares in publity and PREOS played an important
role here, as did income from the reduction of individual value adjustments
on receivables. In addition, interest income was generated in connection
with publity bonds held. Based on the increased income, a higher after-tax
result of € 11.98 million (previous year: € 6.72 million) was generated
compared to the previous year.
Since profits have always been retained since the company's foundation,
NEON EQUITY AG has a high equity capital of € 245.47 million as at 31
December 2022, accompanied by a high equity ratio of 98.9%. The assets side
is primarily made up of shares held in publity AG and Preos AG as well as
publity bonds held. As NEON EQUITY AG prepares its accounts in accordance
with the principles of the German Commercial Code (HGB), the lower of cost
or market principle is applied rather than the market value approach.
For the coming financial years, we expect an expansion of the investment
portfolio and also assume an increase in advisory mandates. A key aspect of
the forecasts is the company's ability to identify and acquire portfolio
candidates with development potential and then to develop them in a way
that is suitable for the capital market. Then possible exit proceeds can be
achieved. In the current financial year, the sale of publity shares should
generate notable proceeds, before new investments in the following years
should ensure a strong increase in revenues and earnings.
We have determined the fair value of NEON EQUITY AG using a NAV model and a
DCF model. On average, the fair value we have determined is € 430.78
million, which corresponds to a fair value of € 10.76 per share. We assign
the rating BUY.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26827.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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Date and time of completion of the study: 19.04.2023 (10:29 am)
Date and time of publication of the study: 19.04.2023 (11:30 am)
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