Clas­si­fi­ca­ti­on of GBC AG to Asper­mont Ltd.

Re­sur­gence in Growth Fol­lo­wing Chal­len­ging 2024 Half-Year Re­sults. Stra­te­gic Re­cruit­ment of Re­now­ned Top Exe­cu­ti­ves and Lea­der­ship. Fo­re­cast Prio­ri­ti­zes Qua­li­ty Re­ve­nue.

Re­bound Af­ter a Chal­len­ging H1 2024: De­spi­te ear­ly set­backs, Asper­mont ca­pi­ta­li­zed on its stra­te­gic in­vest­ments in high-growth sec­tors to achie­ve a strong per­for­mance tur­n­around.

Strong Cash Po­si­ti­on: The com­pa­ny main­ta­ins a he­alt­hy net li­qui­di­ty of $1.3 mil­li­on as of Q3 2024.

Year-on-Year Re­ve­nue Growth: To­tal re­ve­nue for Q3 2024 rose to $5.0 mil­li­on, mar­king a 20% in­crease com­pared to the pre­vious year.

Com­pe­ti­ti­ve Ad­van­ta­ge: While com­pe­ti­tors have faced si­gni­fi­cant los­ses in re­cent quar­ters, Aspermont’s ro­bust per­for­mance un­ders­cores its po­si­ti­on of strength.

Ope­ra­tio­nal Agi­li­ty: Aspermont’s de­cen­tra­li­zed struc­tu­re and sca­lable work­force con­ti­nue to be key strengths, en­ab­ling swift pro­duct laun­ches while ma­na­ging in­vest­ment risks, as evi­den­ced by the in­crease in net as­set li­qui­di­ty.

Com­ple­ting tech­no­lo­gi­cal tur­n­around: The com­pa­ny will be shif­ting from re­ve­nue quan­ti­ty to re­ve­nue qua­li­ty in or­der to reach net pro­fit equi­li­bri­um and start pos­ting pos­ting pro­fits in FY2025.

Ba­sed on our DCF mo­del, we re­vi­se our pri­ce tar­get to AUD 0.03 / 0.02 EUR per share (down from AUD 0.07) and main­tain a buy ra­ting.

You can down­load the re­se­arch here: http://​www​.more​-ir​.de/​d​/​3​0​9​8​5​.​pdf

Cont­act for ques­ti­ons:
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,7,11); Ei­nen Ka­ta­log mög­li­cher In­ter­es­sen­kon­flik­te fin­den Sie un­ter:
https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung
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Date and time of com­ple­ti­on of this re­se­arch: 02.10.2024 (03:00 pm)
Date and time of first dis­tri­bu­ti­on: 04.10.2024 (10:00 am)

Date and time of first dis­tri­bu­ti­on: 24.10.2024 (10:30 am)