Ori­gi­nal-Re­se­arch: Re­p­ly S.p.A. (von GBC AG): BUY

Re­se­arch | 10 No­vem­ber 2023 00:00

Ori­gi­nal-Re­se­arch: Re­p­ly S.p.A. – from GBC AG

Clas­si­fi­ca­ti­on of GBC AG Re­p­ly S.p.A.
Com­pa­ny Name: Re­p­ly S.p.A.
ISIN: IT0005282865

Re­ason for the re­se­arch: GBC Ita­li­an Cham­pi­ons
Re­com­men­da­ti­on: BUY
Tar­get pri­ce: 122.00 EUR
Last ra­ting ch­an­ge: -

Ana­lyst: N. Ripp­lin­ger, Cos­min Fil­ker

„Strong tech­no­lo­gy con­sul­tant with in­no­va­ti­ve ex­per­ti­se“ High de­mand for soft­ware so­lu­ti­ons and ser­vices such as AI and Me­ta­ver­se en­su­re strong re­ve­nue and ear­nings po­ten­ti­al in the fu­ture, tar­get pri­ce: €122.00 and BUY ra­ting

Re­p­ly S.p.A. spe­cia­li­ses in con­sul­ting, sys­tems in­te­gra­ti­on and di­gi­tal ser­vices to de­ve­lop in­no­va­ti­ve so­lu­ti­ons ba­sed on new com­mu­ni­ca­ti­on chan­nels and di­gi­tal me­dia. Un­de­ter­red by the co­ro­na cri­sis, the Group has in­creased its tur­no­ver by an avera­ge of 16.9% per year sin­ce 2019. The hig­her de­mand from com­pa­nies for di­gi­ta­li­sa­ti­on ser­vices and soft­ware so­lu­ti­ons me­ans that Re­p­ly S.p.A.’s pro­ducts are more in de­mand than ever.

In the past fi­nan­cial year 2022 Re­p­ly S.p.A. was able to achie­ve sa­les re­ve­nues in the re­cord amount of € 1,891.11 mil­li­on, thus re­cor­ding a si­gni­fi­cant in­crease in sa­les (pre­vious year: € 1,483.8 mil­li­on). EBIT de­ve­lo­ped dis­pro­por­tio­na­te­ly to € 285.47 mil­li­on (pre­vious year: € 209.28 mil­li­on) and the com­pa­ny suc­cee­ded in fur­ther im­pro­ving the EBIT mar­gin to 15.1% (pre­vious year: 14.1%). To some ext­ent this de­ve­lo­p­ment was due to tem­po­ra­ry sa­vings from pan­de­mic. This trend was also con­tin­ued in the first half of 2023, in which a fur­ther in­crease in tur­no­ver to € 1,038.91 mil­li­on (pre­vious year: € 889.72 mil­li­on) was ge­ne­ra­ted. Among other things, this is also at­tri­bu­ta­ble to two ma­jor ac­qui­si­ti­ons that were com­ple­ted in the se­cond half of 2022. Alt­hough EBIT for the first half of 2023 in­creased slight­ly to € 123.68 mil­li­on (PY: € 122.88 mil­li­on), the EBIT mar­gin suf­fe­r­ed from hig­her per­son­nel cos­ts, which rose by 24% com­pared to the first half of 2022. This in­crease is en­ti­re­ly due to an ex­pan­si­on of the num­ber of em­ployees, which is es­sen­ti­al for the fur­ther growth of the ope­ra­ting busi­ness.

Due to the ab­sence of the base ef­fects of the two ac­qui­si­ti­ons, slight­ly wea­k­er sa­les growth is ex­pec­ted in the se­cond half of the year com­pared to the first half. As in the past, Re­p­ly S.p.A. will con­ti­nue to fo­cus on in­or­ga­nic growth in ad­di­ti­on to or­ga­nic growth. It is also worth men­tio­ning the po­si­ti­ve ca­pi­ta­li­sa­ti­on with an equi­ty ra­tio of 47.8% and a high cash ba­lan­ce of € 285.04 mil­li­on at the half-year 2023, in or­der to also com­ple­te fur­ther com­pa­ny ac­qui­si­ti­ons in the fu­ture.

Due to the lar­ge num­ber of cus­to­mer groups, which can be as­si­gned to six dif­fe­rent in­dus­tries, Re­p­ly S.p.A. has a broad­ly di­ver­si­fied dis­tri­bu­ti­on of re­ve­nues and a low de­pen­dence on in­dus­tries, which makes the busi­ness less de­pen­dent on eco­no­mic fluc­tua­tions. The in­cre­asing di­gi­ta­li­sa­ti­on of all in­dus­tries and the as­so­cia­ted need for ser­vices and con­sul­ting will con­ti­nue to have a po­si­ti­ve im­pact on Re­p­ly S.p.A.’s busi­ness de­ve­lo­p­ment in the fu­ture. The company’s ser­vices in­clude cy­ber­se­cu­ri­ty or cloud, quan­tum com­pu­ting and In­ter­net of Things, which con­ti­nue to be sub­ject to ex­tra­or­di­na­ri­ly high de­mand. In ad­di­ti­on, the­re are to­pics such as ar­ti­fi­ci­al in­tel­li­gence or the me­ta­ver­se, which of­fer fur­ther enorm­ous growth po­ten­ti­al for Re­p­ly S.p.A. In ad­di­ti­on to the­se growth op­por­tu­ni­ties, Re­p­ly S.p.A. has con­ti­nuous­ly in­cre­asing di­vi­dends. Sin­ce 2010, the di­vi­dend has been suc­ces­si­ve­ly in­creased from € 0.11 to € 1.00 in 2022.

For the cur­rent fi­nan­cial year 2023, we ex­pect dou­ble-di­git re­ve­nue growth to € 2,136.96 mil­li­on and slight­ly lower pro­fi­ta­bi­li­ty due to hig­her per­son­nel ex­pen­ses and a lack of ex­tra­or­di­na­ry in­co­me com­pared to the pre­vious year. On this ba­sis, we have va­lued Re­p­ly S.p.A. using our DCF mo­del and de­ter­mi­ned a fair va­lue of € 122.00 per share. Due to the po­si­ti­ve busi­ness out­look, we as­sign a BUY ra­ting and see good fu­ture share pri­ce po­ten­ti­al.

Die voll­stän­di­ge Ana­ly­se kön­nen Sie hier down­loa­den:
http://​www​.more​-ir​.de/​d​/​2​8​2​0​9​.​pdf

Kon­takt für Rück­fra­gen
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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Dis­clo­sure of po­ten­ti­al con­flicts of in­te­rest in ac­cordance with Sec­tion 85 WpHG and Art. 20 MAR The fol­lo­wing po­ten­ti­al con­flict of in­te­rest exists at the com­pa­ny ana­ly­sed abo­ve: see in­di­vi­du­al stu­dies; a ca­ta­lo­gue of po­ten­ti­al con­flicts of in­te­rest can be found at:
https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung
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Edi­to­ri­al dead­line: 06.11.2023
Date and time of com­ple­ti­on of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (08:13 am)
Date and time of the first dis­clo­sure of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (10:00 am)
Date and time of com­ple­ti­on of the re­se­arch re­port (eng­lish ver­si­on): 09.11.2023 (8:07 pm)
Date and time of the first dis­clo­sure of the re­se­arch re­port (eng­lish ver­si­on): 10.11.2023 (10:30 am)

——————-über­mit­telt durch die EQS Group AG.——————-

Für den In­halt der Mit­tei­lung bzw. Re­se­arch ist al­lei­ne der Her­aus­ge­ber bzw.
Er­stel­ler der Stu­die ver­ant­wort­lich. Die­se Mel­dung ist kei­ne An­la­ge­be­ra­tung
oder Auf­for­de­rung zum Ab­schluss be­stimm­ter Bör­sen­ge­schäf­te.