Ori­gi­nal-Re­se­arch: Vec­tron Sys­tems AG (von GBC AG): BUY

Re­se­arch | 25 Ok­to­ber 2023 00:00

Ori­gi­nal-Re­se­arch: Vec­tron Sys­tems AG – from GBC AG

Clas­si­fi­ca­ti­on of GBC AG to Vec­tron Sys­tems AG

Com­pa­ny Name: Vec­tron Sys­tems AG

Re­ason for the re­se­arch: Re­se­arch Com­ment
Re­com­men­da­ti­on: BUY
Tar­get pri­ce: 10.10 EUR
Tar­get pri­ce on sight of: 31.12.2024
Last ra­ting ch­an­ge:
Ana­lyst: Cos­min Fil­ker, Mat­thi­as Greif­fen­ber­ger

9 months 2023: Si­gni­fi­cant in­crease in sa­les and ear­nings achie­ved; 2023 fo­re­casts rai­sed and tar­get pri­ce in­creased slight­ly; BUY

Ac­cor­ding to preli­mi­na­ry fi­gu­res, Vec­tron Sys­tems AG (short: Vec­tron) achie­ved a si­gni­fi­cant growth in tur­no­ver and re­sult in the third quar­ter, which seam­less­ly con­ti­nues the po­si­ti­ve de­ve­lo­p­ment of the pre­vious year. The sa­les re­ve­nue of € 9.4 mil­li­on (pre­vious year: € 5.7 mil­li­on) ge­ne­ra­ted in the third quar­ter of 2023 was 63.6 % hig­her than in the pre­vious year. While the ma­jor part of the re­ve­nue growth is li­kely to be at­tri­bu­ta­ble to acar­do Group AG, which was ac­qui­red on 01.01.2023, the POS Sys­tems seg­ment should also have con­tri­bu­ted or­ga­nic growth. This should be pri­ma­ri­ly due to the ex­pan­si­on of the di­gi­tal busi­ness, which is re­flec­ted in an in­crease in re­cur­ring re­ve­nue to € 3.4 mil­li­on (PY: € 1.4 mil­li­on). In the third quar­ter, when de­mand is ty­pi­cal­ly slow due to sea­so­nal fac­tors, the im­pro­ved abili­ty to plan the busi­ness, which has al­re­a­dy been achie­ved, meant that the­re was no lon­ger a no­ti­ceable de­cli­ne in both re­ve­nue and ear­nings. At € 1.1 mil­li­on (pre­vious year: € ‑2.1 mil­li­on), EBITDA was only slight­ly be­low the EBITDA of € 1.2 mil­li­on for the se­cond quar­ter of 2023. Alt­hough the quar­ter­ly re­sult was po­si­tively in­fluen­ced by the re­lease of pro­vi­si­ons in the amount of € 0.4 mil­li­on, both busi­ness units ge­ne­ra­ted po­si­ti­ve EBITDA.

In the nine-month pe­ri­od, tur­no­ver in­creased si­gni­fi­cant­ly by 52.5 % to € 27.9 mil­li­on (pre­vious year: € 18.3 mil­li­on). Re­cur­ring in­co­me rose by 47.7 % to € 9.6 mil­li­on (pre­vious year: € 6.5 mil­li­on) and con­se­quent­ly EBITDA also in­creased si­gni­fi­cant­ly to € 2.8 mil­li­on (pre­vious year: € ‑2.6 mil­li­on). Over­all, the 9‑month EBITDA was po­si­tively in­fluen­ced by spe­cial ef­fects amoun­ting to € 0.9 mil­li­on. On the ba­sis of the­se fi­gu­res, our pre­vious fo­re­cast for the full year 2023 (see stu­dy da­ted 14 Sep­tem­ber 2023), in which we as­su­med re­ve­nues of € 36.75 mil­li­on and EBITDA of € 2.54 mil­li­on, ap­pears so­me­what too low. This is par­ti­cu­lar­ly true in view of the fact that the ba­sis for re­cur­ring re­ve­nues is ste­adi­ly gro­wing with the plan­ned in­tro­duc­tion of fur­ther di­gi­tal mo­du­les. In ad­di­ti­on, acardo’s cou­po­ning busi­ness should be­ne­fit from the strong con­su­mer months, espe­ci­al­ly towards the end of the year. We are the­r­e­fo­re rai­sing our re­ve­nue esti­ma­tes for the cur­rent 2023 fi­nan­cial year to € 38.55 mil­li­on (pre­vious­ly: € 36.75 mil­li­on). Ana­log­ous­ly, we ex­pect an EBITDA of € 3.17 mil­li­on (pre­vious­ly: € 2.54 mil­li­on) and are thus wi­thin the company’s re­cent­ly rai­sed ear­nings gui­dance, ac­cor­ding to which the Vec­tron ma­nage­ment ex­pects an EBITDA bet­ween € 2.2 mil­li­on and € 3.2 mil­li­on. Af­ter con­side­ra­ti­on of the PPA-amor­ti­sa­ti­on, which is re­la­ted to the acar­do ac­qui­si­ti­on, Vec­tron AG should show a ne­ga­ti­ve EBIT of € ‑0.33 mil­li­on (pre­vious­ly € ‑0.96 mil­li­on). Ad­jus­ted for this non-cash ef­fect, this cor­re­sponds to an EBIT of € 1.67 mil­li­on (pre­vious­ly € 1.04 mil­li­on).

As a re­sult of the slight fo­re­cast in­crease, which is li­mi­t­ed to the esti­ma­tes for the cur­rent fi­nan­cial year 2023, we have de­ter­mi­ned an only mar­gi­nal­ly hig­her pri­ce tar­get of € 10.10 (pre­vious­ly: € 10.00) wi­thin the frame­work of the DCF va­lua­ti­on mo­del. We con­ti­nue to as­sign the BUY ra­ting.

Die voll­stän­di­ge Ana­ly­se kön­nen Sie hier down­loa­den:

Kon­takt für Rück­fra­gen
Hal­der­stra­ße 27
86150 Augs­burg
0821241133 0
Of­fen­le­gung mög­li­cher In­ter­es­sens­kon­flik­te nach § 85 WpHG und Art. 20 MAR Beim oben ana­ly­sier­ten Un­ter­neh­men ist fol­gen­der mög­li­cher In­ter­es­sen­kon­flikt ge­ge­ben: (5a,6a,7,11); Ei­nen Ka­ta­log mög­li­cher In­ter­es­sen­kon­flik­te fin­den Sie un­ter:
Date (time) com­ple­ti­on: 25.10.23 (8:20 am)
Date (time) first trans­mis­si­on: 25.10.23 (10:00 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.



Hal­der­stra­ße 27
86150 Augs­burg

Pho­ne: +49 821 241133–0
E‑mail: office(@)gbc-ag.de

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