31.07.2019 KPS AG DE000A1A6V48
Original-Research: KPS AG (von GBC AG): BUY
Original-Research: KPS AG - von GBC AG
Einstufung von GBC AG zu KPS AG
Unternehmen: KPS AG
Anlass der Studie: Research Comment
The acquisitions made in the past are developing better than expected. Forecasts confirmed - price target: € 13.20, rating: Buy
The 9M figures of KPS were published on 29.07.2019. Overall, the figures are in line with the forecast and we confirm our estimates against this background. Good sales growth was achieved with a clearly disproportionate improvement in earnings. Sales increased by 4.4% to € 136.0 million (previous year: € 130.3 million), which was achieved primarily due to three new projects and the current high-revenue project phases. This also more than compensated the decline in one of the major project. In the same period, EBITDA increased by 23.8% to € 18.7 million (previous year: € 15.1 million). This increase in earnings would have been even more significant if the companies acquired in the past had not developed accordingly well. Due to this positive development and the strong growth, further earn-out payments were due. This one-off effect burdened EBITDA by € 1.2 million. Adjusted for this effect, EBITDA amounted to € 19.9 million, which corresponds to an EBITDA margin of 14.6% (previous year: 11.6%).
Within the publication of the nine-month figures, the guidance was confirmed with revenues of € 170 to 180 million and EBITDA of € 22 to 27 million. Against the background of the current figures, the guidance appears conservative and could, in our opinion, also be exceeded. We assume that the growth strategy with increasing innovation, industrialization and internationalization can be successfully implemented by the company. Market conditions remain very good. Demand for IT consulting remains high and the retail sector is benefiting from the strong growth in the e-commerce segment. Many companies are already planning to switch to SAP HANA, which should mean further orders for KPS AG.
We believe the company is very well positioned and confirm our forecasts and the price target of €13.20. We confirm our buy rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/18557.pdf
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