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

14.03.18 10:31


Original-Research: MyBucks S.A. - von GBC AG

Einstufung von GBC AG zu MyBucks S.A.

Unternehmen: MyBucks S.A.

ISIN: LU1404975507

Anlass der Studie: Research Note

Empfehlung: BUY

Kursziel: 23.25 EUR

Letzte Ratingänderung:

Analyst: Cosmin Filker, Marcel Goldmann

Loan repayment creates foundation for earnings growth; target price and

rating confirmed

MyBucks S.A. has continued its growth during the first six months of the

current financial year 2017/2018 (end of financial year: 30 June).


significantly increased by 18.1% to EUR29.01 million (1st HY 16/17:

EUR24.56 million). Since the majority of the acquired opportunity companies

were already included at the beginning of the past financial year

2016/2017, the achieved sales growth almost exclusively represents organic


The half-year-figures 2017/2018 confirm our assumptions that MyBucks S.A.

continues to be on a dynamic growth path. The achieved revenue amounting to

EUR29.01 million provides a good foundation for achieving our revenue

forecasts for the fiscal year 2017/2018, which are unchanged at EUR65.50

million. MyBucks will only have to do better with the results after taxes

in the second half of the financial year in order to reach our targeted

positive result after taxes in the amount of EUR0.28 million.

As revealed in the current Corporate News dated 07 March 2018, which

reported that comparably expensive debt capital was repaid, the company

created an important basis for significant improvements in earnings. After

the successful capital increase and the resulting repayment of loans, the

average refinancing rate of previously over 20% was significantly reduced

to below 15%. Based on the current debt capital in the amount of EUR133.09

million (31 December 2017), this amounts to annual interest savings of

around EUR6 million. The first effects will already be evident during the

current financial year, although they will only be partially effective

until the end of this financial year on 30 June 2018. This should, however,

suffice to achieve our target results after tax.

In the coming year, the achieved interest savings will be effective

throughout the entire year, resulting in a likely disproportionate earnings

improvement. Furthermore, MyBucks is anticipated to achieve a gradual

increase in revenue in the coming financial years. We expect that a roll-

out in other countries on the basis of MyBucks technology that has already

been developed can be implemented relatively quickly and cost-effectively.

Currently, the company operates in a total of 14 countries (12 in the sub-

Sahara region). Another aspect regarding the planned increase in market

shares in operating regions is the expansion of the product range and

thereby the leveraging of cross-selling potential.

Since MyBucks S.A. achieved our assumptions postulated in the last research

report (see study dated 12 February 2018), not least through implemented

interest savings, we are confirming our forecasts. We are also confirming

our residual income model, for which we have determined a target price of

EUR23.25. Based on the current share price of EUR12.50, we are continuing

to award a BUY rating.

Die vollständige Analyse können Sie hier downloaden:


Kontakt für Rückfragen

Jörg Grunwald



Halderstraße 27

86150 Augsburg

0821 / 241133 0



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:



-------------------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.


hier klicken zur Chartansicht

Aktuelle Kursinformationen mehr >
Kurs Vortag Veränderung Datum/Zeit
12,50 € 12,50 € -   € 0,00% 19.03./11:40
ISIN WKN Jahreshoch Jahrestief
LU1404975507 A2AJLT 16,40 € 7,55 €
Handelsplatz Letzter Veränderung  Zeit
Tradegate (RT)
12,60 € 0,00%  16.03.18
Berlin 12,40 € +2,48%  11:30
Frankfurt 12,40 € 0,00%  08:10
München 12,90 € 0,00%  08:00
Xetra 12,50 € 0,00%  09:04
Stuttgart 12,10 € -3,20%  08:06
  = Realtime
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2 MyBucks: Neuer Research Repo. 11.01.18
7 MyBucks (WKN: A2AJLT) 12.12.17
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