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




14.03.18 10:31
dpa-AFX

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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).

Revenue


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


growth.



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:


http://www.more-ir.de/d/16199.pdf



Kontakt für Rückfragen


Jörg Grunwald


Vorstand


GBC AG


Halderstraße 27


86150 Augsburg


0821 / 241133 0


research@gbc-ag.de


++++++++++++++++


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:


http://www.gbc-ag.de/de/Offenlegung.htm


+++++++++++++++



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



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Kurs Vortag Veränderung Datum/Zeit
13,40 € 13,40 € -   € 0,00% 25.05./20:31
 
ISIN WKN Jahreshoch Jahrestief
LU1404975507 A2AJLT 16,40 € 7,55 €
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