Sales outlook for 2024/25 raised, organic growth >85%
Note regarding MiFID II: This research report has been prepared by order of the issuer based on a contractual agreement and is being compensated for by the issuer. The research report has simultaneously been made publicly available to all interested persons. Hence, the receipt of this research report is to be regarded as a permitted insignificant non-monetary benefit according to § 64 para 7 sentence 2 No. 1 and 2 of the German Securities Trading Act (WpHG).CEOTRONICS AG (ISIN DE0005407407, Basic Board, CEK GY) has raised its sales forecast for the current financial year by a further 10% to around € 55 million. Compared to the previous year, this represents - purely organic - growth of an impressive 85,6%. After-tax earnings are expected to increase by at least 220%. The current geopolitical situation and the softening of the debt brake in Germany (with a view to defence capability) create an environment in which further dynamic growth is possible for CEOTRONICS. Capital market issues such as US tariffs in particular and protectionist tendencies in general pose little threat to CEOTRONICS: Sales in the USA only totalled around € 0.3 million in the previous year; the other NATO countries in which CEOTRONICS is active are in the EU free trade zone. As a quality leader, CEOTRONICS has a high share of value added in Germany (23/24: 85.0%) and the EU (93.3%), meaning that correspondingly little has to be sourced outside the EU, mainly in Asia. With a dynamic P/E ratio well below 1, CEOTRONICS continues to appear favourable to us.
The equal weighting of our updated DCF and peer group analysis results in a fair value of € 10.96.
Ceotronics is a holding company. Co. through its subsidiaries produces standard and custom-made electronic communication systems for ambient conditions. Co.'s products include headsets and communication systems for connecting to analog, digital radios and digital mini radio networks. Co.'s products for audio, video and data communication are used in industrial applications, by the military, at airports and emergency services applications. Fire crews, civil defense and other rescue services use Co.'s technology in the form of helmet or mask communication systems, headsets for two-way radios, mobile intercom systems, speaker/microphone systems and digital noise reduction technology.
Since 2007, BankM AG (Frankfurt am Main, Germany) is the partner of small and medium-sized enterprises and specializing in capital market financing with its experienced, interdisciplinary team. SME customers benefit from individual service and rapid access to selected investors that fit their needs. BankM's services include capital market advisory, arranging IPOs and capital increases for equity financing, debt advisory and debt capital mediation, designated sponsoring and research as well as M&A, hereby specializing in the identification of suitable strategic partners in China.
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