2019/20 – Stronger focus on earnings
In its annual report on 2018/19, All for One Group (ISIN DE0005110001, Prime Standard, A1OS GY)
confirmed its preliminary figures. Sales (€359.2m; +8%) exceeded the company's guidance and our (former) expectation. EBIT [€12.6m or (adjusted) €19.8m] was in line with expectations. The past financial year was dominated by completion of the set-up phase of the strategy offensive – involving one-off costs of around €7m. Now the focus is shifting to the operating result. The reduction in start-up costs associated with the strategy offensive and increasing scale effects from the new units should result in a gradual but sustained trend reversal in the operating margin from Q2 2019/20 (the margin has been trending downward since 2015/16). We believe that this could pave the way for a revaluation of All for One Group’s shares. Fundamentally, the share is currently relatively cheap, trading on a 2019/20 EV/sales multiple of 0.64.
Our price target for the All for One Group share, equally based on DCF valuation and peer group analysis, is €72.85. We reiterate our “Buy” rating.
All for One Steeb is a SAP service provider for the midmarket. Co.'s range of product and services include consulting, the sale of software licenses, outsourcing and IT services. Co.'s products and services provide customer support extends from management and technology consulting, software licenses, industry solutions, and optimization projects to software maintenance, outsourcing and managed services from Co.'s data centers' private cloud, and also covers all enterprise processes. Co.'s portfolio also encompasses add-on solutions and services for the SAP Enterprise Resource Planning Human Capital Management platform and SAP SuccessFactors.
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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