Strong organic growth and M&A effects
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In Q1 2021/22 (calendar Q4), the All for One Group (ISIN DE0005110001, Prime Standard, A1OS GY) expanded its sales by 24.7%. In addition to three successfully completed acquisitions, the increase was also due to organic growth of 10%. All revenue types increased, and CONVERSION/4 revenues, which were reported for the first time, multiplied (to €2.1 million). The EBIT margin increased to 6.4% (previous year: 6.2%), also due to a very strong license business (€14.7 million; +66%). The company confirmed its previous outlook, citing continuing economic uncertainties. With CONVERSION/4 subscription revenues gaining momentum and a recurring revenue share of clearly more than 50% in the long term, the All for One Group share continues to be attractively valued in our view with an EV/sales of 0.77.
Our price target for the All for One Group share, equally based on DCF valuation and peer group analysis, is €90.60. 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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