BankM AG - All for One Group SE (A1OS) 15/16er Umsatzerwartung Ã¼bertroffen, erster Ausblick auf GJ 2016/17

Report

BankM AG

Daniel Grossjohann

15/16er Umsatzerwartung Ã¼bertroffen, erster Ausblick auf GJ 2016/17

Die vorlÃ¤ufigen Zahlen der All for One Steeb AG (ISIN DE0005110001, Prime Standard, A1OS GY) fÃ¼r 2015/16 zeigen beim Umsatz (â‚¬ 266,3 Mio. bzw. +10%) ein leichtes Ãœbertreffen der Umsatzguidance (â‚¬ 255 - 265 Mio.), wÃ¤hrend das EBIT (â‚¬ 18,8 Mio.) im Rahmen der Erwartung lag. Bezogen auf das EBT (â‚¬ 17,4 Mio.) hat All for One Steeb unsere SchÃ¤tzung leicht Ã¼bertroffen, so dass wir die SchÃ¤tzung fÃ¼r das (noch nicht vermeldete) 2015/16er EPS leicht angehoben haben. Bedingt durch weiterhin starkes GeschÃ¤ft mit SAP HANA, aber auch durch die B4B-Ãœbernahme haben wir unsere Umsatzerwartungen fÃ¼r 2016/17 etwas angehoben, wÃ¤hrend das EBIT 2016/17 investitionsbedingt etwas niedriger ausfallen kÃ¶nnte als bisher von uns erwartet. Sowohl DCF- als auch Peer-Bewertung implizieren weiteres Kurspotenzial.

Wir ermitteln fÃ¼r die All for One Steeb-Aktie einen fairen Wert von â‚¬ 65,50. Bei dem aktuellen Kursniveau ergibt sich hieraus unser Rating mit â€žKaufenâ€œ.

02/12/2016 7 DE

Underlying

All for One Group SE

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.

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DE0005110001 Germany

Provider

BankM AG

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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Analysts

Daniel Grossjohann

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