2015/16 sales forecast surpassed, first outlook to business year 2016/17
The provisional figures of All for One Steeb AG (ISIN DE0005110001, Prime Standard, A1OS GY) for 2015/16, with sales of €266.3 million/+10%, show that the sales guidance of €255 - 265 million was slightly exceeded, while the EBIT (€18.8 million) was within expectations. Regarding EBT (€17.4 million), All for One Steeb slightly exceeded our estimate which led us to lift our estimate for the (as yet unreported) 2015/16 EPS. As a result of continued strong business with SAP HANA as well as the acquisition of B4B, we raised our sales expectations for 2016/17 somewhat, while the EBIT 2016/17 could turn out to be lower than previously expected due to investments. Both DCF and peer assessment imply potential for a further increase in the share price.
We calculate a fair value of €65.50. In light of the current share price we rate the share as a “Buyâ€.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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