Acquisition of TalentChamp will ramp up growth of the LOB business
In our view, All for One Steeb AG (ISIN DE0005110001, Prime Standard, A1OS GY) has been able to ensure a positive news flow with the publication of its final figures for FY 2017/18, with the presentation of its strategy offensive 2022 and with the acquisition of talent management specialist TalentChamp, which is a good strategic fit. Even so, the All for One Steeb share was not entirely able to escape the weak capital market environment at the end of 2018. In our estimates for 2018/19ff, we have taken into account the acquisition of TalentChamp on 1 January 2019, but have become more cautious given the general economic outlook. With margins set to rise in the medium term and organic growth rates in the high single-digit percentage range, All for One Steeb’s EV/sales multiple of 0.66 means the share is still inexpensive.
Our price target for the All for One Steeb share, equally based on DCF valuation and peer group analysis, is €70.60. 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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