Clear growth in all revenue types
The nine-month figures (sales revenue +12%; EPS +6%) show that All for One Steeb AG (ISIN DE0005110001, Prime Standard, A1OS GY) is still on track: Alongside digitisation of SMEs, the transition to SAP S/4 HANA is ensuring a good order situation. The slight decline in margins despite the very good utilization of consultant capacity was mainly due to the ongoing strategic investment. Moreover, external consultants (from the consultant network) increasingly had to be used for customer projects. That is currently putting pressure on the material cost ratio. We are leaving our estimates unchanged; the price target has risen slightly as a result of peer group effects. With an EV/sales ratio of below 1 for FY 2017/18e, All for One Steeb is attractively priced - especially in view of the fact that margins will increase following completion of the future-oriented investments.
Our price target for shares in All for One Steeb, based equally on the DCF valuation and the peer group analysis, is €77.50. We reiterate our “Buy” rating.
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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