Double-digit growth at start of business year
​Driven by strong license business (+28%), the All for One Steeb Group (ISIN DE0005110001, Prime Standard, A1OS GY) grew sales revenue 12% in Q1 16/17. Double-digit growth was also reported by the strategically significant Outsourcing & Cloud Services segment (+10%). EBIT was up 10% year-on-year and EPS increased by 21%. The EBIT margin slipped slightly from 8.1% to 8.0%. In view of the company’s strong performance in the first quarter, we are raising our sales growth estimate for the full year from 7% to 8.5%. We still expect the EBIT margin 16/17e to be slightly lower than in the previous year. Both a peer group analysis and our DCF valuation indicate upside potential for the share price. However, following the recent rally, this is just under 15%. Consequently, we are revising our rating from buy to hold (despite the slight increase in our estimates).
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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