Expectations for 2017/18 met, strategy offensive 2022 announced
The preliminary figures of All for One Steeb AG (ISIN DE0005110001, Prime Standard, A1OS GY) for 2017/18 are in line with our expectations. Sales rose to €332.5m, with the 11% increase driven almost exclusively by organic growth. EBIT was €20.6m, around 3% above the prior-year figure. The mid-term guidance for 2022/23 implies an average annual growth rate of over 10%, which will be enabled by the “strategy offensive 2022” that has just been announced. We have revised our expectations: we now forecast considerably higher sales and EBIT on a 5-year view, but have reduced our estimates for the short term. Along with the reduction in multiples caused by the capital market situation, this results in a lower valuation in the peer group analysis, whereas the DCF valuation, which has a longer-term focus, has risen.
Our price target for the All for One Steeb share, equally based on DCF valuation and peer group analysis, is €72.30. 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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