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BankM Research: All for One Steeb AG - 2015/16e: Strategic acquisitions and healthy organic growth expected

​ All for One Steeb AG´s (ISIN DE0005110001, Prime Standard, A1OS GY) performance in 2014/15, as evidenced in its Annual Report, has exceeded our expectations – which we had raised in response to the figures for Q3 – by a little in the case of its sales revenues and by a substantial amount in the case of its EBIT. In spite of the fact that financial expenditure was greater than anticipated – due to an adjustment of the 2013/14 figures in accordance with IFRS – the EPS also exceeded expectations. In our opinion, this positive performance was primarily due to the considerable demand for consultancy services and also a one-time effect resulting from the reversal of provisions in the wake of increased efficiency following investments made ahead of schedule. However, the performance of the share price (+122% in 2015) far surpassed that of the operating business. We consider the company’s share to have only limited upward potential at present, disregarding any “soft” factors (regular upward revisions of projections, etc.). At a fair value of €65.00, we reiterate our recommendation for the share as a HOLD.