High capacity utilisation, strong licence business
The half-year figures do not show any signs of a dip in demand. On the contrary: consultants still have plenty to do. The strong growth in the licence business and the use of freelancers were reflected in the cost of materials in H1. We have therefore raised our expectations for the current fiscal year, especially as regards the development of revenues and material costs, but remain within the range given in the company's guidance. The strategically important sales from Outsourcing/Cloud Services (including maintenance) increased by 6%, which was less than other sources of revenue. However, in our view the corresponding decline in the share of sales (from 45% to 43%) is due to the currently strong licensing business. Since effects resulting from the upward revision of estimates are offset by peer group factors, we are not altering our price target. In light of the most recent share price increase entailing an EV/EBIT of 16.4, shares in All for One Steeb are no longer a bargain, though.
At a fair value of €62.00 and in light of the current share price, we rate the share as a “Holdâ€.
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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