Licensing & consulting business experiencing growth rate in double dig
​ The strategically significant outsourcing business of All for One Steeb AG (ISIN DE0005110001, Prime Standard, A1OS GY) recorded a very respectable rise in sales of 6%, however this was exceeded by the performance of the company's licensing (+16%) and consulting (+15%) activities. The strong consulting business in conjunction with a scarcity of SAP consultants continues to have an adverse effect on material costs (freelancers). The increase in EBITDA and EBIT in the reporting period of 2% and 1%, respectively, was thus significantly and disproportionately lower than the rise in Group sales revenues (+11%). Our target share price (calculated on the basis of a DCF and peer group analysis) has been raised slightly in response to higher valuations on the part of our peers. At a fair value of €65.00 and in light of the current share price, we rate the share as a “Buyâ€.
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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