Sales and EBIT better than expected
All for One Steeb AG´s (ISIN DE0005110001, Prime Standard, A1OS GY) provisional figures for the 2016/17 financial year (sales: €300.5m; EBIT 20.1m; EBT: €19.4m) were slightly above our expectations. However, a higher tax rate was probably responsible for that fact that the net income of €13.1m was slightly below our estimate of €13.3m. The company also published initial guidance for the 2017/18 financial year (which started on October 1, 2017), implying growth in the high single-digit percentage range and stable margins – despite further future-oriented investment. We are not altering our estimates for 2017/18, which are at the upper end of the new guidance. The change in the price target is mainly due to peer group effects.
Our price target for shares in All for One Steeb, based equally on the DCF valuation and the peer group analysis, is €75.65. We reiterate our “Buy” rating.
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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