The core of digital transformation of SMEs
As the biggest SAP partner to SMEs in Germany, Austria and Switzerland, All for One Steeb AG (ISIN DE0005110001, Prime Standard, A1OS GY) is benefiting from three major trends: 1.) digitalisation, which has long since reached the SME sector, 2.) the world of extended solutions (SAP/non-SAP), which allows it to position itself as a strategic IT partner for SMEs, and 3.) the shift to the new ERP generation, SAP S/4HANA, which will ensure high demand for consulting capacity at SAP partners for many years. These three trends are closely connected: as the “single source of truthâ€, an ERP system such as SAP S/4HANA forms a logical digitalisation core for the integration of other programs and services. All for One Steeb is therefore a central contact for SMEs for the digital transformation and generates a steadily growing recurrent revenue base, for example, through its scalable cloud/outsourcing services.In view of the medium-term prospects and EV/sales multiple of 0.97, there is further share price potential.
Our price target for shares in All for One Steeb, based equally on the DCF valuation and the peer group analysis, is €77.38. This implies price potential of more than 20%. Our rating is therefore “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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