2016: Transition Year for Financials; operational Progress on Schedule
​ The 2015 figures reported by CNC specialist PA Power Automation are basically in line with our revenue and earnings expectations. The outlook for 2016 - with sales and earnings expected to remain at the 2015 level - is dampened by a certain amount of caution on the company's part with regard to the development in China. Serial production for three customers started in early 2016 and PA is also engaged in negotiations on a large contract in the field of additive manufacturing. We therefore see this as a China-related transition year, with the mid-term growth course remaining intact. With the adjusted P/E expected to be 12.2, shares in PA offer clear upside potential. Equally weighting the results of our DCF valuation and peer group analysis (the mean of 2016e/2017e), we arrive at a fair value per share of €3.19.
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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