BankM AG - All for One Group SE (A1OS) Wiederkehrende ErlÃ¶se mit hohem Wachstum

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BankM AG

Daniel Grossjohann

Wiederkehrende ErlÃ¶se mit hohem Wachstum

Das Umsatzwachstum der All for One Steeb AG (ISIN DE0005110001, Prime Standard, A1OS GY) von 3% auf Konzernebene, wirkt auf den ersten Blick wie ein klares Abschwächen der bisherigen Wachstumsdynamik. Dieses Bild relativiert sich jedoch vor dem Hintergrund des 14%-igen Wachstums bei den strategisch bedeutsamen wiederkehrenden Erlösen. Lediglich die (naturgemäß volatilen) Lizenzumsätze waren nach mehreren starken Jahren erstmals klar rückläufig. Die Transformation von einmaligen Lizenzumsätzen hin zu wiederkehrenden Cloud-Umsätzen ist strategisch grundsätzlich gewünscht, konjunkturelle Themen könnten den Effekt in Q1 aber verstärkt haben. Der Digitalisierungsdruck im Mittelstand wird indes auf Jahre ein zentraler Wachstumstreiber bleiben, so dass es All for One Steeb auch bei einer konjunkturellen Abkühlung gelingen sollte, organisches Wachstum zu zeigen. Vor diesem Hintergrund ist die Aktie mit einem 18/19e EV/Umsatz von rd. 0,7 eher günstig bewertet.

Unser Kursziel für die All for One Steeb-Aktie, zu jeweils gleichen Teilen auf DCF-Bewertung und Peer-Gruppen-Analyse basierend, beläuft sich auf € 70,60. Unsere Empfehlung lautet weiterhin „Kaufen“.

13/02/2019 7 DE

Underlying

All for One Group SE

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.

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DE0005110001 Germany

Provider

BankM AG

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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Analysts

Daniel Grossjohann

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