Daniel Grossjohann

2020/21 in line with expectations - sales leap in 2021/22 through acquisitions and organic growth

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The preliminary figures of the All for One Group [ISIN DE0005110001, Prime Standard, A1OS GY; revenue: €372.9 mln (+5%); EBIT €20.6 mln (+7%)] were in line with the guidance raised in August 2021 and met our expectations. The company also provided an outlook for 2021/2022 for the first time, which takes into account the acquisitions of SNP Poland and ASC Group (Switzerland) that took place on Oct 1st, 2021. 2021/22 revenue is expected to be between €430 mln and €450 mln, driven by inorganic and organic growth. EBIT is expected to be in the range of €24 mln to €26 mln, which would contribute to margin expansion. In view of the upcoming migration wave to SAP S/4HANA, the All for One Group is excellently positioned with the Conversion/4 offering. The share continues to be attractively valued with a 2021/22 EV/EBIT of 13.1.

Our price target for the All for One Group share, equally based on DCF valuation and peer group analysis, is €86.00. We reiterate our “Buy” rating.

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.

BankM Research
BankM Research

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.

Daniel Grossjohann

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