2021/22 receives boost from acquisitions and CONVERSION/4
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Following the successful conclusion of the 2020/21 fiscal year, the focus of All for One Group SE (ISIN DE0005110001, Prime Standard, A1OS GY) is now on 2021/22: the three recently completed acquisitions will provide an inorganic boost to growth but will also promote organic growth. The acquisition of SNP Poland, for example, will significantly advance the CONVERSION/4 business, while ASC will enhance its regional presence in the Swiss market. The blue-zone acquisition strengthens the cloud-based product business. The pandemic is likely to continue to cause uncertainty in 2022. However, we expect that customers will also cope better with the pandemic situation. The steadily growing recurring revenues (share 53%) entail a well calculable and scalable revenue base. With an EV/Sales of around 0.8, the All for One Group is favorably valued compared to peers.
Our price target for the All for One Group share, equally based on DCF valuation and peer group analysis, is €89.00. We reiterate our “Buy” rating.
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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