Report
Daniel Grossjohann

CONVERSION/4 picks up speed in a brightening economic environment - outlook raised

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All for One Group (ISIN DE0005110001, Prime Standard, A1OS GY) reported a successful third quarter and raised its outlook for the current fiscal year (fiscal year-end: Sept. 30, 2021). Strong Q3 revenue of €94.9 million (+11.4%) led to 9-month revenue of €280.4 million (+4.9%), with an EBIT margin of 5.7%. The significant increase in sales was due to both the brightening economic outlook in calendar Q2 and the strong pick-up in business with CONVERSION/4. The latter effect should in particular remain a sustainable growth driver in the medium term. We have raised our estimates. Despite the significant rise in the share price in recent months, the All for One Group share remains attractively valued, especially in comparison with its peers.

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.

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.

Provider
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.

Analysts
Daniel Grossjohann

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