Report
Peter Thilo Hasler

Verhaltener Ausblick lässt Raum für Übererfüllung

​Die auf der Analystenveranstaltung ausgegebene Gui­dance für das laufende Geschäftsjahr spiegelt u. E. die vorsichtige Grundhaltung des Managements wider, verdeutlicht dabei den Anspruch, der Verbesserung der Ertragslage Priorität vor der Gewinnung von Marktanteilen einzuräumen und dürfte bei normalem Wetterverlauf Spielraum für eine Übererfüllung lassen. Wir bestätigen unser aus einem DCF-Entity-Modell-abgeleitetes Zwölf-Monats-Kursziel von EUR 7,00 je Aktie. Angesichts eines erwarteten Kurspotenzials von 45,2% bekräftigen wir unser Buy-Rating für die Aktien der Adler Modemärkte AG.

Underlying
Adler Modemaerkte AG

Adler is engaged as a textile retailer in Germany. Co.'s product range is primarily tailored to those aged 45 and above. Co.'s product range includes a selection of womenswear, menswear and kidswear. Co. also provides a supplementary range of products consisting of accessories, footwear, kidswear and babywear, dress and goods. Co.'s brands include MyOwn, Viventy by Bernd Berger, Via Cortesa, Thea 42+, Eagle No.7. and its outdoor brand, eibsee.

Provider
Sphene Capital GmbH
Sphene Capital GmbH

Founded in 2010, Sphene Capital is a German based pure-play research house offering state-of-the-art research and evaluation services to European small- and mid-caps by avoiding typical conflict of interests of traditional investment banks.

As a general rule, analysts of Sphene Capital strive to understand companies better than any other analyst or investor before publishing their initiation reports. Therefore, the comprehensive initiation research reports comprise of 50-80 pages, including an extensive analysis of the value chain of the IPO candidate, its unique selling proposition, an elaborate analysis of suppliers and clients, a thorough SWOT analysis, a commercial due diligence (i. e. market and competitive analysis), an integrated financial forecast model and a profound company valuation (both DCF methodology and peer group multiples). Before publication, each of Sphene Capital’s research report will be double-checked by a fellow research colleague (“Four-eyes-principle”), ensuring highest quality and avoiding careless mistakes.

After initiation of research coverage, Sphene Capital publishes regular updates of 12-30 pages following relevant news flow from the issuer or major peers, f. ex. after acquisitions or after publication of quarterly results.

Due to Sphene Capital’s extensive experience in equity and bond research, the team has established longstanding contacts to all relevant market players, i. e. institutional investors, family offices and high net-worth individuals as well as journalists. To each of these groups, Sphene Capital’s research analysts have regular contacts during analyst and management roadshows or via daily phone calls. Finally, analysts publish articles in selected stock markets magazines and websites in which the analysts help issuers to improve their popularity on the German capital markets.

Analysts
Peter Thilo Hasler

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