Report
Peter Thilo Hasler

Verkauf von Wormland über MBO

Wir nehmen unser Kursziel auf EUR 32,20 von EUR 34,50 zurück, dabei bekräftigen wir angesichts eines von uns auf Sicht von zwölf Monaten erwarteten Kurspotenzials von 15,0% unser Buy-Rating für die Aktien der Ludwig Beck AG. Zugleich nehmen wir unsere Risikoeinschätzung auf Niedrig von Mittel zurück. Früher als erwartet ist es dem Vorstand gelungen, den defizitären Herrenmodefilialisten Wormland zu verkaufen. Die Belastungen liegen mit EUR 14 Mio. (davon EUR 11,5 Mio. liquiditätswirksam) unter dem als hinnehmbar kommunizierten Maximalbetrag von EUR 16 Mio. Damit wird zwar die Guidance, die bislang ohne die negativen Effekte aus dem Wormland-Verkauf erstellt worden war, nach unten angepasst. Gleichzeitig ist jedoch das grundsätzlich mögliche Szenario des „Nicht-Verkaufs“ der chronisch defizitären Beteiligung von Tisch, so dass der unverändert positive Ausblick auf das Kerngeschäft nach unserer Einschätzung zurück in den Fokus rücken sollte.

Underlying
Ludwig Beck am Rathauseck AG

Ludwig Beck am Rathauseck - Textilhaus Feldmeier is the parent company for LUDWIG BECK Group (the Group). The Group is engaged in the sale of all kinds of goods, primarily the wholesale and retail of textiles, clothing, hardware and other merchandise, also by mail order or online, as well as the acquisition, holding and management of investments in unincorporated and incorporated companies, mainly companies that own real estate or who themselves hold interests in such companies. Co. has two segments: textile, which includes all products under apparel; and non-textile., which includes all other LUDWIG BECK products, such as accessories, sound recordings and the HAUTNAH cosmetics line.

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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