Report
Peter Thilo Hasler

Neuigkeiten von der Hauptversammlung

Vorstandspräsentation und Generaldebatte der gestrigen Hauptversammlung brachten interessante Erkenntnisse über die operative Entwicklung des zweiten Halbjahres 2017e, darunter Verhandlungen über eine mögliche Übernahme und deren Finanzierung sowie die erwartete operative Entwicklung der beiden Beteiligungen. Auch vorläufige Zahlen zum IFRS-Konzernabschluss 2016e wurden genannt. Bei der abschließenden Abstimmung wurden sämtliche Tagesordnungspunkte einstimmig angenommen. Wir bestätigen unser aus einem DCF-Entity-Modell abgeleitetes Kursziel von EUR 27,30 und unser Buy-Rating für die Aktien der Solvesta AG.

Underlying
Solvesta AG

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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Other Reports from Sphene Capital GmbH

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