ORIGINAL RESEARCH

14:02 | 30.11.2020
Aves One AG

Original-Research: Aves One AG – von GBC AG

Einstufung von GBC AG zu Aves One AG

Unternehmen: Aves One AG
ISIN: DE000A168114

Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 13,50 Euro
Kursziel auf Sicht von: 31.12.2021
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Goldmann

Growth course continued after nine months; target price and BUY rating
confirmed

As expected, Aves One AG has also achieved sales growth of 9.1% to EUR93.60
million (previous year: EUR85.82 million) after the first nine months of
2020. Even adjusted for extraordinary revenues from the sale of a last
logistics property amounting to EUR 3.39 million, Aves One AG achieved good
sales growth of 5.1%.

As in previous periods, only the Rail segment, which is the focus of
investment activities, contributed to the sales growth. On the basis of the
further expansion of the Rail segment’s asset portfolio to EUR722.31
million (31.12.19: EUR697.34 million) and the unchanged high capacity
utilisation, sales rose significantly by 12.7% or EUR7.06 million. However,
this was offset by a decline of -4.5% or EUR1.26 million in sales in the
container segment. This was due both to a reduced stock of sea containers
and rent reductions in the wake of the Covid 19 pandemic. The contrasting
trends in the two segments again reflect the company’s focus on the rail
sector.

Despite the revenue growth achieved, EBITDA remained relatively constant at
EUR63.22 million (previous year: EUR63.55 million). This was due in
particular to the decline in earnings and the associated decline in margins
in the Container segment. Among other things, higher maintenance expenses
(+EUR1.01 million) were incurred here to strengthen the swap body
portfolio. In addition, Aves One AG recorded losses of EUR3.04 million from
the sale of old and unprofitable sea containers, which led to a significant
increase in other operating expenses.

The after-tax result of EUR-4.79 million (previous year: EUR13.77 million)
was significantly lower than in the previous year. However, it should be
emphasised that this figure was significantly influenced by non-cash
exchange rate effects. Whereas the same period a year ago had seen positive
exchange rate effects of EUR8.85 million, the first nine months of 2020
were impacted by exchange rate effects of EUR-8.15 million. Adjusted for
these effects, the company posted after-tax earnings of EUR3.36 million
(previous year: EUR4.92 million). This decline includes higher financial
expenses of EUR31.24m (previous year: EUR29.50m) in connection with the
continued expansion of assets.

With the publication of the 9-month figures, management considers the
achievement of a sales volume of EUR117 million and EBITDA of over EUR84
million to be realistic. In our previous estimates we assumed revenues of
EUR119.15 million and EBITDA of EUR86.44 million, which are still within
the scope of the company’s guidance. We are leaving both the 2020 forecasts
and those for the coming financial years unchanged, thus confirming our
previous price target of EUR13.50 per share. The rating remains BUY.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/21893.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) of completion: 30.11.2020 (12:28 pm)
Date (time) first transmission: 30.11.2020 (2:00 pm)

——————-übermittelt durch die EQS Group AG.——————-

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.


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