Original-Research: KPS AG (von GBC AG): BUY

Original-Research: KPS AG - von GBC AG

Einstufung von GBC AG zu KPS AG

Unternehmen: KPS AG

ISIN: DE000A1A6V48

Anlass der Studie: Research Report (Update)

Empfehlung: BUY

Kursziel: EUR 9.80

Letzte Ratingänderung: -

Analyst: Felix Gode, CFA

* In H1 2015/16, KPS AG has been able to maintain the high growth rate

already shown in previous periods, growing by 20.3% to EUR68.83 million.

EUR68.83 million also represented a new turnover record on a half-year basis.

* A significant driver of this was the management/transformation consulting

segment, making up EUR60.26 million of the total turnover. But the

products/licenses segment is also continuously increasing in importance and

in H1 2015/16 at EUR6.64 million it made twice the contribution to turnover

as in H1 2014/15. Especially the increasing abroad activities contributed a

large share to this pleasant development. For example, significant growth

in sales was achieved in Scandinavia and Switzerland.

* Another record was achieved in H1 2015/16 with an EBIT of EUR10.61 million.

This represented a 37.8% increase over the previous year and was clearly

disproportionate compared to the increase in sales. The EBIT margin

improved correspondingly from 13.5% to 15.4%.

* In the context of the good half-year figures, the company confirmed its

guidance for the whole FY 2015/16 and continues to predict sales of EUR140

million and an EBIT of EUR22 million.

* In the face of the EUR68.83 million already achieved in H1 2015/16, KPS AG

would have to make around EUR71 million in H2 2015/16 in order to reach the

target. To do so, the company would have to exceed the value achieved in H2

of the previous year by 10%. In the context of the 20% growth rate in H1,

we believe this is a realistic proportion.

* To this extent, we also confirm our existing estimates and expect sales

of EUR141.35 million and an EBIT of EUR22.20 million for FY 2015/16. We are

also maintaining our expectations of continued growth for the following FY

2016/17. Internationalisation is likely to be increasingly a driver of

growth in the coming years. KPS has only recently opened a branch in the

Netherlands in order to be able to offer optimum service to customers there

and in Belgium. In future, however, KPS AG is likely to help its customers

transform their IT solutions even beyond European markets, which would be

an additional growth driver in the coming years.

* As a result of our estimates, we are keeping to our target price of

EUR9.80. It is important to remember that we have already incorporated the

expected dilution from the issuing of bonus shares at a ratio of 10:1. Our

target price is based on a total of 37.29 million shares. The dilution

effect, however, compensated for by a lower risk-free interest rate of 1.0%

henceforth (previously: 1.5%). The BUY rating remains unchanged.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/13937.pdf

Kontakt für Rückfragen

Jörg Grunwald

Vorstand

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung.htm

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