Sphene Capital GmbH: asknet Solutions AG | Rating: Buy
Original-Research: asknet Solutions AG - von Sphene Capital GmbH
Einstufung von Sphene Capital GmbH zu asknet Solutions AG
Unternehmen: asknet Solutions AG
ISIN: DE000A2E3707
Anlass der Studie: Update Report
Empfehlung: Buy
seit: 07.10.2020
Kursziel: EUR 17,50 (bisher EUR 17,30)
Kursziel auf Sicht von: 24 Monate
Letzte Ratingänderung: -
Analyst: Peter Hasler
Replacement of 10% bond by 6% bond
asknet Solutions is going to prematurely redeem the 10.0% bond (ISIN: DE000A2YN140) with a notional value of EUR 8.0 million and a one year-term. The necessary liquidity will be provided by issuing a 6.0% bond with a EUR 9.0 million notional value and a three-year term (ISIN: DE000A3H2VS8). Through the replacement, asknet Solutions will significantly cut its annual interest expenses to EUR 0.540 million from EUR 0.800 million. While 100% of the original bondholders have switched to the new bond, EUR 1.0 million were placed with international institutional investors in a private placement, according to the company.
Including the proceeds from the sale of the Swiss-French subsidiary Nexway Group AG and the recent capital increase, asknet Solutions has raised over EUR 13 million to finance M&A activities in the Academics business with a specific focus on the global education and niche e-commerce markets, according to the company.
Given the significantly lower interest payments, we are adjusting our DCFentity model derived price target to EUR 17.50 from EUR 17.30 (base-case scenario). In a Monte Carlo scenario analysis, in which we used alternative sales and earnings scenarios, the best-case and worst-case equity values are now EUR 19.90 and EUR 14.10 per share, respectively. Similar price targets can be derived from an economic value-added model, which is our secondary valuation method. Based on yesterday's closing price of EUR 9.60, our new price target results in a price potential of 82.3% over a 24-month period. We confirm our buy rating for the shares of asknet Solutions AG.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/21719.pdf
Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89)74443558/ +49 (152)31764553
peter-thilo.hasler@sphene-capital.de
-------------------übermittelt durch die EQS Group AG.-------------------
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