GBC AG: NEON EQUITY AG | Rating: BUY

Original-Research: NEON EQUITY AG - von GBC AG

Einstufung von GBC AG zu NEON EQUITY AG

Unternehmen: NEON EQUITY AG
ISIN: DE000A3DW408

Anlass der Studie: Research Report (Anno) Empfehlung: BUY
Kursziel: 10,76 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Schaffer

- Always positive results achieved since the company was founded - Successful year 2022 with after-tax result of almost 12 million €  
NEON EQUITY AG has been listed on the “Primärmarkt” of the Düsseldorf Stock Exchange since 13 January 2023 and has been tradable on Xetra since 1 February 2023. This is a pure listing, without raising any proceeds from the issue. In accordance with its corporate focus, the company plans to participate as a strategic investor in companies with future potential or to establish such companies. This is based on the strategic objective of sustainably increasing the enterprise value of the portfolio companies by implementing a capital market strategy. Within the framework of their investment approach, the portfolio companies are not only provided with capital, the companies can access the extensive industry know-how and the network of NEON EQUITY AG. The investment focus is on small to medium-sized companies operating in the real estate, consulting or technology sectors. In principle, the portfolio candidates should have good development potential and be able to be developed into an IPO candidate in the long term.
 
Despite its recent stock market debut, the company has a corporate history spanning several years. Since its foundation in 2012, NEON EQUITY AG has acquired various investments and sold some or all of them again. In total, exit transactions amounting to € 645.54 million have been carried out, which have enabled the company to always show positive earnings levels.  
This also applies to the past financial year 2022, in which total income of € 17.45 million (previous year: € 11.89 million) was generated. The proceeds from the sale of shares in publity and PREOS played an important role here, as did income from the reduction of individual value adjustments on receivables. In addition, interest income was generated in connection with publity bonds held. Based on the increased income, a higher after-tax result of € 11.98 million (previous year: € 6.72 million) was generated compared to the previous year.
 
Since profits have always been retained since the company's foundation, NEON EQUITY AG has a high equity capital of € 245.47 million as at 31 December 2022, accompanied by a high equity ratio of 98.9%. The assets side is primarily made up of shares held in publity AG and Preos AG as well as publity bonds held. As NEON EQUITY AG prepares its accounts in accordance with the principles of the German Commercial Code (HGB), the lower of cost or market principle is applied rather than the market value approach.  
For the coming financial years, we expect an expansion of the investment portfolio and also assume an increase in advisory mandates. A key aspect of the forecasts is the company's ability to identify and acquire portfolio candidates with development potential and then to develop them in a way that is suitable for the capital market. Then possible exit proceeds can be achieved. In the current financial year, the sale of publity shares should generate notable proceeds, before new investments in the following years should ensure a strong increase in revenues and earnings.  
We have determined the fair value of NEON EQUITY AG using a NAV model and a DCF model. On average, the fair value we have determined is € 430.78 million, which corresponds to a fair value of € 10.76 per share. We assign the rating BUY.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26827.pdf

Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++
Date and time of completion of the study: 19.04.2023 (10:29 am) Date and time of publication of the study: 19.04.2023 (11:30 am)

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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.