GBC AG: EasyMotionSkin Tec AG | Rating: BUY

Original-Research: EasyMotionSkin Tec AG - von GBC AG

Einstufung von GBC AG zu EasyMotionSkin Tec AG

Unternehmen: EasyMotionSkin Tec AG
ISIN: LI1147158318

Anlass der Studie: Research Report (Anno) Empfehlung: BUY
Kursziel: 20.00 CHF
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger, Marcel Schaffer

Numerous cooperations should offer further growth opportunities. Continued high growth momentum expected.

EasyMotionSkin Tec AG was able to establish numerous cooperations and partnerships and we expect significant operational improvements for the following years. In the past fiscal year 2021, the company, similar to the entire fitness market, was affected by the challenges of the COVID-19 pandemic as well as supply bottlenecks from Asia. According to management, external sales across all companies amounted to approximately EUR 4.7 million.

The company has not yet published consolidated financial statements. Consolidated financial statements are planned for the first time for the fiscal year 2023. As there are internal settlements between the companies EasyMotionSkin Tec AG, EasyMotionSkin Tec GmbH and EMS GmbH, the sales and results cannot be totaled. At EasyMotionSkin Tec AG, net sales fell by 38.8% to CHF 2.52 million (previous year: CHF 4.11 million), although a large proportion of this is attributable to non-EMS business units in the previous year. In contrast, the sales of EasyMotionSkin Tec GmbH increased by 9.3% to EUR 4.37 million (previous year: EUR 4 million). At EUR1.76 million (previous year: EUR1.79 million), sales at EMS GmbH remained at the previous year's level.

EasyMotionSkin Tec AG's EBITDA decreased to CHF -0.35 million (PY: CHF 2.25 million) due to significantly lower sales. Because of their conversion of shareholder loans, a net result of CHF 4.28 million had been achieved in the previous year; in the past financial year 2021, the net result amounted to CHF -0.4 million. At EasyMotionSkin Tec GmbH, EBITDA fell to EUR -0.35 million (previous year: EUR 0.05 million) and the net result to EUR -0.53 million (previous year: EUR 0.04 million). At EMS GmbH, EBITDA increased by 112% to EUR 0.44 million (previous year: EUR 0.21 million), despite sales remaining at the previous year's level. A net result of EUR 0.19 million (previous year: EUR -0.10 million) was achieved through interest discounts.

We expect significant sales increases in the coming years. We expect sales to increase to EUR 10.1 million (2022), EUR 24.7 million (2023) and EUR 32 million (2024). Important growth impulses are expected to come from the new managing director of EasyMotionSkin Tec GmbH (Michael Spitznagel). In addition, a cooperation agreement could be concluded with an internationally active automobile manufacturer to test research and installation in cars. Further use of the suits in ESA space missions could also be used, which should further strengthen the brand. In addition, ACISO plans to open numerous 'YOUR HEALTH CLUBs' in Europe; here, a supply and marketing cooperation was concluded with EasyMotionSkin. Furthermore, cooperations have been concluded in the beauty and medical sectors. Thus, numerous growth fields have been opened, which should pay off over the next few years.

On the earnings side, we expect EBITDA of CHF 0.25 million for the current fiscal year 2022, followed by CHF 4.49 million for 2023 and CHF 6.02 million for 2024. Due to scaling effects, there should be successive margin improvements. In total, we expect a net result of CHF -0.46 million for the current fiscal year, followed by CHF 2.66 million in 2023 and CHF 3.74 million in 2024.

Due to the slightly reduced forecasts and the increased risk-free interest rate, we have adjusted our price target to CHF 20.00 / EUR 20.32 (previously: CHF 21.00 / EUR 19.28) and confirm our Buy rating.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25221.pdf

Kontakt für Rückfragen
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: (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: 30.08.2022 (12:30 a.m.) German version: 22.08.2022 (09:00 a.m.) Date and time of the first dissemination of the study: 30.08.2022 (10:25 a.m.) German version:22.08.2022 (12:00)

-------------------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.