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: 15.50 EUR
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Marcel Schaffer
Solid annual result 2022. Cooperations and new sales approaches contribute
to the high growth momentum expected in the medium term.
EasyMotionSkin Tec AG has published pro forma annual financial statements
for the listed parent company EasyMotionSkin Tec AG and the subsidiary
EasyMotionSkin Tec GmbH. There are no comparative figures for the previous
year, as EMS GmbH was no longer included due to a purchase reversal.
According to the management, external sales of around € 4.7 million were
generated in the 2021 financial year. Thus, in the past fiscal year 2022,
sales revenues increased by 110.4% to € 9.89 million, of which the largest
part of the sales came from the B2C sector. A TV documentary about the
'Power Suit' for astronaut training on the ISS also contributed
significantly to an increase in awareness.
The company and also the entire industry were hit by cost increases. The
cost increases were primarily caused by inflation and supply chain
disruptions during the COVID-19 pandemic. In particular, the shortage of
chips led to production bottlenecks and cost increases. The company also
continued to invest heavily in marketing to strengthen its brand.
Nevertheless, a positive EBITDA of € 0.77 million was achieved and a net
result of € 0.35 million.
The company plans to expand its traditional sales strategy to include a
rental and subscription model. The transition to a subscription model may
lead to a temporary decrease in revenue, but may result in sustainable
revenue growth in the long term. We expect overall revenue shifts of one
year and forecast revenues of € 10.02 million for 2023, € 22.11 million for
2024, and € 28.0 million for 2025. EasyMotionSkin also plans to address the
occupational health management market. We see a lot of potential here, as
effective health management can offer many benefits for employees. In
addition, a new study has shown that EMS training for back pain can be an
effective measure as part of occupational health management.
We expect EBITDA to be € 1.16 million in 2023 and to increase to € 5.07
million by 2025 due to scaling effects. However, the high marketing
expenses will impact earnings. We forecast net income of € 0.73 million in
2023, € 2.26 million in 2024, and € 3.25 million in 2025.
We have changed our valuation model and forecasts to EUR (previously: CHF),
as the pro forma consolidation was carried out in EUR. Based on the DCF
model, we adjust our price target to € 15.50 (previously: CHF 20.00 / €
20.32). The reason for the reduced price target is the increased risk-free
interest rate and the adjusted forecast. Against the backdrop of the upside
potential, we assign a Buy rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26847.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,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the study: 26.04.2023 (11:45) German version: 25.04.2023 (12:15)
Date and time of the first disclosure of the study: 26.04.2023 (11:00) German version: 26.04.2023 (12:00)
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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.
