GBC AG: EPTI AB | Rating: BUY
Original-Research: EPTI AB - von GBC AG
Einstufung von GBC AG zu EPTI AB
Unternehmen: EPTI AB
ISIN: SE0013774668
Anlass der Studie: Research Report (Note)
Empfehlung: BUY
Kursziel: 9.16 SEK
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger, Cosmin Filker
Adjustment of NAV due to market conditions; Still very high upside potential; Very promising investment Apotekamo executes financing round and significantly increases valuation; Target price SEK 9.16 / EUR 0.85; Rating: Buy
In the first half of 2022, consolidated sales increased by 489.6% to SEK 101.46 million (PY: SEK 17.21 million). With its own work capitalized and the low level of other operating income, total operating performance increased by 348.7% to SEK 117.19 million (PY: SEK 26.12 million).
However, EBITDA decreased to SEK -11.46 million (PY: SEK -0.66 million) due to the Talnox Group AB acquisition. This investment contributes a high share of sales, but has comparatively lower margins. In total, operating costs increased to SEK 128.65 million (PY: SEK 26.78 million). Depreciation, amortization and impairment losses from the reverse acquisition reduced EBIT to SEK -54.24 million (PY: SEK -3.53 million). Write-downs on investments amounting to SEK -6.2 million (PY: 0) were also made. As a result, net income amounted to SEK -62.87 million (previous year: SEK -3.55 million) and was, thus, significantly below the previous year's figure.
The second quarter, viewed in isolation, already shows a significantly more positive picture again with a positive EBITDA. In the second quarter, total operating performance increased to 349.8% to SEK 54.6 million (PY: SEK 12.14 million) and EBITDA increased to SEK 0.55 million (PY: SEK -2.77 million). On the one hand, the improvement in earnings is due to the fact that it is no longer necessary to consolidate the investments in Bruger, Workamo, Apotekamo and D1: these investments are growing strongly, but also require high marketing budgets. On the other hand, EPTI Services achieved significant improvements in earnings.
According to our revaluation of EPTI Services and Apotekamo as well as the warrants, we have determined a positive valuation discrepancy (hidden reserves) amounting to SEK 226.67 million. The valuation discrepancy, in addition to the NAV of SEK 726 million determined after June 30, 2022, results in a total NAV, according to the GBC approach, of SEK 952.67 million.
This corresponds to a NAV per share of SEK 9.16 or EUR 0.85.
At the current price of EUR 0.23 (Xetra, 02.09.22 17:38), this means a significant upside potential of 269.6% and therefore we assign a BUY rating.
Even if we only consider the NAV on a K3 basis of SEK 726 million, this would result in a NAV per share of SEK 6.98, or EUR 0.65 per share, which also represents an enormous upside potential to the current share price of 182.6%.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25415.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: 09.09.2022 (12:30)
Date and time of the first disclosure of the study: 12.09.2022 (10:00 a.m.)
Validity of the target price: until max. 31/12/2023
-------------------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.
