GBC AG: Smartbroker Holding AG | Rating: BUY
Original-Research: Smartbroker Holding AG - von GBC AG
Einstufung von GBC AG zu Smartbroker Holding AG
Unternehmen: Smartbroker Holding AG
ISIN: DE000A2GS609
Anlass der Studie: Research study
Empfehlung: BUY
Kursziel: 17.90 EUR
Letzte Ratingänderung:
Analyst: Marcel Goldmann, Cosmin Filker
FY 2022 closed with robust revenue performance and Smartbroker realignment;
Positive operating revenue and earnings development also expected for
current FY 2023; The strong expansion of the platform-based transaction
business should in future provide for a dynamic turnover and earnings
development provide; Target price: € 17.90 (previously: € 17.70); Rating:
Buy
According to published business figures, the Smartbroker Group achieved a
significant year-on-year increase in consolidated revenue of 9.5% to €
52.79 million (previous year: € 48.20 million) in the past financial year.
This significant revenue growth resulted from the full-year consolidation
of Smartbroker AG (formerly wallstreet:online capital AG), which was
initially consolidated at equity in 2021 and fully consolidated from August
2021.
At the earnings level, the operating EBITDA rose disproportionately to the
development of turnover by 146.3% to € 8.77 million (previous year: € 3.56
million). The dynamic improvement in earnings is essentially based on
significantly-reduced customer acquisition costs for the Smartbroker, which
resulted from the planned restructuring of the Smartbroker 2.0 setup.
Adjusted for new customer acquisition costs for the Smartbroker, which
amounted to € 4.02 million (previous year: € 12.87 million), an adjusted
EBITDA of € 12.79 million (previous year: € 16.43 million) was achieved. On
a net basis, high unscheduled depreciation on the old setup of the major
project Smartbroker 2.0 amounting to € 12.59 million in particular led to a
significantly negative net result of € -10.07 million (previous year: €
-0.54 million) compared to the previous year.
For the current financial year 2023, Smartbroker management expects a
positive operating development despite challenging general conditions and
extensive cost burdens until the completion of the major project
Smartbroker 2.0. Accordingly, the company expects consolidated revenues of
between € 51.0 million and € 56.0 million and an EBITDA (operating result)
adjusted for new customer acquisition costs of between € 1.0 million and €
4.0 million.
In the context of the publication of our research study on the preliminary
annual results of Smartbroker's 2022 financial year, we have adjusted our
previous revenue and earnings estimates downwards for the current financial
year and also for the following years. In view of the reaffirmed positive
corporate guidance, we also confirm our previous revenue and earnings
forecasts for the current financial year and subsequent years. For the
current financial period, we continue to expect revenue of € 52.70 million
and EBITDA of € 1.04 million. For the subsequent years 2024 and 2025, we
continue to expect revenues (EBITDA) of € 66.75 million (€ 13.97 million)
and € 76.30 million (€ 20.68 million) respectively.
Overall, we continue to see the Smartbroker Group well positioned to return
to dynamic growth mode with the imminent launch of the promising
Smartbroker 2.0 combined with the targeted ramp-up of marketing activities
from the 2024 financial year. Due to the expected economies of scale from
the forecast strong expansion of the transaction business, the company
should be able to achieve disproportionate earnings growth and thus
dynamically increase Group profitability. In addition, the stronger
integration of the two complementary business segments (Media &
Transaction) should lead to clearly positive synergy effects and thus also
be able to additionally advance the future development of turnover and
results.
Based on our confirmed forecasts for the current financial year 2023 and
the following years and the roll-over effect that has occurred (price
target related to the following FY 2024 instead of previously 2023), we
have slightly increased our previous price target to € 17.90 (previously: €
17.70) per share. On the other hand, higher capital costs (increase in the
risk-free interest rate to 2.00% instead of the previous 1.50%) had the
effect of lowering the price target. In view of the current share price
level, we continue to give the Smartbroker share a 'buy' rating and see
significant upside potential.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27641.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,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Datum und Zeitpunkt der Fertigstellung der Studie: 30.08.2023 (9:24 Uhr)
Datum und Zeitpunkt der ersten Weitergabe: 30.08.2023 (10:30 Uhr)
Gültigkeit des Kursziels: bis max. 31.12.2024
-------------------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.
