Original-Research: Greiffenberger AG (von GBC AG): BUY

Aktieneinstufung von GBC AG zu Greiffenberger AG

Unternehmen: Greiffenberger AG ISIN: DE0005897300

Anlass der Studie: Research Report (Update) Empfehlung: BUY Kursziel: 9.30 EUR Letzte Ratingänderung: Analyst: Philipp Leipold

Greiffenberger AG had to record a reduction in turnover in the first half of 2013.  Although the group was able to grow considerably following a weaker first quarter 2013, it was not yet able to fully compensate the fall in turnover. While the largest subsidiary ABM can look back on an encouraging operating development, turnover at Eberle and BKP fell markedly. For BKP, the long winter and a smaller number of public tenders had their impact on turnover figures.   Greiffenberger AG's financial ratios have further improved in the first half of 2013. Due to a positive annual net profit, equity increased to EUR32.56 million, which corresponds to an equity ratio of 25.7% by the end of June 2013. At the same time, thanks to a positive cash flow it was possible to reduce the net debt by more than EUR1 million to EUR40.5 million.   The half year figures for 2013 were, due to a weaker first quarter, slightly below our expectations. We have thus adjusted our forecasts for the business year 2013 slightly downward. Our prediction for 2013 is now sales revenues of EUR159.00 million (previously: EUR162.00 million) and an EBIT of EUR13.76 million (previously: EUR14.33 million). Our forecast takes into account an exceptional burden due to the new plant in Lublin, of around EUR1.7 million. Thanks to the disappearance of these start-up costs for the new plant in Poland as well as an overall increase in business volume, a marked increase in earnings can be assumed for the coming business year 2014.   On the basis of the current share price, our valuation figures indicate a significant undervaluation of Greiffenberger shares. In particular when one's attention is drawn to the year 2014, the price-to-earnings-ratio of around 7 appears especially attractive and is, according to our assessment, unduly low. The share price is currently noted at just under 20% below the shares' book value.   Our target for Greiffenberger AG share prices is still EUR9.30. We are therefore reiterating our recommendation to buy shares. Taking the current share price as a starting point, a significant share price potential of more than 60% is obtained.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/12039.pdf

Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5),(7); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++

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