ORIGINAL RESEARCH

9:31 | 30.07.2021
Vectron Systems AG

Original-Research: Vectron Systems AG – von GBC AG

Einstufung von GBC AG zu Vectron Systems AG

Unternehmen: Vectron Systems AG
ISIN: DE000A0KEXC7

Anlass der Studie: Research Comment
Empfehlung: Buy
Kursziel: 21.55 Euro
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Haugg

1H 2021: New record figures for sales and earnings achieved, 2021 forecasts
slightly increased, target price: EUR21.55; rating: BUY

On 20 July 2021 Vectron Systems AG (short: Vectron) published
extraordinarily good preliminary figures for the second quarter 2021 and
thus for the first half-year 2021. After an increase in sales of +14.7% to
EUR 8.6 million in the first quarter of 2021, sales more than doubled to
EUR 12.5 million in the second quarter of 2021 (Q2 2020: EUR 5.1 million),
thus marking a new quarterly record. Vectron also set a new record with the
half-year sales of EUR 20.9 million (previous year: EUR 12.60 million). We
assume that in the past reporting period especially the so-called
fiscalisation effect caused significant sales effects. The extended non-
objection period for the TSE-compliant retrofitting of the cash systems was
set for 31 March 2021. In addition, the legislator included the funding of
digital investments up to EUR 20,000 within the framework of the
‘Überbrückungshilfe III’, which represents an important investment
incentive for the gastronomy industry, despite corona-related closures.

As a result of the noticeable increase in sales, the EBITDA in the first
half of 2021 rose significantly to EUR 3.9 million (previous year: EUR -1.3
million). Economies of scale as a result of the strong expansion in
turnover are likely to have led to this new record being achieved. This
figure does not include the revenues of the 100% holding bonVito GmbH,
which generated revenues of EUR1.5 million and EBITDA of EUR0.4 million in
the first half of the year.

In view of the higher-than-expected revenue and, in particular, earnings
development, we are adjusting our previous forecasts for the current 2021
financial year (see research study dated 10 June 2021) upwards. We are now
forecasting revenues of EUR 38.58 million (previously: EUR 34.62 million)
and an EBITDA of EUR 4.18 million (previous year: EUR 3.52 million). Our
estimates are kept conservative, as we are currently unable to estimate the
impact of new corona variants on the catering business, for example. We
assume that Vectron’s management will communicate a new guidance with the
publication of the half-year report (31.08.2021).

The slight increase in estimates for the current financial year 2021 have
resulted in a slight increase in the price target to EUR 21.55 (previously:
EUR 21.15). Based on the current share price of EUR 12.68, we continue to
assign a BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/22725.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: (4,5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) completion (german version): 27/07/2021 (1:27 pm)
Date (time) first publication (german version): 28/07/2021 (9:30 am)
Date (time) completion (english version): 30/07/2021 (8:18 am)
Date (time) first publication (english version): 30/07/2021 (9:30 am)

——————-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.


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