10:31 | 14.03.2018
Original-Research: MyBucks S.A. – von GBC AG
Einstufung von GBC AG zu MyBucks S.A.
Unternehmen: MyBucks S.A.
Anlass der Studie: Research Note
Kursziel: 23.25 EUR
Analyst: Cosmin Filker, Marcel Goldmann
Loan repayment creates foundation for earnings growth; target price and
MyBucks S.A. has continued its growth during the first six months of the
current financial year 2017/2018 (end of financial year: 30 June). Revenue
significantly increased by 18.1% to EUR29.01 million (1st HY 16/17:
EUR24.56 million). Since the majority of the acquired opportunity companies
were already included at the beginning of the past financial year
2016/2017, the achieved sales growth almost exclusively represents organic
The half-year-figures 2017/2018 confirm our assumptions that MyBucks S.A.
continues to be on a dynamic growth path. The achieved revenue amounting to
EUR29.01 million provides a good foundation for achieving our revenue
forecasts for the fiscal year 2017/2018, which are unchanged at EUR65.50
million. MyBucks will only have to do better with the results after taxes
in the second half of the financial year in order to reach our targeted
positive result after taxes in the amount of EUR0.28 million.
As revealed in the current Corporate News dated 07 March 2018, which
reported that comparably expensive debt capital was repaid, the company
created an important basis for significant improvements in earnings. After
the successful capital increase and the resulting repayment of loans, the
average refinancing rate of previously over 20% was significantly reduced
to below 15%. Based on the current debt capital in the amount of EUR133.09
million (31 December 2017), this amounts to annual interest savings of
around EUR6 million. The first effects will already be evident during the
current financial year, although they will only be partially effective
until the end of this financial year on 30 June 2018. This should, however,
suffice to achieve our target results after tax.
In the coming year, the achieved interest savings will be effective
throughout the entire year, resulting in a likely disproportionate earnings
improvement. Furthermore, MyBucks is anticipated to achieve a gradual
increase in revenue in the coming financial years. We expect that a roll-
out in other countries on the basis of MyBucks technology that has already
been developed can be implemented relatively quickly and cost-effectively.
Currently, the company operates in a total of 14 countries (12 in the sub-
Sahara region). Another aspect regarding the planned increase in market
shares in operating regions is the expansion of the product range and
thereby the leveraging of cross-selling potential.
Since MyBucks S.A. achieved our assumptions postulated in the last research
report (see study dated 12 February 2018), not least through implemented
interest savings, we are confirming our forecasts. We are also confirming
our residual income model, for which we have determined a target price of
EUR23.25. Based on the current share price of EUR12.50, we are continuing
to award a BUY rating.
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