ORIGINAL RESEARCH

10:41 | 10.01.2018
Mynaric AG

Original-Research: Mynaric AG – von GBC AG

Einstufung von GBC AG zu Mynaric AG

Unternehmen: Mynaric AG
ISIN: DE000A0JCY11

Anlass der Studie: Research report (Initial Coverage)
Empfehlung: Buy
Kursziel: 95.00 EUR
Letzte Ratingänderung: –
Analyst: Marcel Goldmann, Cosmin Filker

Mynaric has specialised in the development and production of laser-based
products for use in laser-supported communications networks. This business
field is a young, underdeveloped market. We expect very dynamic market
growth for this area and believe a market volume in the two-figure billion
range to be possible.

In the past three financial years, Mynaric focused on developed pre-series
products so as to be able to use them for test and demonstration purposes
for potential customers. To date, the company has not yet broken even in
operating terms due to the lack of sales and increasing R&D expenses. The
performance of products developed so far could be successfully demonstrated
during customer tests.

In the current financial year, Mynaric began expanding its previous product
portfolio. After the main developments to date in the air segment were
advanced, Mynaric then decided to manufacture terminals for the space
segment. A ground station has already been developed for this area and is
to be tested by the first customers in FY 2018. The development of the
space laser terminal should be completed in 2018, meaning that the first
tests should begin in 2019.

In August of this year, Mynaric was able to announce the conclusion of a
design and manufacturing contract with the American company Airborne
Wireless Network. As part of this contract, comprehensive tests with the
company’s laser technologies should be conducted in the coming financial
year. As a result, up to 20 aeroplanes are being equipped with Mynaric’s
laser technology in order to maintain a laser-based communications network.
This cooperation forms the basis for the serial production the company is
aiming for.

In the past, Mynaric laid a good foundation for being able to significantly
benefit from the expected dynamic growth in the future market of laser-
based communications networks. For FY 2017, we expect sales revenues of
EUR3.30 million with EBITDA of -EUR3.12 million. Thanks to starting serial
production, Mynaric should break even at operative level in 2019. Based on
dynamic sales growth and the economies of scale applied, we expect heavily
increasing operating results (EBITDAs) for the next financial year. As a
result, it should be possible to achieve considerable two-figure EBITDA
margins in the long-term.

On this basis, we have assessed the company using our DCF model and have
hereby determined a fair value of EUR95.00. Based on the current share
price, this results in a BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16015.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: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
+++++++++++++++

——————-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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