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

Original-Research: Greiffenberger AG - von GBC AG

Einstufung von GBC AG zu Greiffenberger AG

Unternehmen: Greiffenberger AG

ISIN: DE0005897300

Anlass der Studie: Research Report Anno

Empfehlung: BUY

Kursziel: EUR 9.80

Letzte Ratingänderung:

Analyst: Philipp Leipold

* By generating sales of EUR155.24 million in the fiscal year 2013,

Greiffenberger AG was almost able to achieve the same result as in the

previous year 2012, falling behind by 2%. Contrary to the two subsidiaries

Eberle and BKP, the largest subsidiary ABM was able to continue the

positive sales development of the preceding years.

* The reduction in profitability in 2013 is partially based on one-off

effects of EUR2 million in conjunction with the new plant in Poland and lower

sales of the two subsidiaries Eberle and BKP. In 2013, the adjusted

EBIT-Margin of ABM was closely to 7%. Consequently, ABM is making good

progress reaching the in-tended margin-level of 8%, on a midterm

perspective.

* The balance sheet figures slightly improved in the fiscal year 2013.

Despite above average capital expenditures, Greiffenberger was able to

reduce net debt by undertaking an efficient working capital management

strategy. Due to the visible effects of the implemented arrangements, we

expect the development to be sustainable.

* For the fiscal year 2014, as well as for the subsequent years, we are

convinced that Greiffenberger AG will improve its profitability and reach

higher margin levels. Our forecast includes a rising EBITDA-margin in 2014

as well as in 2015 to a level of 9.3% and 10.0% respectively. Therefore, we

expect a significant appreciation of equity along with an additional

reduction of net debt.

* For the shares of Greiffenberger AG, we increased our target price to

EUR9.80 (prior: EUR9.30), whereby the dilution due to the capital increase from

April 2014 is already taken into consideration. Based on the actual share

price, an upside potential of approximately 60 % can be derived. Based on

the significant underpricing, we assign a buy-rating to the shares of the

Greiffenberger AG.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/12283.pdf

Kontakt für Rückfragen

Jörg Grunwald

Vorstand

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung.htm

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