Original-Research: Greiffenberger AG (von GBC AG): rating suspended

Original-Research: Greiffenberger AG - von GBC AG

Einstufung von GBC AG zu Greiffenberger AG

Unternehmen: Greiffenberger AG

ISIN: DE0005897300

Anlass der Studie: Research Report (Update)

Empfehlung: rating suspended

Kursziel: under review

Letzte Ratingänderung: -

Analyst: Felix Gode, CFA

After the successful disposal of the ABM and BKP sub-groups, Eberle will

remain as the sole subsidiary. Accordingly, the revenue of Greiffenberger

AG will fall significantly to the level of around EUR45 million. In future,

this means that the level of revenue will be significantly below historical

values. We estimate that EBIT - before holding costs - will be in the range

of between EUR1.5 million and EUR2.0 million.

The sale of ABM to the senata Group is still expected to be concluded in

September. The consideration will consist primarily of the discharge of

liabilities and restructuring costs. This should mean that the senata Group

will assume the bank liabilities of ABM and finance the restructuring,

outside the Greiffenberger Group. In our assessment, any purchase price

paid in cash to Greiffenberger AG as part of the sale is therefore likely

to play a minor role.

Even after the sale of ABM, there is still expected to be a relatively

large level of debt in relation to the remaining business unit. However,

there are plans to also negotiate the financing arrangements for the

remaining Group within the sale of ABM in order to reach a viable solution

that will make continued operations possible. It is currently not possible

to forecast what the balance sheet structure will look like following the

disposal of ABM, particularly in terms of debt.

In addition, further adjustments are likely to be made to the Group

structure. With Eberle as the only remaining subsidiary of Greiffenberger

AG, it is conceivable that the holding structure will be dissolved,

especially to further reduce the cost basis.

The sale of ABM is an important step in the process of reorganizing the

financing of the Greiffenberger Group. This is certainly still subject to

uncertainty at the present time. In addition, the future balance sheet

structure depends on the successful disposal of ABM and BKP and on the new

financing agreement. This is why we are still unable to make a reliable

assessment of Greiffenberger AG.

For this reason, we are still unable to determine a stock price target for

the shares of Greiffenberger AG. As the disposal and financing process

proceeds, there should be greater clarity regarding the future viability of

Greiffenberger AG in the coming months. As soon as this is the case, we

will once again try to establish a stock price target. For the time being,

we will maintain the status of shares in Greiffenberger AG as under review.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/14221.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: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

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

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