Original-Research: Aves One AG (von GBC AG)

Original-Research: Aves One AG - von GBC AG

Einstufung von GBC AG zu Aves One AG

Unternehmen: Aves One AG
ISIN: DE000A168114

Anlass der Studie: Research Note
Empfehlung: BUY
Kursziel: 12.10 EUR
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger; Cosmin Filker

In the first half of 2018, Aves One AG improved its operating performance
at every level, increased its revenues and margins, and generated a net
profit. An increase in revenues of 32.3% was recorded, bringing the total
to EUR 32.37 million (previous year: EUR 24.50 million). The portfolios
acquired in 2017 and the significant increase in capacity utilisation in
the Container and Rail segments were crucial factors in these developments.
Rental rates increased in the Container segment, which also resulted in
increased revenues. The ongoing portfolio expansion trend continued, with
investments of EUR 37.1 million and USD 59.0 million in fixed assets in the
first half of 2018. On the basis of these investments, revenues are
expected to continue rising in the future.
 
The growth in revenue was primarily generated in Rail and Container, the
two most important segments. The Real Estate segment also contributed EUR
0.21 million in revenue. This was a result of the acquisition in March 2018
of a logistics property worth EUR 10.40 million.
 
The Container segment generated a 27.1% increase in revenues, bringing the
total to EUR 14.46 million (previous year: EUR 11.38 million), and
benefited from both the increased capacity utilisation and the rise in
rental rates. As a result, fixed assets in the Container segment increased
by 26.3% to EUR 269.05 million (previous year: EUR 213.00 million). In the
first half-year, additions to the portfolio included mint-condition
containers in the amount of USD 59.0 million (EUR 53.07 million). This
investment was undertaken in several instalments up to mid-2018 and is
expected to contribute further to revenue growth in the future.
 
In the Rail segment, revenues increased by 16.5% to EUR 14.94 million
(previous year: EUR 12.83 million). The Rail portfolio was continuously
expanded through portfolio purchases. Further growth was also generated by
the acquisition of newly built rail cars, for which additional orders are
also expected to materialise in the coming quarters. In total, fixed assets
in the Rail segment increased by 7.2% to EUR 244.10 million (previous year:
EUR 227.63 million).
 
Across all segments, fixed assets increased by 18.9% to EUR 513.37 million
(previous year: EUR 440.50 million), plus property in the amount of EUR
10.40 million. The assets from the NACCO/CIT transaction are not yet
included in this figure; we estimate that these will total approximately
EUR 300 million. This means that the originally planned asset volume of EUR
750 million for 2018 should be exceeded by a significant margin.
 
The revenue increases are reflected in a disproportionately high rise in
earnings, resulting from rising capacity utilisation rates and the lean
management approach. Accordingly, the EBITDA margin increased from an
already high level of 52.0% to 67.9%. In the same period, EBITDA rose by
72.4% to EUR 21.97 million (previous year: EUR 12.74 million). The
company’s high level of cost discipline can also be seen in the holding
costs, which fell from EUR -2.59 million (H1 2017) to EUR -1.51 million (H1
2018).
 
The improvement in earnings was achieved across both segments. The
Container segment benefited in particular from both the increased capacity
utilisation and higher rental rates, leading to a 99.9% increase in
Container segment EBITDA to EUR 11.97 million (previous year: EUR 5.99
million). In comparison, EBITDA in the Rail segment increased by 16.7% to
EUR 11.07 million (previous year: EUR 9.49 million). The EBITDA margin in
the Rail segment, on the other hand, had already been at a very high level
in the previous year and remained stable at 74.1% (previous year: 74.0%).
By contrast, the EBITDA margin in the Container segment increased from
52.6% (H1 2017) to 82.8% (H1 2018). The reasons for this included the
increase in rental rates, higher capacity utilisation and the selling off
of vacant containers, which had placed a double burden on the margin, due
previously to the permit fee on the one hand and the lack of rental income
on the other.
 
Adjusted for non-cash exchange rate effects, this led to a net profit of
EUR 1.14 million (previous year: EUR -6.77 million). Having had a
profitable first quarter this financial year, we therefore also ended the
second quarter in profit. We expect that this trend will continue and that
we will be able to keep generating a net profit. 

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/17247.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 § 85 WpHG und Art. 20 MAR 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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Datum (Zeitpunkt)Fertigstellung (German): 08.11.18 (1:38 pm)
Datum (Zeitpunkt) erste Weitergabe (German): 08.11.18 (2:30 pm)
Datum (Zeitpunkt)Fertigstellung (English): 20.11.18 (1:35 pm)
Datum (Zeitpunkt) erste Weitergabe (English): 21.11.18 (3:00 pm)

-------------------übermittelt durch die EQS Group AG.-------------------


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