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

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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 Comment
Empfehlung: BUY
Kursziel: 13.50 EUR
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Goldmann

Financing conditions further improved; New credit line increases
flexibility and planning security; Target price and rating confirmed

In an announcement dated 1 February 2021, Aves One AG announced the further
optimisation of its financing structure, together with an improvement in
financing conditions. On the one hand, a new financing line of EUR 75
million was agreed with KfW IPEX-Bank, which can be drawn in the event of
acquisitions. According to the company, this increases both planning
security and flexibility in financing future growth. No details were given
on the conditions of this financing line, but we assume an FK interest rate
that is below the average group-wide interest rate.

Another component of the current corporate announcement is the improvement
of financing terms on existing loans. With interest savings of EUR 0.75
million on a total volume of EUR 155 million, the financing interest rate
was reduced by a further 0.5 %. The savings in financing costs are
particularly important for Aves One AG because, as a portfolio holder and
lessor of logistics assets, the company has extensive debt financing. After
nine months of 2020, finance costs amounted to EUR31.24 million, with EBIT
of EUR34.28 million. However, the company has achieved significant
improvements in financing conditions in the past reporting periods. While
the nominal interest rate was 5.2% at the end of 2016, it was significantly
improved to 3.5% by the end of 2019.

This trend is likely to have continued in the past financial year and
should continue to decline in the coming reporting periods. According to
the Executive Board, the goal is a nominal interest rate below 3.0 %, which
should lead to a further improvement in the overall quality of the result.
Further improvements should be achieved here, especially from the planned
continuation of the reduction of the container business. The container
business is transacted and financed exclusively in US dollars. Due to the
lack of access to favourable loans in US dollars, the financing costs in
the container segment are comparatively expensive. In addition, existing
bank financing is to be further optimised and thus, as currently reported,
improved.

As we have planned for this development, we are keeping our forecasts
unchanged and will revise them when the annual report is presented (April
2021). With a target price of EUR13.50, our rating remains BUY.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/22062.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: (4,5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date (time) of completion: 02.02.2021 (2:00 pm)
Date (time) first transmission: 03.02.2021 (10:00 am)

-------------------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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Quelle: dpa-AFX