Original-Research: UmweltBank AG (von GBC AG): Hold

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Original-Research: UmweltBank AG - von GBC AG

Einstufung von GBC AG zu UmweltBank AG

Unternehmen: UmweltBank AG
ISIN: DE0005570808

Anlass der Studie: Research Note
Empfehlung: Hold
Kursziel: 21.00 EUR
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann

H1 2021: Business volume significantly increased, forecasts and target
price slightly raised, rating reduced to HOLD after strong share price
performance

The increase in business volume, i.e. total assets plus contingent
liabilities and other obligations, forecast by the Umweltbank management
was impressively confirmed with the presentation of the 2021 half-year
figures. Compared to the end of the 2020 financial year, the business
volume increased significantly by +14.2% to EUR 6.16 billion (31.12.20: EUR
5.39 billion). The bank had originally anticipated an increase in business
volume to EUR 5.8 billion by the end of the 2021 financial year.

The strong growth in the volume of new loans of around EUR 400 million is
particularly noteworthy. According to company information, a strong
increase in new financing was achieved compared to the same period of the
previous year, so that the outstanding loan volume visibly increased to EUR
3.72 billion (31.12.20: EUR 3.50 billion). This has led to a significant
increase in the interest, financial and valuation result of 31.2 % to EUR
34.16 million (previous year: EUR 26.03 million). We assume that this is
primarily due to a strong increase in net interest income (interest income
from lending business less interest expense from deposit business).

The fact that the after-tax result of EUR 14.40 million (previous year: EUR
14.52 million) was only constant despite the significant increase in the
income components is attributable to two factors. On the one hand,
UmweltBank AG received one-off special income of EUR 4.16 million plus 5 %
in the first half of 2020 in the course of a settlement of a legal dispute.
In addition, as had been expected in advance, the number of employees was
further increased to 278 (previous year: 234), as a result of which
personnel expenses and administrative expenses increased signifcantly to a
total of EUR 15.82 million (previous year: EUR 12.81 million).

With the publication of the half-year figures, the UmweltBank management
has now raised its guidance and expects the business volume to increase to
EUR 6.4 billion by the end of the financial year. This should naturally be
accompanied by a significant increase in total income, which should receive
additional impetus from their success in asset management and the
investment business.

Despite the resulting increase in earnings expectations, the management of
UmweltBank AG continues to expect earnings before taxes to remain at the
previous year's level. This implies that the higher earnings will be used
for investments in personnel, administration and IT, which will be
accompanied by higher costs. This was already visible in the development of
the first half of 2021, where a constant development was reported for the
net profit for the period despite a significant increase in revenues.

In our forecasts (see research study Anno of July 13, 2021) we had already
assumed rising sales and a stable development of the after-tax result.
However, based on the 2021 half-year figures, it is apparent that at least
our top-line forecasts are too low. We are therefore raising both our
estimates for net interest income and our forecasts for other income.

Within the framework of our valuation model according to residual income,
we have determined a new fair enterprise value of EUR 651.11 million or EUR
21.00 (previously: EUR 20.73) per share. Compared to our last research
study (see study dated 13/07/2021), the share price of UmweltBank AG has
increased by 19.6%. Therefore, our model result shows no further upside
potential compared to the current share price of EUR21.10, so we downgrade
our rating to HOLD (previously: BUY).

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/22933.pdf

Kontakt für Rückfragen
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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date (time) completion: 24.09.21 (3:10 pm)
Date (time) first distribution: 27.09.21 (09:30 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