Original-Research: Aves One AG - von GBC AG
Einstufung von GBC AG zu Aves One AG
Unternehmen: Aves One AG
Anlass der Studie: Research Comment
Kursziel: 13.50 EUR
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
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Date (time) of completion: 02.02.2021 (2:00 pm) Date (time) first transmission: 03.02.2021 (10:00 am)
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