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 AGISIN: 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 ++++++++++++++++
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 +++++++++++++++
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.
