Original-Research: Beaconsmind AG (von First Berlin Equity Research GmbH): Buy
Original-Research: Beaconsmind AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Beaconsmind AG
Company Name: Beaconsmind AG
ISIN: CH0451123589
Reason for the research: Update
Recommendation: Buy
from: 04.04.2024
Target price: 14 Euro
Target price on sight of: 12 months
Last rating change: -
Analyst: Christian Orquera
First Berlin Equity Research has published a research update on beaconsmind AG (ISIN: CH0451123589). Analyst Christian Orquera reiterated his BUY rating and decreased the price target from EUR 22.00 to EUR 14.00.
Abstract:
In 2023, beaconsmind underwent a radical transformation. The company
completed four acquisitions of five German companies, which are chiefly
active in the areas of Wi-Fi hotspots and IT infrastructure. To complete
the transformation, the company divided its holding portfolio into two
business areas, the newly formed IT Infrastructure segment and the Software
as a Service (SaaS) segment. We believe the Wi-Fi hotspot business is
highly attractive. The company recently announced the launch of new
products such as the white label app and the smart lighting pole. In
addition, beaconsmind signed several new major Wi-Fi/IT infrastructure
contracts in the retail (Müller), nursing care (Vitanas) and facility
management (Reos/Die Zimmerei) fields which is excellent news. However, we
believe the attractive growth potential from Wi-Fi revenues will not
compensate for the lower beacon business revenues in the near term. This is
reflected in the weaker than expected H2/22 and H1/23 results and
management's updated revenue and EBITDA guidance for FY/23 and FY/24. We
have lowered our revenue and profit forecasts for 2023 and subsequent
years. Our DCF model now yields a price target of €14 (previously €22),
which represents an upside potential of >180% from the current level. We
maintain our Buy recommendation.
First Berlin Equity Research hat ein Research Update zu beaconsmind AG (ISIN: CH0451123589) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 22,00 auf EUR 14,00.
Zusammenfassung:
Im Jahr 2023 hat sich beaconsmind radikal gewandelt. Das Unternehmen hat
vier Akquisitionen von fünf deutschen Unternehmen abgeschlossen, die vor
allem in den Bereichen WLAN-Hotspots und IT-Infrastruktur tätig sind. Um
die Transformation abzuschließen, hat das Unternehmen sein
Beteiligungsportfolio in zwei Geschäftsbereiche aufgeteilt, das neu
gebildete Segment IT-Infrastruktur und das Segment Software as a Service
(SaaS). Unserer Meinung nach ist das Geschäft mit Wi-Fi-Hotspots sehr
attraktiv. Das Unternehmen hat kürzlich die Markteinführung neuer Produkte
wie die White-Label-App und den intelligenten Lichtmast angekündigt.
Darüber hinaus hat beaconsmind mehrere neue große
Wi-Fi/IT-Infrastrukturverträge in den Bereichen Einzelhandel (Müller),
Pflege (Vitanas) und Facility Management (Reos/Die Zimmerei) abgeschlossen,
was eine hervorragende Nachricht ist. Wir glauben jedoch, dass das
attraktive Wachstumspotenzial der Wi-Fi-Einnahmen die geringeren Einnahmen
aus dem Beacon-Geschäft in naher Zukunft nicht ausgleichen wird. Dies
spiegelt sich in den schwächer als erwarteten Ergebnissen für H2/22 und
H1/23 sowie in der aktualisierten Umsatz- und EBITDA-Prognose des
Managements für GJ/23 und GJ/24 wider. Wir haben unsere Umsatz- und
Gewinnprognosen für 2023 und die Folgejahre gesenkt. Unser DCF-Modell
ergibt nun ein Kursziel von €14 (zuvor €22), was einem Aufwärtspotenzial
von >180% gegenüber dem aktuellen Niveau entspricht. Wir halten an unserer
Kaufempfehlung fest.
Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29309.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 0,42 | 0,49 | 0,76 | 1,98 | 1,57 | 6,61 | 13,40 | |
| EBITDA1,2 | -0,26 | -0,46 | -1,99 | -2,24 | -4,70 | -0,56 | 2,60 | |
| EBITDA-Margin3 | -61,91 | -93,88 | -261,84 | -113,13 | -299,36 | -8,47 | 19,40 | |
| EBIT1,4 | -0,41 | -0,53 | -2,04 | -2,46 | -5,28 | -1,40 | 1,77 | |
| EBIT-Margin5 | -97,62 | -108,16 | -268,42 | -124,24 | -336,31 | -21,18 | 13,21 | |
| Net Profit (Loss)1 | -0,44 | -0,54 | -2,05 | -2,50 | -5,43 | -2,32 | 0,68 | |
| Net-Margin6 | -104,76 | -110,20 | -269,74 | -126,26 | -345,86 | -35,10 | 5,08 | |
| Cashflow1,7 | -0,31 | -0,41 | -2,12 | -2,60 | -4,85 | -1,47 | 0,00 | |
| Earnings per share8 | -0,16 | -0,20 | -0,76 | -1,01 | -1,16 | -0,60 | 0,15 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: PricewaterhouseCoopers
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Beaconsmind | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2QN5W | CH0451123589 | AG | 37,46 Mio € | 07.04.2022 | 8FVC6PR7+7X | |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 23,28 | 45,00 | 0,52 | -17,13 | 4,34 | -25,34 | 5,66 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 08.08.2024 | 30.09.2024 | 28.06.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +1,19% | +34,38% | +25,00% | +41,21% | -43,75% |
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