Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG
ISIN: DE0008041005
WKN: 804100
17 October 2024 02:16PM

Original-Research: Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG (von First Berlin Equity Research GmbH): Buy

Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG · ISIN: DE0008041005 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 21073

Original-Research: Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG - from First Berlin Equity Research GmbH

17.10.2024 / 14:15 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of 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.


Classification of First Berlin Equity Research GmbH to Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG

Company Name: Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG
ISIN: DE0008041005
 
Reason for the research: Update
Recommendation: Buy
from: 17.10.2024
Target price: €1.50
Target price on sight of: 12 months
Last rating change: -
Analyst: Christian Orquera

First Berlin Equity Research has published a research update on Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG (ISIN: DE0008041005). Analyst Christian Orquera reiterated his BUY rating and decreased the price target from EUR 1.80 to EUR 1.50.

Abstract:
Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft (DEWB) has published its financial statements for H1/24. Adjusted for non-cash income, the results were as expected. The company reported operating income from exits of €0.4m (FBe: €0.4m; H1/23: €0.2m). The current difficult capital market environment was the main obstacle for the completion of a major exit transaction at an appropriate valuation. Management is continuing to work on potential exit options, but completions before the end of 2024 are difficult to predict and depend on further capital market developments. Based on management's disciplined spending, OPEX fell to €0.4m (FBe: €0.4m; H1/23: €0.6m). According to management, most companies from DEWB's investment portfolio have healthy operations and performed well in H1/24. Unfortunately, the share prices of the three listed holdings LAIQON, Naga Group and Aifinyo have performed poorly despite a positive business outlook. We have updated our financial model, and reiterate our Buy recommendation with a lower price target of €1.50 (previously €1.80). We believe the company is significantly undervalued at the current share price. 

First Berlin Equity Research hat ein Research Update zu Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG (ISIN: DE0008041005) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 1,80 auf EUR 1,50.

Zusammenfassung:
Die Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft (DEWB) hat ihren H1/24-Bericht veröffentlicht. Bereinigt um nicht zahlungswirksame Erträge fielen die Ergebnisse wie erwartet aus. Das Unternehmen erzielte ein operatives Ergebnis aus Exits in Höhe von €0,4 Mio. (FBe: €0,4 Mio.; H1/23: €0,2 Mio.). Das derzeit schwierige Kapitalmarktumfeld war das Haupthindernis für den Abschluss einer größeren Exit-Transaktion zu einer angemessenen Bewertung. Das Management arbeitet weiterhin an potenziellen Ausstiegsoptionen, aber ein Abschluss vor Ende 2024 ist schwer vorherzusagen und hängt von der weiteren Entwicklung der Kapitalmärkte ab. Aufgrund der Ausgabendisziplin des Managements sanken die OPEX auf €0,4 Mio. (FBe: €0,4 Mio.; H1/23: €0,6 Mio.). Nach Angaben des Managements sind die meisten Unternehmen aus dem Beteiligungsportfolio der DEWB operativ gesund und haben sich in H1/24 gut entwickelt. Trotz positiver Geschäftsaussichten haben die Aktienkurse der drei börsennotierten Beteiligungen LAIQON, Naga Group und Aifinyo schwach performt. Wir haben unser Finanzmodell aktualisiert. Wir bekräftigen unsere Kaufempfehlung bei einem niedrigeren Kursziel von €1,50 (zuvor €1,80). Wir sind der Ansicht, dass das Unternehmen beim aktuellen Aktienkurs deutlich unterbewertet ist.

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/31073.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


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2010821  17.10.2024 CET/CEST

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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 11,70 3,28 4,97 11,21 0,00 0,31 0,00
EBITDA1,2 4,41 2,19 3,15 8,13 -0,88 -0,72 0,00
EBITDA-Margin3 37,69 66,77 63,38 72,53 0,00 -232,26 0,00
EBIT1,4 4,41 2,18 3,15 8,13 -0,88 -0,72 0,00
EBIT-Margin5 37,69 66,46 63,38 72,53 0,00 -232,26 0,00
Net Profit (Loss)1 -1,53 0,29 2,43 7,54 -4,80 -1,62 0,00
Net-Margin6 -13,08 8,84 48,89 67,26 0,00 -522,58 0,00
Cashflow1,7 -10,60 -2,70 3,70 2,90 -3,90 -1,20 0,00
Earnings per share8 -0,09 0,02 0,15 0,45 -0,29 -0,10 -0,02
Dividend per share8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de and Company information
Explanation

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: Morison Köln

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
DEWB
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
804100 DE0008041005 AG 7,37 Mio € 01.05.1905 Halten 9F2HWHMH+Q6
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
14,67 6,74 2,17 -3,83 0,50 -6,14 24,16
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
05.09.2024 26.09.2024 25.04.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,00%
0,44 €
ATH 94,01 €
-5,17% -17,60% -36,23% -33,33% +0,00%

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