GBC sees Q1 figures of USU Software AG in line with expectations and anticipates the future with a continued growth and with an increasing margin. The Research bestowed on the shares continue to be rated “buy”, target price is 18.20 euros.
With a sales increase of 5.7 percent to 14.07 million euros have USU Software AG completed the top-selling first quarter of the company’s history and is benefiting significantly from the strong demand in the US for the license management solutions subsidiary Aspera. In contrast, the weakness has continued in the service area, where GBC assumes here a bottoming out.
Thanks to the ongoing cost discipline and the increased share of sales of high-margin product business it USU also managed the sales increase in a significant improvement in adjusted EBIT (Q1 / 14: EUR 0.47 million) to EUR 1.08 million. convert coins, which is why the company has confirmed its forecasts for sales and EBIT
The GBC analysts for the coming years unchanged from a dynamic sales trend with growth rates of 15.0 percent (2015e-2017e) and of a successive approximation of the adjusted EBIT margin to the communicated by the Company’s target of 15.0 percent.
On this basis the Inputs for the DCF valuation model have remained unchanged. However, GBC have the risk-free rate, as required by the FAUB (Technical Commission on company valuations and business administration) to 1.00 percent (previously: 1.25 percent) reduced, a reduction in the weighted cost of capital of 7.91 percent (previously: 8 , have 16 per cent) and causes led to an increase in the target price for the USU share on 18,20 Euro.
On this basis GBC has confirmed the rating of “Buy”.
(Source: Global Equities Research Guide)
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