Original-Research: USU Software AG – GBC AG
Classification of GBC AG to USU Software AG
Company: USU Software AG
ISIN: DE000A0BVU28
occasion of study: Management GBC Interview
Recommendation: –
Target: –
Last Rating Change:
Analyst: Cosmin Filker
The USU Software AG has again set new records in sales and
achieved result. According to preliminary figures for the past
2015 fiscal year, the consolidated turnover by around 12% to 66.1
EUR million (FY 2014: 58.9 million EUR) and the acquisition-related
Effects, adjusted EBIT by 21% to EUR 8.8 million (FY 2014: 7.3 million
EUR) increased. At the same time the board has its guidance for the
current fiscal 2016 concretized. With consolidated sales
in the range of 71 – EUR 75 million and an adjusted EBIT
9 – EUR 10.5 million to continue the positive development
be.
GBC analyst Cosmin Filker has the USU Software AG Management Board
Bernhard Oberschmidt of the latest business and
talked about the prospects of USU Software AG
GBC AG. Clothes Schmidt, with a very strong again
Year-end rally, USU Software AG generated record revenues
and achieved the result. Can you see the most important factors
this development in more detail to illustrate
Bernhard Oberschmidt: The USU Group has three growth drivers,
namely the further expansion of its international business, the
Commercialization of innovations and inorganic growth. All
three factors have come in 2015 for supporting. In the
Internationalization USU benefited greatly from the particular
growing US market. At the same time, USU has the development of new products
such as the self-service solution USU SmartLink successful in the market
introduced and also the most recent USU subsidiary, the
SAP license optimizer SecurIntegration GmbH, has had a positive
developed so that eventually all areas of the USU Group to the
contributed growth
GBC AG. Already during the year has shown that the
international business the main impetus for growth
contributed. Of particular note here are the successes of
License management specialist Aspera GmbH in the USA. What is
particularly to the US and what are the plans in terms of
Opening up further international markets from
Bernhard Oberschmidt: the US market is very large and has the
we occupied niches such as software license management a
relatively low market saturation and also little competition
– So to speak an ideal scenario. We plan shortly in the US
to be more present, especially by our local
expanding product portfolio. Given our partnership comes with the
Software company CA Technologies and the recent
Certification of our technology by the market leader
IT service management, ServiceNow. But in Europe we want
be more present and more successful, for example, on the French
Market. In addition, the development of the Asian market
medium announced
GBC AG. In addition to the dynamics of international business, USU
Software AG in 2015 fortunately also on domestic sales
again reported growth. Is that still in 2014 visible
Investment reluctance of companies from the financial sector so
by
Bernhard Oberschmidt: In the product business, yes, and also in the?
Service business is every indication. Especially in the financial sector
we observe with the digital transformation of the
Service business a fundamentally new development. Here, the
intelligent integration of technologies critical to success. And so
we benefit just the service segment through tailored
Applications, service portals or individual counseling. The show
not least, new orders in the recent past.
This contributed ultimately to the rise in the order backlog at the
End of the year by almost 29 percent over the previous year
to EUR 36 million euros at
GBC AG. midway through the fiscal year, the
Takeover of the specialist for SAP license optimization
given SecurIntegration GmbH. blank What synergies
rise especially in conjunction with the Aspera, and how has
this new subsidiary developed
Bernhard Oberschmidt: When was purchased SecurIntegration GmbH
the theme portfolio at the top of the agenda. For the specialist
SAP license optimization complements the existing portfolio in USU
Range software license management in an ideal manner. An important
Topic this is currently the ‘indirect use of SAP licenses’.
This means that charges may apply when third-party systems on
SAP applications access. These potential
Nachlizenzierungs demands present SAP customers
incalculable financial risk. Since the theme complex,
is legally controversial and opaque, resulting from the
Expertise of SecurIntegration interesting business impulses. On
key growth driver is in this context,
be further internationalization of the USU Group. Because the
complementary module SAP license optimization can be very good in
integrate Aspera technology and marketing from a single source
GBC AG. The dynamic growth of the previous fiscal year
is also a consequence of the brisk acquisition activities. They emphasize the
Need further inorganic growth to achieve the
EUR 100 million sales mark in the coming year. As
characterize the current M & A environment in the industry
Bernhard Oberschmidt: Well, this is quite difficult because the?
Price expectations of sellers z.T. are clearly excessive. Of the
Focus each acquisition is for me in the strategic
Expansion of the USU Group. An ideal takeover target of USU
has innovative software products that our existing
supplement consolidated portfolio, a broad customer base, an experienced
Management and a matching USU corporate culture – as
our most recent acquisition, the SecurIntegration GmbH. If then
also agrees with the purchase price, a purchase will be at hand.
But we can not be put under pressure or even a tight spot.
If a suitable company is found, then we will be happy
active and if the above criteria are not met, then
We further. So far we were quite successful with this
Procedure
GBC AG. In the coming fiscal year could the targeted
adjusted EBIT margin achieved 15.0%. What is the
USU in the foreground, sales growth or improving
Profit margin
Bernhard Oberschmidt: Clearly in the foreground the
Profit margin. This I also do not depend on acquisitions,
and it is far easier to plan. The operating margin on the basis of
Adjusted EBIT is expected to increase to 15 percent by the end of 2017th Here
we are on track. Because the proportion of higher-margin
Product business is growing year by year. Had the product segment still
10 years ago accounted for about 45 percent of Group sales,
this proportion rose by 2015 to almost 80 percent
GBC AG. Can your outlook for the current fiscal year
2016 concrete
Bernhard Oberschmidt: Very happy. We have the
Publication of the preliminary figures 2015 a
Forecast for 2016 announced. After that we are – as always in
recent years – well above the growth expectations
BITKOM for our segments. Our guidance for
2016 sees consolidated sales in the range of EUR 71 – 75 million in
an Adjusted EBIT of EUR 9 to 10.5 million before
GBC AG: Hr.. Upper Schmidt, thank you for talking
Conclusion: According to the new record values of fiscal 2015
will be continued in 2016, the profitable growth. there
are the three key growth drivers (dynamic
Development of international sales, marketing of new products,
inorganic effects) still in the foreground. The increasing
Meaning of high-margin products business is also the
Profitability gradually be expanded. Until the end of 2017 should therefore
the adjusted EBIT margin to rise to 15%, after in 2015
adjusted EBIT margin was achieved by 13.3%. After the
31/03/2016 planned publication of the Annual Report 2015
are we in a Research Report (Anno) financial results
. Illuminate closer and make an assessment update
The full analysis can be downloaded here:
http://www.more-ir.de/d/13611.pdf
Contact for inquiries
Jörg Grunwald
board
GBC AG
Halderstraße 27
86150 Augsburg
0821/241133 0
research@gbc-ag.de
++++++++++++++++
Disclosure of potential conflicts of interest according to Section 34b para. 1 WpHG
Trading Act In the above-analyzed companies is as follows
given potential conflict of interest: (5a, 6a, 11); A catalog
potential conflicts of interest can be found at:
http://www.gbc-ag.de/de/Offenlegung.htm
+++++++++++++++
transmitted by EQS Group AG.
is solely responsible for the content of the message or the Research
Publisher or Author of this report responsible. This message
is not investment advice or recommendation of certain
Exchange transactions.
ISIN DE000A0BVU28
AXC0054 2016-03-21 / 09: 01
No comments:
Post a Comment