Hier noch eine aktuelle Empfehlung mit Kursziel 150 E.
Microlog Logistics - Kaufen
WKN: 549431 MICROLOG LOGISTICS AG AKTIEN O.N. Commerzbank 14.08.2000
Die Analysten von der Commerzbank stufen Microlog Logistics in ihrer ersten Unternehmensbewertung auf Kaufen, Kursziel: 150€.
ComSec formally initiates coverage of Microlog, following its IPO, with a BUY recommendation and target price of EUR€150. ComSec believes Microlog has a unique offering in its market place, with its emphasis on the design and management of complex logistics contracts. ComSec also believes the company’s independence (from volume sensitive distributors, manufacturers/customers and software houses) is a further critical differentiating factor for successful development of the co-sourcing concept and places Microlog at the forefront of this type of offering.Although the shares have had a stratospheric performance since the IPO, valuations still look attractive against competitors or against the Neuer Markt as a whole. Given our belief in the robustness of the Microlog business model, the strong potential growth in the German logistics market plus track record of management, ComSec still believes there is significant upside from here. Short-term newsflow from potential acquisitions in France or Benelux and further contract wins could present a boost.In addition, we believe there is significant upside potential to our forecasts. In the longer term, if the group can take a 5% share of the outsourced portion of the German contract logistics market, which we estimate could be worth over DEM20bn, then growing at 25% a year Microlog’s revenue base could reach €EUR500m in the next 5 years.Using these assumptions and applying a discount for size, we could justify a share price of €150. This is consistent with a 2002e EV/sales of 5.1x, and a 2002e PE of 61x, in line with the valuation attributed to Thiel Logistik, but still a significant discount to D Logistics.
Quelle: http://www.wallstreet-online.de/research/analysten/ws/empfeh…
Gruß und weiterhin gute Geschäfte,
JD