GFT vs. Pixelpark bei DreBa Kleinwort B. - 500 Beiträge pro Seite

[uleiski]

HAlli Ihr Lieben,

da ich trotz aller Euphorie und blinden Mitläufern ein Fan fundamentaler Analysen bin, anbei eine neue Studie zur GFT von Dresdner Kleinwort Benson:

Kurzzusammenfassung: Ziel: EUR 300 !!!

Price
Market Cap
Reuters
Bloomberg
Technology
Europe 15 February 2000
Buy
Upgrade from Hold
US$256.2
¤1,677m
US$1,665m
GFTG.F
GFT GR
Mark Loveland
[phone]
[e-mail]
David Reynolds
[phone]
[e-mail]
Kleinwort Benson Securities Limited, Regulated by SFA and a Member Firm of the London Stock Exchange PO Box 560, 20 Fenchurch
Street, London EC3P 3DB. Telephone: [phone] Telex: 916486 Registered in England No. 1767419 Registered Office: 20
Fenchurch Street, London EC3P 3DB. A Member of the Dresdner Bank Group.
Graham Brown
[phone]
[e-mail]
Fraser Elms
[phone]
[e-mail]
¤258
Philipp Schweneke
[phone]
Year to
end June
Sales
¤m
Net
profit
1
¤m
EPS
1
¤
CFPS
¤
DPS
¤
P/
sales
x
P/E
x
P/CF
x
EV/
EBITD
x
EV/
EBITDA
x
1998 20.1 0.3 0.05 0.2 Nil 83.3 5068.5 1309.6 944.9 450.9
1999E 54.1 3.0 0.28 0.6 Nil 31.0 936.2 465.5 251.5 129.4
2000E 80.8 3.7 0.62 1.1 Nil 20.8 413.2 235.1 118.2 77.4
2001E 116.8 8.0 1.23 1.9 Nil 14.4 209.8 137.9 53.3 41.5
1 Before IPO costs
Source: Company reports, DKBR estimates
GFT is the largest e-services company in Germany and is leading
the transition to the interactive integration services model with
increasing emphasis on the important back-end integration area.
Despite the recent rally, the shares remain undervalued and we
target an end 2000 price of ¤300 per share.
• GFT is a major e-services player combining IT and business
consultancy, digital design and interactive marketing expertise, and
technology consultancy-based implementation and integration skills to
provide internet-based solutions that will facilitate the fully internet-
enabled enterprise and e-commerce. This is expected to be the highest
growth area within the European IT services industry (IDC estimate
+73% 1998-2002 CAGR) as the European economy moves onto the
internet and as e-enablement and e-commerce penetration accelerates.
GFT is centrally positioned within the largest European economy.
• GFT’s core capabilities are biased towards technology consulting
and therefore clear differences exist between GFT and many of the other
German and European e-services companies. We believe that GFT
expects a transition within the e-services industry to the interactive
integration services model.
• The shares remain undervalued as the discount to the peer group is
unjustified in our view. The basic DCF solution is ¤240 per share
although remodelled for the scheduled tax cuts, the central DCF
valuation advances to ¤300.
On line research: www.dresdnerkb.com
GFT
Trading update
Source: Datastream
F M A M J J A S O N D J F
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GFT TECHS.NM (XET)
DJ EURO STOXX 50 - PRICE INDEX

[bullish guy]

Ein bißchen gewöhnungsbedürftig formatiert aber Hauptsache der Konsens stimmt !
Und wenn bei einer Aktie die Story stimmt dann wohl bei GFT !
Mann betrachte sich nur mal den Chart !
Fast, quatsch der ist Lehrbuch fähig !
Gruß
bullish

[heavytrader]

ja, super Job von der GFT. Dietz hat es geschafft sich in den Reihen der jungen Vertreter der "New Economy" einzureihen. Siehe neuste Ausgabe der Wirtschaftswoche.
Dies ist insbesonders ganz beachtlich, da es Die GFT schon seit Anfang oder Mitte 1980 gibt.