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SRH AlsterResearch AG Initiation: TAKKT AG - Growth driven by digital transformation; Initiate with BUY

SRH AlsterResearch AG Initiation: TAKKT AG - Growth driven by digital transformation; Initiate with BUY

Nachrichtenquelle: AlsterResearch AG
01.03.2021, 11:09  |  147   |   |   

TAKKT reported better-than-expected 2020 results, with top line coming slightly ahead of its recent guidance and EBITDA coming in the upper end of the forecast range.

TAKKT AG 
Industrial Goods & Services

Market Cap EUR 770m

BUY, PT EUR 17.00 (upside 45%)


Link: TAKKT AG_initiation

TAKKT reported better-than-expected 2020 results, with top line coming slightly ahead of its recent guidance and EBITDA coming in the upper end of the forecast range. Management expects a challenging Q1 2021, owing to pandemic-related economic trends as lockdowns were extended in many regions and a high comparable base. Nevertheless, the company believes its business should see marked improvement over the course of the year, depending on the progress of the Covid-19 vaccinations and easing of lockdown restrictions. The group will provide further details and guidance in its 2020 annual report on 29 March. We assume the company to achieve pre-crisis margins in the mid-term (in 2023E), backed by its reorganisation as well as digital transformation. TAKKT generated its strongest FCF in 2020 and in this we see the qualitative proof of the cash flow generating business model. We initiate coverage based on our FCF model with a price target of EUR 17.00. BUY.

Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit www.research-hub.de

TAKKT Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de

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SRH AlsterResearch AG Initiation: TAKKT AG - Growth driven by digital transformation; Initiate with BUY TAKKT reported better-than-expected 2020 results, with top line coming slightly ahead of its recent guidance and EBITDA coming in the upper end of the forecast range. Management expects a challenging Q1 2021, owing to pandemic-related economic trends as lockdowns were extended in many regions and a high comparable base. Nevertheless, the company believes its business should see marked improvement over the course of the year, depending on the progress of the Covid-19 vaccinations and easing of lockdown restrictions.

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