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QSC AG, DE0005137004


09.11.2021 - 12:06:03

Original-Research: q.beyond AG : Kaufen

Original-Research: SYZYGY AG - von GBC AG

Einstufung von GBC AG zu SYZYGY AG

Unternehmen: SYZYGY AG

ISIN: DE0005104806

Anlass der Studie: Research Note

Empfehlung: BUY

Kursziel: 10.20 EUR

Kursziel auf Sicht von: 31.12.2022

Letzte Ratingänderung:

Analyst: Cosmin Filker; Marcel Goldmann

9 months 2021: Turnaround successful; revenue and earnings development 'in

line'; forecasts, estimates and target price confirmed

Based on the first nine months of 2021, Syzygy AG's sales revenues of EUR

44.66 million (previous year: EUR 40.69 million) were 9.8 % above the

previous year's level and thus in line with our expectations. Although the

gap in turnover caused by the Corona pandemic in the previous business year

could not yet be completely closed, a new nine-month record was achieved at

the EBIT level. In the previous business years, only the German companies

had made a positive contribution to the result. After completion of the

restructuring measures and the associated implementation of cost savings at

the foreign companies, a positive contribution to earnings was also

generated here for the first time in two years.

The fact that a new record was achieved with a Group EBIT of EUR 4.62

million (previous year: EUR 2.61 million) is also due to the cost savings

implemented in the context of the Corona pandemic. As a result, sales and

marketing costs as well as administrative costs, for example, are

significantly below the pre-Corona level. Although it can be assumed that

marketing costs will rise again in the future, Syzygy AG has a sustainably

leaner cost structure overall.

Syzygy's management has confirmed its guidance with the publication of the

nine-month report. The outlook remains unchanged for sales growth of around

10.0% and an EBIT margin of around 10.0%. Both geographic segments are

expected to contribute equally to this. In view of the figures achieved in

the first nine months of 2021, namely revenue growth of 9.8 % and an EBIT

margin of 10.3 %, the company guidance is a very realistic scenario.

The foreign companies are likely to show higher growth dynamics, also on a

full-year basis. In the last research study, we had already anticipated

that the growth momentum of sales generated abroad would flatten out

somewhat after an unusually strong performance in the first two quarters.

This has occurred as expected, but we continue to assume that the budget

increases from existing customers as well as the new customers acquired

provide a good basis for a sustainable increase in turnover.

Parallel to this, the more stable business in Germany should benefit from

an expansion of the business with existing clients as well as from the new

clients already acquired. Worth mentioning here is the expansion of the

mandate with Mazda Motors Germany, for which Syzygy is developing and

implementing the communication strategy. New clients such as the Erwin

Hymer Group, the Frankfurt Book Fair and Miles & More support the

assumption of expected sales growth. For Miles & More, Syzygy AG is

responsible for digital brand management, the further development of the

Miles & More platform and shop management. In addition, the company is

likely to benefit from the increasing digitisation needs of clients in the

area of business consultancy. With the combination of consulting and

technical implementation expertise, the company should be able to win new

customers in this area as well.

Based on the reported revenue and earnings development as well as the

confirmed corporate guidance, we also confirm our previous forecasts. For

2021, we continue to expect revenue growth of 10.0% and an EBIT margin of

10.3%. These are exactly the values that were already achieved after nine

months. For the coming financial years, we assume that the growth dynamic

will remain unchanged and, conservatively, we initially expect only slight

improvements in the EBIT margin. We have made slight forecast adjustments

at the level of the after-tax result. For 2021, we now assume a tax rate of

25.0% (previously: 28.3%), after no deferred taxes were recognised for the

foreign companies in 2020. For 2022 and 2023, however, we increase this to

30.0% (previously: 28.3%).

The changes in the tax rate and thus the slight change in the after-tax

forecasts have only a minor impact on the DCF model. Therefore, we confirm

our price target of EUR 10.20 and, at a current price of EUR 6.12, continue

to assign a BUY rating.

Die vollständige Analyse können Sie hier downloaden:


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Date (time) completion german version: 05.11.21 (1:54 pm)

Date (time) first transmission german version: 08.11.21 (9:30 am)

Date (time) completion english version: 09.11.21 (10:29 pm)

Date (time) first transmission english version: 09.11.21 (12:00 am)

übermittelt durch die EQS Group AG.

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.


@ dpa.de