The tribute that the strong growth, among other things due to an accelerated increase in personnel, requires (see NJ 5/19) was clearly visible in Q1 2019. [...] The forecast for 2019 with sales of EUR 410 million and EBITDA of EUR 40 to 45 million was confirmed. At a price of only 48.75 euros, a 2020e P/E ratio of 13 buys is an option.
The IT service provider adesso is already active in Spain and Bulgaria. In the current year the expansion into the Netherlands and Hungary is on the agenda. [...] In the current year revenues are expected to increase by nine percent to 410 million Euro. The capacity utilisation could drop slightly, as could the profit margin. Recommended on 18.7.18, issue 30/18, recommended price 55.30 €, current price 52.50 €, +/- in %: -5.3, New stop: 46.30 €.
[...] If the Management Board can convert the currently prevailing positive mood into further increasing sales and sustainably increase the margin, nothing stands in the way of a resumption of the upward trend. In addition to the favorable valuation, the very likely surpassing of the 2018 forecast and the medium to long-term conclusion in the | sure sector, lucrative takeovers and successful internationalization should provide the necessary impulses in the short term. Target: 72.50 €, stop: 42.00 €.
[...] Since the end of the year, paper recovered again and gained almost 10%. For a re-entry, however, it is too early in our opinion. Therefore wait for adesso first.
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