Original-Research: MyBucks S.A. (von GBC AG): BUY

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Original-Research: MyBucks S.A. - von GBC AG

Einstufung von GBC AG zu MyBucks S.A.

Unternehmen: MyBucks S.A.

ISIN: LU1404975507

Anlass der Studie: Research Comment

Empfehlung: BUY

Kursziel: EUR 27.60

Letzte Ratingänderung:

Analyst: Cosmin Filker

Reduction of the borrowing rate continues as planned; forecasts and rating

confirmed

According to announcements by the company on 10 July 2017, MyBucks S.A. has

taken out a loan of $5.00m. This involves a loan agreement with Africa

Agriculture and Trade Investment Fund ('ATIF') to be used to finance the

agricultural loan portfolio in Mozambique and Uganda. In these countries,

MyBucks provides short-term, unsecured private loans, including for

agricultural purposes. In addition, the company is currently in the process

of introducing a banking platform in these countries, expected to be

available by the 3rd quarter of 2017. In addition to the credit platform,

currently available in 11 countries in the Sub-Saharan region, this would

allow MyBucks to significantly expand its financial service portfolio. The

agreement with AATIF provides that additional funds of more than $5.0m can

be drawn down in stages.

The raising of credit reported is to be seen as a important factor for

optimising the interest-bearing capital. As of 31 December 2016, the

company had interest-bearing borrowed capital of approx. EUR100m that, by

our calculations, had an average interest rate of 20.6%. Over the previous

reporting periods, MyBucks S.A. has been able to significantly reduce the

interest rate on borrowed capital. According to the company, the new loans

bear interest at around 11.0%, which further supports the downward trend in

interest rates.

We have identified the reduction in the average interest rate as an

important driver of earnings in our previous research report (see research

report dated 19 June 2017). By the end of financial year 2017/2018 (FY end:

30/06/18), we expect to see a reduction to 18.0% and, in the following

financial year, to 16.5%. Our forecasts are partially borne out with the

raising of credit through AATIF. In line with the company strategy,

additional borrowed capital at a comparatively favourable interest rate is

expected to be raised in the future.

We confirm our fair value per MyBucks share of EUR27.60, calculated using a

residual income model. Based on a share price of EUR13.60 (10:10 am on

10/07/17) we are maintaining our BUY rating.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/15393.pdf

Kontakt für Rückfragen

Jörg Grunwald

Vorstand

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung.htm

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