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

^

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

Additional measures to reduce financing costs implemented; target price and

rating confirmed

According to announcements by the company on 24 July 2017, MyBucks S.A. has

acquired a 50% share in Malawi-domiciled New Finance Bank Limited (NFB).

NFB was established in 2015 and, as of 31 March 2017, has an asset

portfolio in the amount of EUR14.4 million, of which the lending book has a

volume of EUR4.3 million. On the liabilities side, customer deposits amount

to EUR8.2 million and equity is at EUR5.7 million.

In our view, this acquisition is to be seen in particular against the

background of the commenced optimisation of financing costs. It can be

assumed that NFB's customer deposits, as a basis for the granting of loans,

should bear significantly lower interest rates than the group-wide borrowed

capital of MyBucks S.A. As of 31 December 2016, the MyBucks group had

interest-bearing borrowed capital of approx. EUR100 million that, according

to our calculations, attracted an average interest rate of 20.6%. According

to our research, NFB's customer deposits bear interests ranging between

11.0% and 13.5% (deposit account) and are therefore significantly below the

level of the MyBucks group.

We have identified a 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%.

In addition, MyBucks S.A. announced its collaboration with the Dutch crowd

funding platform 'Lendahand' according to which EUR1.5 million are to be

raised for the MyBucks subsidiary in Uganda. The amount raised should, in

the first instance, be used to finance SEMs (Small, Medium, Micro

Enterprises) by means of the MyBucks technology. Similar to MyBucks'

strategy, regions that do not have any access to financial services are to

be tapped here thereby driving financial inclusion forward. In the context

of this partnership, MyBucks S.A. should be in the position of further

improving financing terms and increasing its market share in the relevant

regions.

We confirm our fair value per MyBucks share of EUR27.60, determined by

means of a residual income model. Based on a share price of EUR14.00

(10/08/2017; XETRA: 4:30 pm) we are maintaining our BUY rating.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/15525.pdf

Kontakt für Rückfragen

Jörg Grunwald

Vorstand

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

++++++++++++++++

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

+++++++++++++++

-------------------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.

°