Original-Research: Mynaric AG (von GBC AG): Buy


14.01.19 10:35
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Original-Research: Mynaric AG - von GBC AG

Einstufung von GBC AG zu Mynaric AG

Unternehmen: Mynaric AG
ISIN: DE000A0JCY11

Anlass der Studie: Research report (note)Empfehlung: Buy
Kursziel: 108.50 EUR
Letzte Ratingänderung:
Analyst: Marcel Goldmann, Cosmin Filker

The market for laser-based communication networks offers enormous growthpotential and is starting to gain momentum; Series production of groundstations has started; Cooperation with CEA-Leti has enabled furthertechnological advances in the field of laser communications technology;Target price: €108.50; Rating: Buy

Mynaric has specialised in the development, production and sale of lasercommunications products for use in laser-supported communications networksin the aerospace sector. This business segment is still a young, lessdeveloped market; however, in our opinion, it is clearly beginning to pickup speed. For this segment, we are expecting very dynamic market growth andbelieve that over the long term, market volume in the double-digit billionsrange will be possible.

In the past, Mynaric has mainly concentrated on the development of preseries products, so as to use them with potential customers for testing anddemonstration purposes. However, the main focus has changed to thetransition from product development to series production. In this context,the company began series production of laser-based ground stations inNovember 2018. The company intends to transition further product groups toseries production in the future.

As a result of technological cooperation with the renowned Leti CEA TechResearch Institute entered into in 2018, Mynaric has access to technologiesthat will enable further market-moving improvements to the company's lasercommunications products. As a result, Mynaric's laser products are expectedto achieve significant performance improvements in the near future.Additionally, the cost structure and range of applications are alsoexpected to improve.

In November 2018, Mynaric announced the opening of an office in Shanghai(China) in order to take advantage of the booming Asian aerospace market.This has enabled the company to further pursue its aim ofinternationalisation and to establish itself as a global player.

In addition, Mynaric has continued to further expand its previous productportfolio in the current financial year. After previously mainly focusingon developments in the air sector, the company began to develop terminalsfor the space sector in 2016. According to the company, the development ofthe space laser terminal is proceeding according to plan and is intendedfor completion at the beginning of 2019, so that the first devices can bedelivered in the same year for use on satellites.

The company also announced in June 2018 that it had started developinglaser terminals for use in precision agriculture. Specifically, it intendsto develop a new lightweight laser terminal for use in compact drones forprecision agriculture applications. In our opinion, this strategic step,which follows the precision agriculture market trend, should open upadditional potential business. There is also further economic potential inother sectors (drone industries) that also manufacture and market drones(e.g. the security industry).

Mynaric also announced in November 2018 that it had received an order fromUK company ArQit to carry out a study to develop a global high-securitycommunications system. Laser communication is a core component of thisstudy in terms of guaranteeing the highest possible IT security (cybersecurity). After successfully completing the study, the company couldbecome the exclusive supplier of hardware for laser communicationssolutions.

Overall, Mynaric has established a good base from which to profitsignificantly from the expected dynamic growth in the laser-basedcommunications networks market. We have revised our short and medium-termforecasts to take into account a slower pace of growth than initiallyexpected. However, our long-term forecasts remain valid. For the currentfinancial year 2018, we are now expecting total output of €9.20m andEBITDA of -€4.25m. In the following year 2019, the previously mentionedseries production should result in a rapid growth in total output to€22.60m. In parallel, operating earnings should improve significantly to-€2.37m. For the subsequent financial years, we expect a strong rise inoperating results (EBITDA) based on an expected dynamic total output trendand economies of scale. As a consequence of this, 2020 should significantlyexceed the operating profit threshold and double-digit EBITDA marginsshould be achievable in the long-term.

It is on this basis that we have evaluated the technology company using ourDCF model and calculated a fair value of €108.50 per share (previously:€95.00 per share). The increase in the target price is due to the 'rollover effect' (technical rise in target price, as the target price nowrelates to the following financial year 2019 (previously: 2018)) and achange in the risk-free interest rate. The revision of our short andmedium-term forecasts has prevented an even sharper rise in the targetprice. Based on the current share price level, this once again results in aBUY rating.

Die vollständige Analysekönnen Sie hier downloaden:http://www.more-ir.de/d/17475.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:http://www.gbc-ag.de/de/Offenlegung.htm+++++++++++++++
Datum (Zeitpunkt)Fertigstellung: 14.01.19 (09:51 Uhr) Datum (Zeitpunkt) erste Weitergabe: 14.01.19 (10:30 Uhr)

-------------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 Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.



 

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