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Original-Research: Cogia AG (von GBC AG)

·4-min read
Original-Research: Cogia AG - von GBC AG Einstufung von GBC AG zu Cogia AG Unternehmen: Cogia AG ISIN: DE000A3H2226 Anlass der Studie: Research Report (Initial Coverage) Empfehlung: BUY Kursziel: 3.72 EUR Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: - Analyst: Matthias Greiffenberger; Felix Haugg Dynamic growth with patented semantic solutions in the area of 'Big Data Analytics' Cogia AG is a full-service provider of AI-based, patented, semantic solutions and services in the field of 'Big Data Analytics', with a focus on customer experience, monitoring and engagement. Cogia's goal is to support its customers, whether companies, associations, or public authorities, in the optimal use of available information by making it accessible in terms of content and preparing it in a structured manner using automated processes - in two respects. On the one hand, it is a matter of discovering hidden company- or organization-specific knowledge within the internal data and the customer's intranet. On the other hand, Cogia AG enables companies to monitor their target groups via the Internet, build lasting customer relationships and create added value for their brands. The products of Cogia AG are based on a self-developed and innovative AI- based software solution. The AI software solutions clearly set the company's products apart from the competition. This reflects the company's more than 10 years of research and development work in this area, as well as their continuous further development of software solutions. Through its extensive product portfolio, Cogia AG provides its customers a close integration of technical and editorial services, so that customers can be optimally and holistically supported in every phase of a project. The innovative product solutions of Cogia AG have already demonstrated their market maturity in practical tests in numerous projects with renowned customers. Thus, the automotive groups Volkswagen and BMW are already among their customers, as well as the Fraunhofer Institute or the Free State of Bavaria. In addition to their further development of software solutions, their focus is on a further roll-out at Cogia AG. As of the financial year 2020, sales amounted to EUR 0.42m (previous year: EUR 0.33m) with an EBITDA of EUR 0.13m (previous year: EUR 0.16m) and a net result of EUR -0.32m (previous year: EUR 0.11m). Sales revenues are still at a low level, but there are already good customer relationships with major customers such as BMW, Lufthansa, and VW with whom the company can grow. As of the first half of 2021, revenue was EUR 0.34m, EBITDA was EUR 0.09m, and the net result was EUR -0.39m. Annualized, the primary goal of revenue growth was thus achieved. In addition, a partnership was concluded with VIMATO, a micro-influencer platform. We expect dynamic growth for Cogia AG. The business model of recurring revenues and the already good contacts to major customers should enable significant revenue increases. We forecast revenue growth in the current fiscal year 2021 to EUR 1.05m, followed by EUR 1.93m in 2022 and EUR 3.55m in 2023. The scalable business model should allow significant earnings improvements. We expect EBITDA to increase from EUR 0.07m (2021) to EUR 0.17m (2022) and EUR 0.89m (2023). Our forecasts do not yet include inorganic revenues. Cogia also plans to grow via debt capital. The funds are to be raised on a deal-by-deal basis. Management already has an extensive pipeline of potential targets of around EUR 50m. Based on our DCF model, we have determined a fair value per share of EUR 3.72 and assign a Buy rating. Die vollständige Analyse können Sie hier downloaden: Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: +++++++++++++++ Date and time of completion of the study: 15.12.2021 (15:40) German version: 13.12.2021 (17:44) Date and time of the first disclosure of the study: 21.12.2021 (10:00) German version: 14.12.2021 (10:00) Validity of the target price: until max. 31.12.2022 -------------------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.
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