Hallo Kollegen,
S&T ist einer meiner Favoriten für das Jahr 2020. Hier ging die Saat bekanntlich noch nicht auf. Insofern bin ich über die Nachkaufgelegenheit eigentlich nicht unglücklich.
Hier noch einmal der Link zu meiner Favoritennennung von S&T von letztem Jahr.
https://www.wallstreet-online.de/diskussion/...epots#beitrag_62216570 Operativ ist S&T voll on track, das PEC Programm (Profit, Efficiency, Cashflow) greift und trotz Corona kann die Guidance erhöht werden. Der Cash-flow hat sich im 9-Monatszeitraum von 5 auf 50 Mio. € verzehnfacht.
Aber viele scheinen nicht zu verstehen, dass S&T technologisch sehr gut aufgestellt ist und große Chancen im Markt hat. S&T verbindet das Hardware-Know How über Embedded Systeme (Kontron) mit dem Software-Know how das S&T mitbringt. S&T hat die Fähigkeit komplexe I4.0 Applikationen umzusetzen und namhafte Kunden setzen auf S&T. S&T wird sich weiter in Richtung I4.0 Lösungsanbieter entwickeln und dies wird mit stark steigenden Umsätzen und Margen einhergehen.
S&T hat heute die IR-Präsentation zu den 9-Monatszahlen online gestellt. Die Folien sind sehr interessant:
https://ir.snt.at/IR_SNT_IR_Presentation_Q3_2020_FINAL_.pdf Auf Folie 21 wird ein kurzfristiger, mittelfristiger und langfristiger Ausblick gegeben. Ich glaube daran, dass S&T den langfristigen Ausblick so umsetzen kann. Wer daran glaubt für den sind die aktuellen Kurse sicherlich Kaufkurse. Anbei aus meinem Mitschrieb was Herr Niederhauser im Q3 Conference Call dazu gesagt hat.
Short term, midterm and long-term goals of S&T
As part of our let’s say more transparency program, we want to give more information. And we want to do this on a short term, on a midterm and on a long-term idea
The short term and midterm are something what we already released before. So, we have a guidance that has been raised today from 1,15 billion to 1,2 billion revenues and from 116 Mio. EBITDA to 122 Mio. EBITDA. It says minimum – why – because we have chances to do even more than the 122 Mio. € EBITDA depending how much negative impacts will come from this lockup. If there is little impact and if it works like in Q3 we will do more than 122.
Then we have the Agenda 2023. This plan was issued end of 2018 / begin of 2019. And it is still valid. We want to increase our revenues from 1 to 2 billion. Then we want to increase our EBITDA in this period of five years by 143 percent from 90 to 220 Mio. € and the earnings per share from 70 to 175 cents. So that’s still valid.
What we want to present at the capital market day is our vision 2030.
So that’s a long-term idea. And a first thing that I strategically would like to state is: In the early days S&T AG was a product focused company – selling hardware products at let’s say lower margins. We had a value of 23% gross margin during that three years.
Starting 2012 also with the acquisition of S&T and the merger with S&T. We got to an IT service focused company which increased our average cross margin to over 30%. And end of that period finally, we already closed all the IT products. We don’t have any more of those as of today. 2017 we became a IOT product focus, also somehow together with the acquisition of Kontron plus the software of S&T. And that’s the current phase where we are in. In that business our plan was to go up to 40% of gross margin again with the change of product mix. And we almost executed. We are somewhere in the range of 38% range at the moment.
And long term we want to change that again – going more to IOT as a service, getting a monthly service fee instead of selling products. We have already revenues like this. And that will again increase the gross margin [Anmerkung: auf der Folie waren als Ziel 50% Gross margin angegeben] So it’s a further transformation and at the moment we are at the IOT product focus. When we talk about IOT technology – well everybody knows that we want to be a member. There is 20 Billion IOT Machines in 2020. That’s around 4-5 times as much as human beings. And it’s still only one percent of the total available market. So, in principal every equipment will be connected more and more in the future with a very high growth. There are big players in that so S&T is looking on special niches with lower volumes what are simply not interesting for the big Googles, Microsoft, IBM and so forth of that world. So, it’s typically expensive equipment with low volume. Let’s say equipment with more than a 100.000€ price. And the result of that focus will be for us: Smart trains, smart cars, smart airplanes, smart factories, smart energies, smart medical. Make all those expensive equipment smart. And the last point. Technology-wise this is a lot of software topic because you need centrally controlled networks with up to 1 Mio. Devices. And the other thing is you need to have the right communication path to talk to them. Otherwise you cannot build the networks. So real time software, real time applications, time sensitive networks and 5G for wide area network plus the security to protect all of that is one of the major technology drivers for us to do that. Details of the vision 2030 will be provided at the capital market day what we will have this year.
Gruß,
Johannes
P.S. Wie immer handelt es sich hierbei nicht um eine Empfehlung zum Kauf oder Verkauf von Aktien oder um eine Anlageberatung.
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