Kontron AG diskutieren

Heute Zahlen bei S&T:

Damit wurden die Analysten-Schätzungen übertroffen und S&T befindet sich auf gutem Weg, profitabler zu werden.

Ich halte an der Buy-Einschätzung für S&T mit Ziel 30 Euro fest, weil:
a) die Insider kaufen zu
b) die Viceroy-Attacke hat wenig Substanz
c) auch die Analysten von H&A kommen zum gleichen Urteil.
=> Womöglich ist es jetzt die beste Einstiegschance seit langem bei dieser Aktie mit 100% Kurspotenzial!

https://ir.snt.at/HAIB_20122021.pdf

Auszug aus dem Bericht:

The spirits I’ve cited...
It is our view that S&T invited scrutiny by making a number of unwise acquisitions in questionable jurisdictions involving minority structures. Add to this a complex corporate structure and a business model where the two main business lines – IoT Solutions and IT Services – exhibit little synergies.

Unwise, however, does not mean deceitful or fraudulent. That is why we simply cannot agree with the conclusions drawn by Viceroy. Indeed, most of the accusations laid out in Viceroy’s report appear to us either incorrect or trivial.

Care for an example? Viceroy claims that S&T appears to hide several subsidiaries in an off-balance sheet structure to conceal corporate fraud, citing IMG China as an example, amongst other. Our note shows that this grave accusation, which is the most damning in the report, simply does not hold up to scrutiny (see Accusation I).

That does not mean that we dismiss Viceroy’s entire report out of hand. Instead, we advise S&T to shed more light on selected details, such as the dealings in Funworld and Xtro, which we discuss in this note. We also recommend that S&T stop factoring, become much more selective in M&A, redeem debt to simplify the balance sheet and renew its buyback program.

We would also advise the company to commission a due diligence for its Eastern European IT Service business. However, we understand this is
already happening as part of the planned divestment. Scheduled for early 2022, the PwC report should be instrumental in re-establishing confidence in the name.

In this note, we discuss six accusations and present our take. While most accusations seem unfounded, there are a number of concerns we agree with. However, these are not material enough for us to turn more cautious on the name.

Reiterate BUY, Price Target 31.00 EUR