Research
Boreo: Solid attacking game
Boreo published its Q2 report on Thursday that operatively was nearly fully in line with our expectations. The company's businesses were in good shape and despite external challenges, financial performance is solid. The share’s valuation has risen but relative to the convincingly progressing acquisition strategy and the longer-term value creation potential it includes we do not consider the price to be too high. Thus, we consider the annual risk adjusted return expectation to still be sufficient.
Boreo creates value by owning, acquiring and developing small and medium-sized companies in the long-term. Boreo's business operations are organized into two business areas: Electronics and Technical Trade. Boreo's primary objective is sustainable long-term profit generation. The business model is based on the acquisition and ownership of entrepreneurial companies. The profits generated are re-invested back to operations or to acquisitions with attractive expected returns on capital.
Read more on company pageKey Estimate Figures2021-08-06
| 2020 | 21e | 22e | |
|---|---|---|---|
| Revenue | 97.6 | 138.2 | 155.1 |
| growth-% | 63.0 % | 41.6 % | 12.2 % |
| EBIT (adj.) | 5.9 | 9.7 | 12.4 |
| EBIT-% (adj.) | 6.0 % | 7.0 % | 8.0 % |
| EPS (adj.) | 1.50 | 2.45 | 3.28 |
| Dividend | 0.40 | 0.44 | 0.48 |
| Dividend % | 1.4 % | 2.2 % | 2.4 % |
| P/E (adj.) | 19.6 | 8.1 | 6.1 |
| EV/EBITDA | 15.1 | 5.9 | 4.5 |
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