Original-Research: Mynaric AG - von GBC AG

Einstufung von GBC AG zu Mynaric AG

Unternehmen: Mynaric AG

Anlass der Studie: Research report (Anno study)
Empfehlung: Buy
Kursziel: 95.00 EUR
Letzte Ratingänderung:
Analyst: Marcel Goldmann, Cosmin Filker

Growth market for laser-based communication networks offers enormous growth
potential; Research cooperation with Leti boosts technological leadership;
Target price: €95.00; Rating: Buy

Mynaric specialises in the development and production of laser-based
products for use in laser-supported communications networks. This business
segment is still a young, relatively under-developed market, however, in
our opinion, it is beginning to 'clearly pick up speed slowly'. For this
segment, we are expecting very dynamic market growth and believe that, over
the long term, market volume in the double-digit millions range will be

In the past, Mynaric has mainly concentrated on the development of pre-
series products, so as to use them with potential customers for testing and
demonstration purposes. As a result, total output has still not been
achieved and with rising R&D expenses, the technology company has not yet
achieved an operating profit. The performance of the products developed so
far has been demonstrated successfully in customer tests, where two world
records have been achieved. In addition, as a result of the research
cooperation with the renowned Leti CEA Tech Research Institute, the
performance of the products will be further improved, so that technological
advances in the field of laser communications can be expanded. In addition
to this, the cost structure of the products will be optimised further,
thereby increasing benefits for the customer.

Mynaric has continued to expand its previous product portfolio in the
current financial year. As developments in the air sector have been the
main focus up till now, the development of terminals for the space sector
has now been stepped up. A ground station for this segment has already been
developed and will be tested by the first customer in the 2018 financial
year. The development of the space laser terminal is expected to be
completed at the beginning of 2019, so that it can be delivered in the same
year for use on satellites. Initial tests with electronic components of
this terminal are already planned for this year.

Last August, Mynaric announced the conclusion of a design and manufacturing
contract with the US company, Airborne Wireless Network. Under the terms of
this contract, comprehensive tests should be conducted on the company's
laser technologies this year. Up to 20 aircraft will be fitted with Mynaric
laser technology in order to support a laser-based communications network.
As a result of this cooperation a further important step has been taken on
the way to the series production that the company is striving for. The
financial resources required for this were raised by a successful initial
public offering (gross issue proceeds: €27.3 million).

In the past, Mynaric achieved a good basis to profit significantly from the
expected dynamic growth in the future laser-based communications networks
market. In the current financial year, 2018, we are expecting total output
for Mynaric of €12.20 million and EBITDA of €-3.56 million. With the
start of series production, the profit threshold should be reached at
operational level in the following year, 2019, and, as a result of this,
the total output is set to increase to €37.34 million. For the subsequent
financial years, we expect a strong rise in operating results (EBITDAs)
based on a dynamic total output trend and economies of scale. As a
consequence of this, double-digit EBITDA margins should be achievable in
the long term.

It is on this basis that we have evaluated the technology company using our
DCF model and calculated a fair value of €95.00. Based on the current
share price, our recommendation is to BUY. We hereby confirm our previous
assessment of the company (target price/rating: €95.00/Buy).

Die vollständige Analyse können Sie hier downloaden:

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86150 Augsburg
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