Original-Research: Homes & Holiday AG - von GBC AG

Einstufung von GBC AG zu Homes & Holiday AG

Unternehmen: Homes & Holiday AG

Anlass der Studie: Research report (IPO study)
Empfehlung: Buy
Kursziel: 4.83 EUR
Letzte Ratingänderung:
Analyst: Marcel Goldmann, Cosmin Filker

The fully-integrated franchise specialist for holiday properties

Homes & Holiday AG and its subsidiaries, Porta Mondial AG, Porta
Mallorquina and Porta Holiday, specialise in services relating to high-
quality holiday properties within its own developed franchise system. With
its Porta Mondial, Porta Mallorquina and Porta Holiday brands, the Group
combines the brokerage business with holiday rentals and property
management. With the comprehensive online services and individual advisory
on site, the Group relies consistently on multi-channel sales. In addition
to the core market of Mallorca - where it is presently the leading broker
on the Internet and belongs to the top 3 overall - the Group focuses on
holiday property locations in Spain and Germany. In future, expansion is
planned to the Spanish mainland and into the German holiday property

With its main focus on Spain and Germany, Homes & Holiday AG is active in
the most attractive holiday property markets in Europe, in very interesting
growth regions. In combination with the continuing favourable interest rate
level, the holiday property specialist operates in a very attractive market
environment. From 2016 to 2017, the property transaction volume grew in
Spain by 21.3% to EUR 73.8 billion (PY: EUR 60.9 billion). The volume of
holiday properties sold to foreign buyers amounted to approx. EUR 1.6
billion on the Balearic Islands in 2016. The property market in Germany
also developed just as positively. The number of German citizens who own a
holiday property reached a new peak value in 2017, at 1.0 million people
(PY: 0.93 million).

The generally strong rise in demand for holiday properties in Spain and
Germany and the dynamic development of the booking figures for holiday
properties, are important factors for the future development of Homes &
Holiday AG.

Homes & Holiday AG (Porta Mondial AG) was able to achieve constant growth
in recent years, which was particularly supported by its subsidiary, Porta
Mallorquina. In 2017, a new peak value was reached for sales volume on
Mallorca, at an estimated EUR 90.0 million. At the Group level, a sales
volume of EUR 138.8 million was generated for this time period. In order to
grow more strongly in the future, the company is currently issuing new
shares during the course of the IPO (periode: 5th to 21st of June). For
this purpose, the required marketable holding company was founded, with
Homes & Holiday AG, and the long-standing operating subsidiaries (Porta
Mondial AG incl. Porta Mallorquina & Porta Holiday) incorporated into it.

It is worth noting that in the past the management has continuously
developed the business model of Homes & Holiday AG in the direction of a
'full-service provider' (brokerage business, holiday lettings (referral)
and property management) for holiday properties. As a result, the company
has created a significant competitive advantage, in our opinion, as the
company is presently the only German franchise system provider which offers
such a comprehensive range of services for holiday properties. This makes
the company more attractive to customers and increases their loyalty.

The property business also operates master centres (service centres) to
support its franchise partners and enable them focus intensively on their
core activity, sales. This has significantly increased the revenue of the
partners, and made it much easier to acquire new partners. The management
now intends to take advantage of these unique selling points of Homes &
Holiday AG ('first mover advantage') and accelerate the growth further with
funds from the initial public offering.

With the further expansion of the partner network and the synergies between
the business divisions, additional significant growth in sales volume is
also estimated to reach EUR 160.0 million for the current 2018 financial
year, with net commission revenue of approx. EUR 4.3 million. For the
subsequent years, we are anticipating an acceleration of the dynamic
revenue growth and disproportionate earnings development, particularly due
to the funds from the initial public offering. On the basis of our
estimates for the company development, within the scope of our valuation
model, we have calculated a fair value (post money) of EUR 4.83 per share
of Homes & Holiday AG.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
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