Original-Research: asknet solutions AG (von Sphene Capital GmbH)

Original-Research: asknet solutions AG - von Sphene Capital GmbH

Einstufung von Sphene Capital GmbH zu asknet solutions AG

Unternehmen: asknet solutions AG
ISIN: DE000A2E3707

Anlass der Studie: Update Report
Empfehlung: Buy
seit: 16.09.2020
Kursziel: EUR 17,30 (bisher EUR 17,90)
Kursziel auf Sicht von: 24 Monate
Letzte Ratingänderung: -
Analyst: Peter Hasler

Possible obligations to pay default interest on sales tax
Yesterday, asknet solutions (formerly Nexway) announced that a ruling by
the Federal Fiscal Court ('Bundesfinanzhof' short BFH) against asknet
solutions could lead to payment obligations to the tax authorities of up to
EUR 0.764 mn. The BFH ruling was preceded by an appeal by the company
against a VAT return for the year 2005, which was deemed to have been
corrected and which the company had submitted in 2011. This ruling has now
been reversed by the Federal Fiscal Court. In the event of an obligation to
pay interest on arrears in the aforementioned amount, the Company will
examine claims for damages against former members of the Executive Board
and tax consultants.
It is currently unclear when and to what extent asknet solutions will be
obligated to pay default interest on sales tax claims that have already
been settled. It is also unclear whether possible claims for damages
against former members of the Executive Board or the former tax consultants
will be successful. In the worst-case scenario, the additional payments
would reduce the value from our three-phase discounted cash flow entity
model by EUR 0.60 per share. In order to take the possible additional
payments into account, we are therefore adjusting our price target to EUR
17.30 from EUR 17.90 (base-case scenario). In a Monte Carlo scenario
analysis, in which we used alternative sales and earnings scenarios, the
best-case and worst-case equity values are now EUR 19.70 and EUR 13.90 per
share, respectively. Similar price targets can be derived from an economic
value-added model, which is our secondary valuation method. Based on
yesterday's closing price of EUR 8.60, our new price target results in a
price potential of 101.2% over a 24-month period. We confirm our buy rating
for the shares of asknet solutions AG.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89)74443558/ +49 (152)31764553

-------------------übermittelt durch die EQS Group AG.-------------------

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