Tipp24 share analysis of equities analyst Alexandra Schlegel Bankhaus Lampe :
Alexandra Schlegel, an equities analyst of Bankhaus Lampe advises in a recent equity research continue to purchase the shares of the Internet lottery agent Tipp24 SE ( ISIN: GB00BHD66J44 , WKN: TPP024 , Ticker Symbol: TIM) .
Have tipp24 yesterday preliminary figures , while the payment of a special dividend of 7.50 euros per share ( dividend yield of 15.5% , BHLe € 8.10 ) announced that is payable at the end of April 2014. This corresponds to a 45% payout of net cash position. This Tipp24 hold still enough cash to carry their own share of jackpot payouts (approx. 35 million euros ) and is furthermore able to potentially continue to invest in new business .
Tipp24 going further in 2015 to introduce a regular dividend , which should be at least 1.50 euros . The equity analyst at Bankhaus lamp go in a study published today by the fact that this is handle a very conservative guidance . You guess unchanged 1,70 EUR per share ( a total of 13.6 million euros in annual FCF of approximately 30 million euros ) as a regular dividend.
Tipp24 have published 2013 annual figures , which the beginning of December
due to a jackpot payout corrected guidance in the following areas would significantly exceed :
– ( . +4.5 % Vs. BHLe 124.3 million euros ), revenues of 129.9 million euros and an EBIT of EUR 19.9 million ( +12.4 % vs. BHLe 17.7 million euros . ) . This was due to a higher than average December .
– ( . -11% Vs. BHLe 1.47 € ) The EPS of EUR 1.32 EUR disappoint due to a higher tax rate. Tipp24 can not be offset against the profits of the subsidiary MyLotto24 generated in German society losses of about 10 million euros , while the majority of rights are not redeemed by the Swiss foundation . The equities analyst of Bankhaus Lampe took this tax effect for the next two years in their model . You assume that Tipp24 will perform an optimization of the corporate structure over the next 18 months.
The Tipp24 share handle currently in a KGV2014 of 14x ( cash adjusted) and thus to an attractive level .
Alexandra Schlegel, an equities analyst at Bankhaus lamp has adapted their model and recommends the Tipp24 share with an unchanged target price of 62 euros (CF – Yield , DCF ) – especially with regard to the expected end of April payment of the special dividend.