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January 17th, 2022 | 10:05 CET

Aspermont, SAP, Steinhoff - Unbridled growth

  • Digitization
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With focused growth and high investments in the cloud division, European software giant SAP wants to attack the US tech groups Oracle and Salesforce. The Walldorf-based Company has recognized the signs of the times; technological progress concerning a rapidly growing engineered and digital world is picking up speed. The Australian Company Aspermont, a formerly long-established publishing house, has already gone through the digital transformation. The next step is now to become a fintech group. The path has already been paved.

time to read: 3 minutes | Author: Carsten Mainitz
ISIN: ASPERMONT LTD | AU000000ASP3 , SAP SE O.N. | DE0007164600 , STEINHOFF INT.HLDG.EO-_50 | NL0011375019

Table of contents:

    Aspermont - Is the boom coming?

    Aspermont, a leading media services provider to the mining industry known for publishing the two longest-running publications, Mining Journal and Mining Magazine, has made the transition to a B2B mediatech company over the past six years. Bringing together a world-class management team and specializing in technology and digitization, the Horizon platform was launched between 2016 and 2019 to drive long-term growth and initiate operational restructuring in terms of productivity, efficiency, and scalability.

    With its "anything-as-a-service" model, the Perth-based Company offers its customers services such as studies, data and virtual events. Payment is made in a personalized subscription model, guaranteeing recurring revenues. Since its launch, Aspermont has demonstrated 21 consecutive quarters of growth in revenue, contributions, audience expansion and all other KPIs. While the Corona pandemic impacted business revenues, which declined 30% in 2020, pre-pandemic growth levels have now been regained, and momentum continues to build.

    CEO Alex Kent is now taking things a step further with plans to enter other segments and expand geographically, particularly into Asia. The formation of a joint venture with Spark Plus and IPC marks the Company's entry into the lucrative fintech segment by establishing a capital raising platform. Growth at Aspermont is expected to continue to be financed from operating cash flow. Following the successful transformation and the introduction of the digital model, there is currently around AUD 7 million in the Company's account.

    Nevertheless, there could be an influx of capital in the near future. An agreement has been signed with investment bank SooChow CSSD Capital Markets SCMM, which focuses on young, high-growth companies in the Asian region for management consulting. In addition, SCCM plans to subscribe to unlisted transferable stock options that can be exchanged for Aspermont common stock. In total, there are up to 250 million shares with a maturity date of only September 30, 2022, and an exercise price of AUD 0.0432 per share, about 50% above the Australian's current share price. Aspermont will receive AUD 10.8 million if the options are exercised, equivalent to EUR 6.8 million. Currently, the Australians are valued at AUD 58 million.

    SAP - Cloud business to be expanded

    The Walldorf-based software company wants to grow significantly with high investments, especially in the cloud business. At first glance, the prospects for the current year look mixed. In the best-case scenario, management expects a stable operating result, which could even fall by 5% compared to the previous year. "More and more companies are choosing SAP to reposition themselves, build stable supply chains and become sustainable businesses as they move to the cloud," said SAP CEO Klein.

    Klein is making investments in the promising segment to compete with global rivals and projects revenue growth between 23% and 26%. By 2025, SAP aims to draw more than EUR 22 billion in revenue from the cloud. Several analysts are optimistic about the CEO's approach. Private bank Berenberg continues to rate the stock as a "buy" with a price target of EUR 141.

    Steinhoff - Positive flow

    The Steinhoff share was again one of the most discussed stocks last week. The share price rose above the EUR 0.30 mark for the first time and went into the weekend with a closing price of EUR 0.32. Next week is likely to remain volatile, as the Western Cape High Court in South Africa will meet on January 24 to decide on the settlement. However, after reaching an agreement with the former Tekkie Town founders and Trevo Capital, this should only be a formality.

    Otherwise, Steinhoff continues to tackle the enormous debt and interest burden. The planned IPO of Mattress Firm and the sale of the Swiss discount furniture chain Lipo are intended to fill the empty coffers. Good figures from the subsidiary Pepco also supported the share price. As much of the positive development has already been priced in, profit-taking would be appropriate, as a significant slide in the share price cannot be ruled out. Steinhoff is and remains a highly speculative bet.

    Growth at any price is what software giant SAP wants in its cloud business. Several analysts agree with the approach of the Company's top management. At Aspermont, too, the signs continue to point to growth. At Steinhoff, even after positive events, it is still a matter of sheer survival.

    Conflict of interest

    Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.

    In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.

    For this reason, there is a concrete conflict of interest.

    The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.

    Risk notice

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    Der Autor

    Carsten Mainitz

    The native Rhineland-Palatinate has been a passionate market participant for more than 25 years. After studying business administration in Mannheim, he worked as a journalist, in equity sales and many years in equity research.

    About the author

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