Fair value of Hexmac at 26 euros Positive Ebitda from 2002 onwards - expansion of foreign activities

B�rse-Zeitung, 16.9.2000 ba Frankfurt (own report) - The fair market value of the stock of Hexmac AG is 25.95 euros. This is the conclusion that Delbr�ck Research has come to for Hexmac AG, which will come onto the Neuer Markt in the near future. This will result in a market capitalization of more than 79 million euros, if the greenshoe is exploited to its full. Delbr�ck expects its bookbuilding range to be from 19.50 to 22 euros for the 1.28 million shares (including greenshoe), of which 1 million stem from an increase in share capital. Stock held by individuals will amount to 42% (c.f. BZ of September 5). At the moment the Directors of the company hold 80.9% of the shares. The listing will reduce this holding down to 49.6%.
The actual price range for the shares will not be finalized until September 25. Delbr�ck is a member of the bank consortium led by Bayerische Hypo- and Vereinsbank AG. Shares can be subscribed between September 26 and 28 and Hexmac is to list on October 2. The original shareholders undertake to hold their stock for 12 months. With its HPS software, Hexmac provides a tool for the content administration of websites and for the realization of e-business. The Delbr�ck analysts say that the company serves a long-term growth market. After the listing, a profit is expected to be generated by the year 2002. Until this time, however, the positive operating result will be burdened by the costs of the stock exchange listing and the planned expansion. The study calculates that the fair PER for 2002 will be 64.8 and for following year 28.5. In the ongoing business year, earnings before interest, tax and depreciation (Ebitda) of -2.42 million euros are expected. In 2001 this should be -4.18 million euros and in 2002 +1.62 million euros. According to Delbr�ck, the earnings per share will develop from -0.42 euros this year to -0.70 euros in 2001 up to 0.40 euros in 2002 and then 0.92 euros. For the year 2000, sales of 3.6 million euros are expected, a figure which will "more than double" in both of the following years. Thus, in 2001, transactions of 9.8 million euros are expected, and in 2002, around 22 million euros. The reasons for this will be, on the one hand, the entry into new markets, and on the other, the expansion of the service business. By the end of 2004 the services should account for "around one third of the business volume". The service agreements for customer training and maintenance are generally coupled to the license. Not only customers, sales partners too require training in order to be able to function in their field of business. In the period till 2002 the expansion is to be pursued. The beginnings of a global structure are already in place. In the USA there is already a good basis for expansion, with systems already having successfully been installed there. Next year the focus is planned to be concentrated on the presence in Scandinavia. This is important as Scandinavia is traditionally a key test market for the software industry. The report goes on to say that business is also to enter Great Britain and France. A market entry in Asia is also on the agenda. The expansion is to be supported by acquisitions and the development of strategic partnerships.