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Nexway AG DE000A2E3707

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

16.09.20

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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

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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:

http://www.more-ir.de/d/21617.pdf

Kontakt für Rückfragen

Peter Thilo Hasler, CEFA

+49 (89)74443558/ +49 (152)31764553

peter-thilo.hasler@sphene-capital.de

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

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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