Oekoworld - Normalised revenue and profitability level

ÖKOWORLD (ÖWAG) reported robust results for H118, recording €7.6m revenues and €2.1m net profit. Even though both measures declined y-o-y by 5.6% and 31.4%, respectively, it is important to note that last year’s figures were particularly strong due to high performance fees driven by favourable equity markets. Fund performance outpaced both the broader market and peers over the long term, but is currently recovering from the Q118 downturn. ÖWAG’s shares trade at a premium to the peer group on P/E and EV/EBITDA for FY18e, which, however, widens in FY19e due to earnings growth expectations below the peer-group average.