Activity Stream
NuWays AG: NFON AG: BUY
Original-Research: NFON AG - from NuWays AG
Classification of NuWays AG to NFON AG
Company Name: NFON AG
ISIN: DE000A0N4N52
Reason for the research: Update
Recommendation: BUY
Target price: EUR 11.70
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
FY ’23 prelims: Another beat on the bottom-line; chg. est.
Yesterday, NFON released FY ’23 prelims, which show moderate top-line
growth but strong profitability improvements as well as another guidance
beat. The FY24 guidance points towards further ARR growth and an improving
profitability. In detail:
FY recurring revenues came in at € 77.1m (eNuW: € 76.8m), implying a
moderate 4.8% yoy increase at a continuously strong ARR ratio of 93.7%
(+2.6pp yoy). This was mainly based on slightly increased seat base of 656k
(+3.5% yoy) following further customer wins as well as successful
up-selling of premium solutions. Total sales increased by 1.9% yoy to €
82.3m (eNuW: 82.4m).
FY adj. EBITDA increased substantially to € 8.4m (vs € -1.0m in FY ’22),
thus coming in ahead of our estimates (€ 8.0m) as well as consensus (€
7.6m). With this, the company slightly outperformed the already upgraded
guidance range of € 7.8-8.3m. Reported EBITDA came in at € 6.8m (eNuW: €
6.7m) vs € -5.3m in FY ’22. The strong improvement in profitability should
have been mainly due to an improved gross margin (eNuW: +1.9pp yoy) as well
as the effect of the imposed efficiency measures especially in relation to
personnel costs (14% staff reduction after 9M) as well as improved
marketing efficiency (e.g. channel marketing. Notably, NFON will report
positive FCF (€ 1.0m vs eNuW: € -0.2m) for the first time since going
public, prooving that the cash burn of previous years is a thing of the
past now.
FY24 guidance. With the preliminary results, management also put out a
guidance for FY ’24, targeting ARR growth in the mid- to
high-single-digit-% range (eNuW new: 7.3%), an ARR ratio of >90% (eNuW:
94%) as well as an adjusted EBITDA of € 10-12m (eNuW: € 10.7m), implying a
margin of 12.5% at midpoint. Given the scalability of the capital-light
business model with strong recurring revenues and further cost-optimization
potential in the cards (e.g. DTS integration), the new outlook looks
clearly achievable.
In our view, the release fully confirms the success of the ongoing
turnaround. We continue to like the company’s positioning among the
technological leaders amid the structurally growing market for integrated
business communication. Here, especially the historically underpenetrated
German market should offer compelling growth prospects going forward.
Although NFON shares have been on a rise this week, valuation continues to
be attractive, as stock is trading on a mere 1.1x EV/Sales ‘23e. We
reiterate BUY, unchanged PT of € 11.70 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29101.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: Rosenbauer International AG: BUY
Original-Research: Rosenbauer International AG - from NuWays AG
Classification of NuWays AG to Rosenbauer International AG
Company Name: Rosenbauer International AG
ISIN: AT0000922554
Reason for the research: Update
Recommendation: BUY
from: 07.03.2024
Target price: 54.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Shaping the future of firefighting
Topic: Rosenbauer offers a broad range of groundbreaking products and is
actively shaping the firefighting market of tomorrow to make the future
world of firefighting safer, climate-friendly and more efficient. These
technologies range from electric vehicles to drones and satellite images.
Digital solutions make daily tasks easier. With the RDS Connected Command
software, firefighters can access operationally relevant information such
as maps, alarm data and potential hazardous chemicals on their mobile phone
or tablet computers. Further, Rosenbauer has been cooperating with the
German aerotech start-up OroraTech since the start of 2022 to detect
wildfires early using satellite systems. The aim of the strategic
partnership is to provide current and historical satellite data to
emergency services on the ground via the RDS Connected Command software.
Digital Solutions are part of Rosenbauer’s Customer Service segment, which
has been in FY23e responsible for c. 10% of total revenue (eNuW). Going
forward, we expect this business unit to grow by 7.0% in FY24e (eNuW).
The future is electric. Rosenbauer is clearly a pioneer in the
electrification of firefighting with its electric models RT (Revolutionary
Technology) and the PANTHER electric. As more cities start to forbid
vehicles with combustion engines, the demand for electric alternatives will
rise in the firefighting market. In Amsterdam, for instance, no trucks,
buses, and taxis with combustion engines are allowed into the municipal
area from 2025. Rosenbauer estimates the share of its electric vehicle
sales to reach 50% by 2030. The increasing importance of electric vehicles
does not only benefit Rosenbauer’s sales, but also supports profitability,
as the company can achieve higher margins with its electric vehicles. This
is possible because Rosenbauer builds the chassis for electric vehicles on
its own and is at the same time in the position to charge higher prices.
While those trends should have a positive impact on the P&L during the
mid-term, further, the € 1.79bn preliminary FY23 order backlog (FY22: €
1.47bn) should fuel revenue growth in FY24e as the supply chain situation
keeps improving (eNuW: + 8.6% yoy in sales). Chassis lead times for MAN,
Daimler and Volvo decreased significantly compared to FY22 and the average
price per ordered fire truck increased 12.1% yoy during the first 9M of
FY23. Hence, we expect to see an improving top- and bottomline with an
increasing EBIT margin for FY24e (eNuW: 4.6%, +1.1pp yoy). We reiterate our
BUY rating with an unchanged € 54.00 PT based on DCF.
You can download the research here:
http://www.more-ir.de/d/29085.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: USU Software AG: BUY
Original-Research: USU Software AG - from NuWays AG
Classification of NuWays AG to USU Software AG
Company Name: USU Software AG
ISIN: DE000A0BVU28
Reason for the research: Update
Recommendation: BUY
from: 07.03.2024
Target price: 30.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Q4 preview: Sequential improvements following license recovery
Topic: USU Software is going to release its 2023 annual report on March
28th, which is seen to show further sequential improvements during Q4,
partly driven by a recovery of the license sales as well as continuously
growing SaaS sales.
Q4 sales are seen coming in at € 34.9m, implying a muted 4.0% yoy but
showing further sequential improvements with 6.3% qoq. This should be
driven among others by a recovery of the license revenues, which we expect
to come in at € 3.1m thus accounting for almost half of the FY license
sales (eNuW: € 6.5m) but still 30% down yoy. Mind you, that license
revenues deteriorated in the first 9M of ’23 following prolonged sales
cycles. Besides this, SaaS sales look set to show further strong growth of
20% yoy to € 4.6m. Overall, FY ’23 sales are seen at € 133m, hence meeting
the lower end of the company’s guidance (€ 132-139m).
While growth remains muted, Q4 adj. EBITDA is expected at € 4.3m,
indicating an improved margin of 12.4% vs Q3 (+3.9pp qoq). Again, the main
driver behind this is seen to be the sequential increase in license sales,
which usually show higher initial margins compared to subscription-based
SaaS revenues. Yet, FY adj. EBITDA is anticipated to amount to € 13.1m,
thus reaching the lower end of the guidance (€ 13-15m) but also implying a
margin decline by 3.4pp to 9.9%.
2024 another transition year. While sequential improvements should continue
throughout 2024e, we still expect profitability to be slightly below the
levels of ’21 & ’22 with an adj. EBITDA margin of 12.5%. This is mainly due
to the ongoing SaaS transformation, where management aims for a >75% share
of new customer business by FY ’26 and hence a consequent decline in
license sales. While this will have an adverse short-term effect on
profitability, margins are seen to strongly expand in mid-term (eNuW: 17.1%
by FY ‘26e), as the annual subscription payments of the SaaS contracts
should equal perpetual license sales including maintenance after c. 3
years.
Although another transition year is likely laying ahead, current valuation
appears undemanding at 13x EV/EBIT ‘24e (vs historic avg. of 20x).
Reiterate BUY with an unchanged PT of € 30 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29087.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: VOQUZ Labs AG: BUY
Original-Research: VOQUZ Labs AG - from NuWays AG
Classification of NuWays AG to VOQUZ Labs AG
Company Name: VOQUZ Labs AG
ISIN: DE000A3CSTW4
Reason for the research: Update
Recommendation: BUY
from: 07.03.2024
Target price: 22.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
FY prelims: Strong H2 & promising outlook / chg. est & PT
Topic: VOQUZ Labs announced preliminary FY ’23, indicating a strong
sequential recovery in H2 regarding both, top-line growth and
profitability. Management also issued a promising outlook for the coming
year. In detail:
H2 sales increased by 16% yoy to € 3.4m (eNuW: € 3.1m), which should have
been mainly driven by the company’s flagship product samQ (eNuW: 75% of
sales), as indicated by the recently published order intake figures.
Importantly, the newly launched product visoryQ, a tool that automates ERP
decisionmaking processes for SAP products, appears to be already in high
demand, accounting for 10% of sales (eNuW). Overall FY ’23 sales came in at
€ 5.2m (eNuW: € 5.0m), indicating a 11% yoy increase.
H2 EBITDA came in at € 0.9m (eNuW: € 0.3m), implying a 28% margin. The gap
to our estimate can be mainly explained by scale related to the better
top-line as well as a higher than expected share of license revenues. On
this basis, FY ’23 EBITDA turned positive at € 0.4m (eNuW: € -0.2m), an
8.6% margin. Moreover, the company indicated that EBIT might even turn
slightly positive (eNuW new: neutral), while FCF should have still been
slightly negative with € -0.2m (eNuW new) following continuous investments
into the product portfolio.
Promising outlook. Management also put out a guidance for FY ’24, targeting
sales growth of 10-20% yoy (eNuW new: +17%) and an EBITDA margin of 15-20%
(eNuW new: 16%). This should be, among others, driven by the ongoing
S/4HANA transition (mainstream maintenance for old ERP software ends in
2027), of which VOQUZ is seen to be one of the main beneficiaries
especially with its new product visoryQ, as well as compelling cross- and
up-selling opportunities. Further, we expect a slight rebound effect, after
many IT buyers postponed orders amid macro headwinds in 2023. From 2025
onwards, management aims for annual organic sales growth of >20% (eNuW new:
+25% in ‘25e & +22% in ‘26e) and EBITDA margins north of 20% (eNuW new:
20.5% in ‘25e).
Despite the strong share price performance YTD, valuation still looks
undemanding with the stock trading on a mere 1.2x EV/Sales and 7.6x
EV/EBITDA ‘24e (0.8x/4.0x based on FY25e) carried by the strong underlying
mid-term prospects as well as the scalability of the capital light business
model.
Reiterate BUY with an upgraded PT of € 22 (old: € 20) based on DCF.
You can download the research here:
http://www.more-ir.de/d/29091.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: ZEAL Network SE: BUY
Original-Research: ZEAL Network SE - from NuWays AG
Classification of NuWays AG to ZEAL Network SE
Company Name: ZEAL Network SE
ISIN: DE000ZEAL241
Reason for the research: Update
Recommendation: BUY
from: 06.03.2024
Target price: 51.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Henry Wendisch
Q4 preview: tough comp for lottery, games still small
Topic: ZEAL should release final FY'23 figures on March 20th. Here's what
we expect for Q4'23e:
Tough comp for lottery: Against a strong Q4'22 (peaking EuroJackpot), total
German lottery spending (on & offline) has declined by 9% yoy in Q4'23 (+3%
yoy for FY'23; Source: DLTB). For ZEAL it should also be hard to exceed its
strong Q4'22, as we expect a slight yoy decline of 3% to € 208m in billings
in Q4'23e. On a a FY'23e basis however, solid billings growth of 11% yoy to
€ 841m (guidance: € 800-830m) should be in the cards thanks to 1.15m MAU
(eNuW; +7.5% yoy) and an ABPU of € 61.00 (eNuW; +3.2% yoy). With an average
Lottery gross margin of 12.6% (eNuW), FY'23e sales from Lottery should grow
accordingly by of 6% yoy to € 106m (Q4: € 26.8m, -9% yoy).
Next data point of Games roll-out: While the new segment 'Games' showed
strong KPIs in its first quarter after introduction (Q3'23), we expect
further improvements in Q4, as more games were added and lottery players
should have been cross-sold. However, as regulatory approval takes more
time than anticipated, we expect conservative sales of € 1.9m (vs. € 1.2m
in Q3), based on an slightly increased pay-in for games of € 3.9m (vs. €
3.3m for Q3'23) and a constant pay-in to billings ratio.
Guidance well in reach: We expect ZEAL to exceed its lottery billings
guidance of € 800-830m (eNuW: € 841m) while the sales (€ 110-120m; eNuW: €
115m) and EBITDA (€ 30-35m; eNuW: € 33.4m) guidance should be reached at
mid-point.
Promising FY'24e outlook: While we expect Lottery sales to grow by 12% yoy
to € 119m (driven by continuous marketing driven user intake), the Games
business should also have first meaningful sales contribution of € 10m,
implying total sales growth of 18% yoy. As ZEAL currently targets existing
lottery players for its Games business, we model no marketing expenses for
Games while € 42m should be spent on Lottery for brand awareness & customer
acquisition. However, as user KPIs for Games look attractive (Q3'23 ARPU: €
7.67 at Lottery vs. € 22.02 at Games), additional € 3-8m of marketing
expenses could be spent on Games in return for more user intake during
FY'24e.
Against this backdrop, the recent share price weakness should be a buying
opportunity, especially as Q1'24 saw extraordinary strong jackpots already,
indicating a promising start into a strong growth year. Reiterate BUY with
unchanged PT of € 51.00, based on DCF.
You can download the research here:
http://www.more-ir.de/d/29071.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: Nabaltec AG: BUY
Original-Research: Nabaltec AG - from NuWays AG
Classification of NuWays AG to Nabaltec AG
Company Name: Nabaltec AG
ISIN: DE000A0KPPR7
Reason for the research: Update
Recommendation: BUY
from: 06.03.2024
Target price: 25.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
FY23 profitability better than expected / valuation too pessimistic
Topic: While profitability in Q4 (preliminary figures) came in
significantly better than expected, sales fell slightly short of
expectations. Although FY24 is seen to also be burdened by the challenging
macro environment, valuation has more than factored it in, in our view.
Q4 sales came in at € 44.2m, down 14% yoy (eNuW € 52.2m). The shortfall to
our estimates was driven by the particularly weak Speciality Alumina (S.A.)
segment where sales declined 31% yoy due to customers' further inventory
wind-downs, generally weak demand (46% of sales from refractory customers).
Functional Fillers (F.F.) came in as expected at € 32.4m (-6% yoy). FY23
sales decreased by 8.6%; with F.F. down 4% yoy to € 142m and S.A. down 12%
yoy to € 58m. Positively, boehmite sustained its recovery, yet from low
levels. H2 volumes stood at 3.1kt, up ~64% vs H1, leading to FY volumes of
c. 5kt (flat yoy, eNuW). Nabaltec is also gaining further momentum with its
gap filler, APYRAL.
Q4 EBIT came in strong at € 5.2m, down only 6% yoy (eNuW: € 3m), a margin
of 11.7%. This was the result of a positive mix effect, i.e. decent
development of higher margin products like boehmite, APYRAL and ATH from
Nashtec vs. a strong decline at S.A. FY23 EBIT came in at € 18.3m, a 9.1%
margin.
Cautious FY24 guidance. Management expects to grow FY24 sales slightly
(eNuW new: 3.9%) with an EBIT margin of 7-9% (eNuW new: 8.6%). Growth is
expected to be carried by a slight increase of boehmite volumes (+1kt yoy),
further growing gap filler demand and improving utilization rates at its US
plants, while the remainder of F.F. and S.A. should remain rather flat yoy.
The core business (ATH and S.A.) should remain solid going forward, yet
with a certain degree of cyclicality as currently visible. Speciality
products such as boehmite and APYRAL still have the potential to
significantly drive earnings growth going forward. Yet, as a result of
uncertainties regarding the build-up of significant European/US battery
production volumes, timing and degree of growth remains difficult to
assess. Mind you, boehmite is used to coat the separator film and the
electrode in order to significantly improve safety/heat resistance of NMC,
NMx and LFP batteries.
Unjustified valuation. Nabaltec is trading on 7.5x EV/EBIT FY24e (10y avg.
at 11.9x) and a 30% discount to its book value while having a rock-solid
balance sheet (€ 94m cash, € 4m net cash) , good margins and offering a 16%
FCF yield. Remains a BUY with a new € 25 PT (old: € 31) based on FCFY 24e.
You can download the research here:
http://www.more-ir.de/d/29077.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: Multitude SE: BUY
Original-Research: Multitude SE - from NuWays AG
Classification of NuWays AG to Multitude SE
Company Name: Multitude SE
ISIN: FI4000106299
Reason for the research: Update
Recommendation: BUY
from: 06.03.2024
Target price: 10.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Small value-accretive acquisition through CapitalBox; chg
Yesterday, Multitude announced to have acquired the Danish factoring
specialist Omniveta Finance through its SME unit CapitalBox. Last week,
CapitalBox also launched a new collateral lending product. In detail:
Value-accretive acquisition. Founded in 2012, Omniveta is a factoring
specialist, that is purchasing invoices (eNuW: on avg. 30 days credit
period) from suppliers with a certain discount (eNuW: 10-20%, including
handling fees). With that, Omniveta is improving the overall liquidity of
Danish SME´s. We expect that the company is generating a low single digit
million Euro amount in sales and being more or less break-even on the
bottom line. Multitude is seen to have paid
You can download the research here:
http://www.more-ir.de/d/29079.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: 123fahrschule SE: Buy
Original-Research: 123fahrschule SE - from NuWays AG
Classification of NuWays AG to 123fahrschule SE
Company Name: 123fahrschule SE
ISIN: DE000A2P4HL9
Reason for the research: Update
Recommendation: Buy
from: 05.03.2024
Target price: 7.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
FY ’23: Strong growth and improved profitability; chg. est & PT
Last week, 123fahrschule published a sound set of FY ‘23 results. Total
sales increased by 24% yoy, coming in at € 20.6m (eNuW: € 20.2m; eCons: €
21.0m). In spite of a slight decrease in the number of private customer
registrations, sales growth was still driven by the Private Customers
segment, where sales grew by 16% yoy to € 15.6m (eNuW: € 15.9m). The
Professional Driver Education segment continued its strong growth momentum,
as sales were up 138% yoy to € 2.3m. Importantly, sales from the Driving
Instructor Training segment regained traction in Q4 (+106% yoy), as FY
sales came in at € 2.7m (+22% yoy; eNuW: € 2.2m), which was largely due to
efficiency gains.
FY EBITDA came in at € -0.8m (eNuW: € -0.7m; eCons: € -0.4m), which is
largely in line with expectations. After a neutral 9M EBITDA, the full-year
figure, once again, underpins the company's strong seasonality, which is
reflecting (1) a general reluctance of customers to take driving lessons
during Christmas season as well as (2) higher OpEx based on built-up
provisions for vacation accruals which are cumulated at YE. However, this
represents a substantial improvement compared to an EBITDA of € -2,7m in FY
‘22. In our view, this shows the effectiveness of the cost-cutting measures
introduced in December 2022, whose implementation was fulfilled in 2023.
Going forward, the company looks set to remain on its growth path, as sales
are seen to grow by 13% yoy to € 23.2m in FY’ 24e (eNuW; eCons: € 24.2m),
which should be driven by the Private Customer segment (+12% yoy) based on
increased capacity of driving instructor FTEs (+20% yoy at YE ‘24e). Yet,
we also expect a contribution from the Professional Driver Education
segment (+20% yoy), as an increased focus on corporate clients (i.e.
logistics, retail, agriculture) is seen to offset a possible negative
effect of the current government budget crisis on the awarding of education
vouchers.
Against this backdrop, EBITDA is seen to further improve to a neutral level
(eNuW; eCons: € 2.6m) before turning positive in FY ‘25e (eNuW: € 2.2m;
eCons: € 3.2m), which should be fuelled by the likely return of online
theory in 2025. In a CC scheduled for next Monday (register here),
management is going to provide more colour on this matter as well as on
possible legal changes regarding the use of simulators in driving schools.
The stock remains a BUY with a new PT of € 7.20 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29067.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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First Berlin Equity Research GmbH: European Lithium Limited: Buy
Original-Research: European Lithium Limited - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to European Lithium Limited
Company Name: European Lithium Limited
ISIN: AU000000EUR7
Reason for the research: Update
Recommendation: Buy
from: 04.03.2024
Target price: €0.17
Target price on sight of: 12 months
Last rating change: -
Analyst: Simon Scholes, CFA
First Berlin Equity Research has published a research update on European
Lithium Limited (ISIN: AU000000EUR7). Analyst Simon Scholes reiterated his
BUY rating and maintained his EUR 0.17 price target.
Abstract:
Pricing for lithium chemicals quadrupled during 2021/22 as worldwide sales
of EVs tripled. Since early 2023 prices have collapsed by ca. 80% due to
destocking at Chinese electric battery makers prompted by rising supply.
However, as always in cyclical markets, the best cure for low prices.is low
prices. New lithium projects base their funding on long term price
expectations at the time of funding. Generally, long term price forecasts
are influenced by prices at the time of funding because it is difficult for
observers to detach themselves from current prices. This pattern of
behaviour indicates that supply growth will moderate. First signs that this
is indeed happening have come in recent days as lithium commodity prices
have rallied on news that major miners are delaying planned capacity
increases. Meanwhile, the consultant Benchmark Minerals Intelligence (BMI)
sees global EV sales more than quadrupling from 13.8m units in 2023 to
59.1m in 2033 and expects the lithium market to be back in deficit from
2029 - the year we expect the Wolfsberg Lithium Project to reach full
capacity. BMI further forecasts that the lithium market will remain in
deficit into the early 2040s i.e. throughout the project's lifetime.
European Lithium (EUR) also has a 7.5% stake in the Tanbreez rare
earths/rare metals project in Greenland, which in terms of in situ tonnage
of rare earths oxides, is the largest such project in the world. It is
likely that EUR/Critical Metals shareholders will have an opportunity to
take a larger stake ahead of a planned 2025 Nasdaq listing of the project.
We maintain our Buy recommendation for EUR with price targets of €0.17 and
AUD0.28 (previously: €0.17 and AUD0.25).
First Berlin Equity Research hat ein Research Update zu European Lithium
Limited (ISIN: AU000000EUR7) veröffentlicht. Analyst Simon Scholes
bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 0,17.
Zusammenfassung:
Die Preise für Lithiumchemikalien haben sich 2021/22 vervierfacht, da sich
der weltweite Absatz von Elektrofahrzeugen verdreifacht hat. Seit Anfang
2023 sind die Preise aufgrund des Abbaus von Lagerbeständen bei
chinesischen Herstellern von Elektrobatterien, der durch das steigende
Angebot ausgelöst wurde, um ca. 80 % eingebrochen. Doch wie immer in
zyklischen Märkten ist das beste Mittel gegen niedrige Preise... ein
niedriger Preis. Die Finanzierung neuer Lithiumprojekte basiert auf
langfristigen Preiserwartungen zum Zeitpunkt der Finanzierung. Im
Allgemeinen werden die langfristigen Preisprognosen von den Preisen zum
Zeitpunkt der Finanzierung beeinflusst, da es für Beobachter schwierig ist,
sich von den aktuellen Preisen zu lösen. Dieses Verhaltensmuster deutet
darauf hin, dass sich das Angebotswachstum abschwächen wird. Erste
Anzeichen dafür, dass dies tatsächlich passiert, gab es in den letzten
Tagen, als die Preise für Lithium-Rohstoffe aufgrund der Nachricht, dass
große Bergbauunternehmen geplante Kapazitätserweiterungen verschieben,
anstiegen.Das Beratungsunternehmen Benchmark Minerals Intelligence (BMI)
geht davon aus, dass sich der weltweite Absatz von Elektrofahrzeugen von
13,8 Mio. Stück im Jahr 2023 auf 59,1 Mio. Stück im Jahr 2033 mehr als
vervierfachen wird, und erwartet, dass der Lithiummarkt ab 2029 - dem Jahr,
in dem das Wolfsberg-Lithium-Projekt voraussichtlich seine volle Kapazität
erreicht - wieder im Defizit sein wird. BMI prognostiziert außerdem, dass
der Lithiummarkt bis in die frühen 2040er Jahre, d.h. während der gesamten
Laufzeit des Projekts, defizitär bleiben wird. European Lithium (EUR) hält
außerdem einen Anteil von 7,5 % am Tanbreez-Projekt für Seltene
Erden/Seltene Metalle in Grönland, das gemessen an der In-situ-Tonnage an
Seltenen Erden-Oxiden das größte derartige Projekt der Welt ist. Es ist
wahrscheinlich, dass die Aktionäre von EUR/Critical Metals die Möglichkeit
haben werden, vor der für 2025 geplanten Notierung des Projekts an der
Nasdaq einen größeren Anteil zu erwerben. Wir halten an unserer
Kaufempfehlung für EUR mit Kurszielen von €0,17 und AUD0,28 fest (zuvor:
€0,17 und AUD0,25).
Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des
Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29059.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
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GBC AG: Media and Games Invest SE: BUY
Original-Research: Media and Games Invest SE - from GBC AG
Classification of GBC AG to Media and Games Invest SE
Company Name: Media and Games Invest SE
ISIN: SE0018538068
Reason for the research: Research study (Note)
Recommendation: BUY
Target price: 4.50 EUR
Last rating change:
Analyst: Marcel Goldmann, Cosmin Filker
FY 2023 closed with solid sales performance; strong new customer business
ensured significant organic growth; return to dynamic growth path expected;
price target raised to € 4.50; buy rating confirmed
Sales and earnings development 2023
On 29 February 2029, Media and Games Invest SE (MGI) published its
preliminary business figures for the past financial year 2023. According to
these figures, the technology company achieved solid revenue growth
compared to the previous year (PY: € 324.44 million) with its fully
integrated advertising software platform (ad tech platform), generating
revenue of € 321.98 million. The majority of revenue was generated by the
traditionally largest advertising segment 'Supply Side Platform' (revenue
share of SSP: 93.6%) with revenue totalling € 301.39 million (PY: € 298.88
million).
On a comparable basis, the company reports a moderate increase in
consolidated sales of 5.0%, which achieved a particularly high growth rate
of 16.0% in the final quarter, traditionally the strongest quarter in terms
of sales. The sales growth achieved was mainly due to an increase in the
software customer base and the volume of advertising placed. The number of
customers on MGI's digital ad tech platform increased dynamically by 18.9%
year-on-year to 2,276 at the end of the fourth quarter (number of customers
at the end of Q4 2022: 1,915). At the same time, the volume of digital
advertising delivered increased significantly by 19.1% to 206 billion at
the end of the fourth quarter (advertising ads at the end of Q4 2022: 173
billion).
Thanks to the significant expansion of the software customer base and the
substantial increase in advertising volume, the company was able to hold
its own and even gain market share despite a previously difficult market
situation (low CPMs, subdued advertising budgets, etc.). The company's
further improved market position in the mobile sector is also reflected in
the market-leading positions on iOS and Android with a market share of
12.0% and 12.0% respectively, according to the industry experts at
Pixalate. Accordingly, we believe that MGI has outperformed the advertising
industry as a whole and the overall advertising market.
In terms of earnings, MGI achieved growth at all earnings levels, primarily
due to the revaluation of the AxesInMotion earn-out payment liability
(positive one-off effect of € 62.76 million). EBITDA increased dynamically
by 51.6% to € 128.46 million (PY: € 84.75 million) compared to the previous
year. Adjusted for special effects (e.g. M&A and restructuring costs or
revaluations of balance sheet items), adjusted EBITDA (Adj. EBITDA)
totalled € 95.20 million, a slight increase compared to the previous year
(PY: € 93.20 million).
The adjusted EBITDA margin (Adj. EBITDA margin) increased to 29.6% (PY:
28.7%). This increase in profitability reflects the first positive effects
of the savings programme launched last year, which is expected to generate
annual cost savings of around € 10.0 million once successfully implemented.
We believe that the majority of the planned savings effects should already
materialise in the current 2024 financial year.
In terms of net performance, a consolidated result (after minority
interests) of € 46.73 million was achieved, which was significantly above
the previous year's level (PY: € -20.32 million). This significant increase
in net income was mainly due to the positive one-off effect from the
revaluation of an M&A-related payment obligation described above. In
addition, a relatively low tax expense ratio also favoured their positive
earnings development.
The company guidance adjusted by MGI management in the third quarter of
2023 (sales of € 303 million and adjusted EBITDA of € 93.0 million) was
therefore exceeded. Our sales estimate (sales: € 303.21 million) and
adjusted EBITDA forecast (adjusted EBITDA: € 93.07 million) were also
exceeded.
Forecasts and evaluation
With the publication of the preliminary figures, MGI's management has also
provided a rough outlook for the current financial year, although this
guidance will be further specified as the year progresses. In view of a
strong fourth quarter (organic growth Q4 2023: 16.0%) and an even more
dynamic start to the year (organic growth Jan. 2024: 18.0%), MGI expects
double-digit percentage growth in consolidated sales for the current
financial year 2024. At the same time, an improvement in earnings is also
expected.
In light of the positive company outlook, the increased (organic) growth
momentum and the expected recovery of the advertising market, we have
adjusted our previous sales and earnings estimates upwards. Accordingly, we
now expect revenue of € 352.18 million (PY: € 324.74 million) and EBITDA of
€ 100.08 million (PY: € 95.56 million) for the current financial year. For
the following financial year 2025, we are forecasting sales of € 389.51
million (PY: € 357.66 million) and EBITDA of € 113.35 million (PY: € 108.49
million). With regard to the 2026 financial year, which we have included in
our detailed forecast period for the first time, we anticipate a further
increase in sales and EBITDA to € 437.03 million and € 130.67 million
respectively.
Overall, we therefore assume that MGI will succeed in returning to a
dynamic growth trajectory with its leading ad tech platform. The company's
strong positioning in the in-app and CTV segment in particular should prove
to be one of the main growth drivers. In terms of earnings, the
cost-cutting programme launched by the company last year should take full
effect from the current financial year onwards and thus provide an
additional boost to future earnings.
As part of our DCF valuation model, we have raised our price target to €
4.50 (previously: € 4.05) per share due to our increased sales and earnings
estimates. An even higher price target increase was counteracted by higher
capital costs (risk-free interest rate currently 2.50%, instead of 2.00%
previously). In view of the current share price level, we therefore
continue to give the stock a 'BUY' rating and see significant upside
potential.
You can download the research here:
http://www.more-ir.de/d/29049.pdf
Contact for questions
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) of completion: 04/03/2024 (8:20 am)
Date (time) of first distribution: 04/03/2024 (10:00 am)
-------------------transmitted by EQS Group AG.-------------------
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NuWays AG: LION E-Mobility AG: Buy
Original-Research: LION E-Mobility AG - from NuWays AG
Classification of NuWays AG to LION E-Mobility AG
Company Name: LION E-Mobility AG
ISIN: CH0560888270
Reason for the research: Update
Recommendation: Buy
from: 04.03.2024
Target price: 10.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Large order from electric bus manufacturer
Topic: LION E-Mobility received a € 12m order for battery packs from
electric bus manufacturer KARSAN. Its ambitious growth prospects and recent
order momentum should leave room for additional battery pack orders in the
short-term.
In detail, the € 12m battery pack order comprises € 6m in firm orders to be
delivered in FY24 as well as a € 6m floating component to accommodate the
evolving needs of KARSAN and the rapidly expanding market for electric
buses. LION expects the floating component of the order to also be
delivered in FY24.
KARSAN is a Turkish manufacturer of electric buses used for public
transportation that is mainly active in Europe (e.g. ~40% market share in
Luxemburg and Romania and 19% in France) but is also expanding its business
in North America and that is in the midst of entering Japan. According to
its FY24 targets, KARSAN plans to more than double its vehicle output to
1.2-1.3k vehicles compared to FY23. As the company does not have its own
battery pack production, it heavily relies on partners such as LION. We
hence expect further follow-up orders during the foreseeable future.
Newsflow to remain positive. LION is expected to release preliminary FY23
figures on March 21st. As already highlighted during the Q3 earnings call
in December, the company is seen to report € 25m sales in Q4 alone - a
significant sequential step-up (vs. 9M of € 29m). Throughout FY24, LION
should, report further larger order wins in its Mobility and Storage
segments (eNuW). The latter is seen to experience significant tailwinds
from the planned launch of a LFP-based battery pack during the second half
of the year.
After all, valuation remains very attractive. While 2023 should be seen as
transition year, FY24e looks set to be marked by (1) strong sales growth
(eNuW: 44% yoy) thanks to a running production and an increased sales
force, (2) LION turning at least EBITDA breakeven thanks to operating
leverage, (3) the launch of LFP battery packs and (4) further progress on
the LIGHT battery. Still, shares trade at a mere 0.5x EV/sales 2024e.
We hence reiterate BUY with an unchanged € 10.50 PT based on DCF.
You can download the research here:
http://www.more-ir.de/d/29045.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
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NuWays AG: R. STAHL AG: BUY
Original-Research: R. STAHL AG - from NuWays AG
Classification of NuWays AG to R. STAHL AG
Company Name: R. STAHL AG
ISIN: DE000A1PHBB5
Reason for the research: Update
Recommendation: BUY
from: 29.02.2024
Target price: 31.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Several structural trends could drive mid-term growth
Topic: Despite a strong competitive quality, R. Stahl had difficulties
translating it into operating performance between 2016 and 2021. Thanks to
R. Stahl having done its homework by implementing changes on the back of
efficiency and structural trends kicking in, shares look poised for a
re-rating.
R. Stahl has begun to supply LED lightning solutions to a nuclear plant in
UK (Hinkley Point C) with a total expected revenue of € 10-12m, of which c.
€ 3.5m are already booked as revenue in FY23e (eNuW). Importantly, the UK
project is partially owned by the French utility company EDF, which also
manages France’s 56 power reactors. C. 54 of these need to be refurbished
within the next 20 years and 6 new reactors are planned by 2050. With an
estimated potential revenue of € 5m per refurbished reactor and € 10m for
the new ones, this implies a € 330m revenue opportunity for R. Stahl
(eNuW).
LNG delivers a material mid-term growth opportunity. R. Stahl is the
globally leading provider of explosion protection for LNG tankers,
terminals and liquification/regassification plants (25-75% market shares).
Independence from Russian energy imports leads to a rising demand for LNG
in Europe. For instance, Germany opened its first LNG terminal in
Wilhelmshaven during December 2022 to compensate for the Russian gas
imports. Until 2027, nine LNG terminals are planned in Germany, to import
capacities of up to 69 billion cubic meters, of which the majority is seen
to come from USA and Qatar.
In contrast to the booming LNG business, the chemical industry in Germany
was rather weak since the Russian invasion, due to substantially increased
energy and gas prices. We expect the softening to carry well into FY24e, as
the German chemical association (VCI) expects a revenue decline of 3%
during 2024e for its home market (2023: -12%). Despite the short-term
challenges, in the long-run we do not see the local chemical industry in
severe danger. It should hence remain an integral part of the company.
Order intake increased for the third consecutive year up to € 343m (+9.3%
yoy) leading to a strong order backlog of € 115m at the end of FY23e. We
expect to see mid-single-digit sales growth for FY24e in combination with
low double-digit EBITDA margins. Yet, valuation looks undemanding. Shares
are trading on a mere 5.0x EV/EBITDA (9x PE) 2024e, clearly below the
historical average of roughly 7x. This is despite the structural demand
tailwinds, which should fuel mid-term sales and margin growth.
Hence, we reiterate our BUY rating with an unchanged PT of € 31, based on
DCF.
You can download the research here:
http://www.more-ir.de/d/29027.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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NuWays AG: LAIQON AG: Buy
Original-Research: LAIQON AG - from NuWays AG
Classification of NuWays AG to LAIQON AG
Company Name: LAIQON AG
ISIN: DE000A12UP29
Reason for the research: Long Note
Recommendation: Buy
from: 28.02.2024
Target price: 10.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Game changing cooperation with Union Investment; chg
Recently, LAIQON has announced to have closed the game changing cooperation
with Union Investment. With that, LAIQON provided a new promising guidance
for its subsidiary LAIC, mainly reflecting the potential of the new
cooperation. Further, LAIQON announced a capital raise on the level of LAIC
and published FY23 prelims that came in rather weak. In detail:
Cooperation with Union is heralding a new era. Together Union and LAIQON
will launch new type of fund-based investment product for wealthy
Volksbanken and Raiffeisenbanken (VR) customers in Q4´24. The core of the
joint product is an individual fund asset management (iFVV) that is
providing an individually tailored portfolio, based on dozens of
AI-generated decision parameters of the WealthTech LAIC considering both –
classic and sustainable (ESG-compliant) investments constraints. While
LAIQON is providing the technology and the reporting via its wealth tech
LAIC (DAP 4.0) as well as a fully digital onboarding, Union Investment is
providing the distribution channels and the sales power within VR
ecosystem. The VR banks sell the product to customers by advising and
onboarding them. The joint goal is to attract new customers for individual
fund- and AI-based wealth management.
New promising guidance for LAIC. While the management expects AuM´s of LAIC
to increase by € 5-6bn until FY28e to € 5.5-6.5bn, mainly driven by the new
cooperation with Union, we are slightly more conservative expecting AuM´s
to increase to only € 4.5bn AuM.
Financing secured. In order to finance the initial costs of the cooperation
(eNuW: c. € 3m), LAIQON plans to raise up to € 6.8m, partially via emission
of new “LAIC token 24”, partially via sale of existing token at a valuation
of € 65m.
Weak FY23 prelims of € 30.7m sales (eNuW: € 33.4m) and € -4.8m EBITDA (vs
eNuW: € -1.6m) reflecting the frustrating situation on the capital markets
in FY23.
In this piece, we take a closer look at 1) the Digital Asset segment and
the cooperation with Union Investment, 2) the Asset Management and 3) the
Wealth Management.
As we consider the cooperation as a game changer for LAIQON, we reiterate
BUY with a new PT of € 10.00, based on DCF.
You can download the research here:
http://www.more-ir.de/d/28997.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: beaconsmind AG: Buy
Original-Research: beaconsmind AG - from NuWays AG
Classification of NuWays AG to beaconsmind AG
Company Name: beaconsmind AG
ISIN: CH0451123589
Reason for the research: Update
Recommendation: Buy
from: 28.02.2024
Target price: 15.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Strong order intake to start the year; chg.
Topic: beaconsmind announced three major contract extensions, two of which
in the CloudWiFi hotspot segment, proving the strength of the groups newly
aligned product portfolio. In detail:
The company extended its collaboration with nursing homes operator Vitanas,
where beaconsmind will implement comprehensive Wi-Fi coverage at 15
additional locations. The project is scheduled to be rolled out in Q2 ’24
and has a total sales volume of c. CHF 1m. In addition, the company also
expanded its contract with retail company Müller. After beaconsmind
implemented its Wi-Fi solutions in over 770 stores in the DACH region and
Spain in recent year, the company was now commissioned to install FREDERIX
CloudWiFi also in the remaing c. 145 stores in CEE. The project rollout is
scheduled for the first half of 2024 and should generate total sales in the
lower single-digit CHFm range (eNuW). With this, beaconsmind is once again
proving the compelling up- and cross-selling potential of the product
portfolio as well as the value-added from the recent acquisitions. On top
of this, beaconsmind gained property manager Reos GmbH as a customer, as
the company will roll-out a self-developed VPN network across all ten
locations of Reos. The deal is announced to have a total volume of c. CHF
0.5m.
Impact of transaction to unfold in H2. beaconsmind is seen to report a
solid set of FY figures in May, which are seen to display the full effect
of the recent acquisitions. In detail, we expect sales to come in at CHF
6.9m (H2: CHF 4.3m) and an EBITDA of CHF -0.6m (H2: CHF -0.1m). In FY ‘24e
sales are seen to increase to CHF 12.5m, which is in line with managements
guidance of CHF 12.6m, while EBITDA looks set to turn positive at CHF 2m.
The main drivers for this should be (1) the full effect of the acquisitions
of KADSOFT and T2 (closed in H2 ’23), (2) synergy effects from crossselling
across the beaconsomind Group enhancing organic growth, (3) the ongoing
internationalization as well as (3) the continuously growing share of SaaS
revenues (see p. 2) allowing for improved operating leverage.
Mind you, the company looks set to continue its Buy & Build strategy (5
acquisitions in past 18 months) going forward. For 2024e, we expect
acqusitions to the tune of € 4-5m sales to be in the pipeline. Here,
management is seen to be looking for margin accretive, bolt-on acqusitions.
As future M&A is not included in our model, this leaves a certain upside to
our estimates.
Reiterate BUY with a new PT of € 15.00 based on DCF.
You can download the research here:
http://www.more-ir.de/d/28999.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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The result of this research does not constitute investment advice
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NuWays AG: CLIQ Digital AG: Buy
Original-Research: CLIQ Digital AG - from NuWays AG
Classification of NuWays AG to CLIQ Digital AG
Company Name: CLIQ Digital AG
ISIN: DE000A35JS40
Reason for the research: Update
Recommendation: Buy
from: 28.02.2024
Target price: 65.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Marie-Thérèse Grübner
Solid FY figures & sizable share buyback; est. & PT chg.
Topic: CLIQ reported final FY23 figures on Thursday (update on prelims from
Feb. 5th) and announced a € 13m share repurchase program. Here are our key
takeaways:
Strong bundled content share boosts higher-LTV customer base. At 94% of
FY23 total revenues (88% in FY22), bundled content across 25+ portals
continued to grow its share of total revenues at the expense of single
content (300+ portals), strengthening customer retention due to offering
several streaming verticals “all-in-one.' This strategy has proven very
rewarding over the past quarters and has increased LTV per customer by 17%
yoy to now € 85. The company is on track to improve its content catalogue
across all verticals, and particularly CLIQ’s position in cloud gaming
looks promising since it capitalizes on the rapidly advancing market,
expected to grow by 46% CAGR until 2030 (Statista).
2024e guidance & growth outlook. Management released a weaker-than-expected
2024 guidance of € 360-380m in revenues and € 52-58m EBITDA. Sales are now
seen to come in at c. € 375m or +15% yoy (eNuW old: € 402m), while EBITDA
should amount to c. € 55m or +10% yoy (eNuW old: 63m), mainly driven by (1)
ongoing headwinds in traffic acquisition and conversion in a still
challenging macroeconomic environment and (2) increased costs for both
customer acquisition (eNuW: € 157m) as well as elevated licensing fees for
higher-quality content (eNuW: € 64m). Having said that, several growth
drivers should help the company reach its c. € 500m mid-term sales target
along with strong EBITDA and cash flow generation, including further
geographic expansion into Latin America and Asia (currently still
You can download the research here:
http://www.more-ir.de/d/29001.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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NuWays AG: Rubean AG: Buy
Original-Research: Rubean AG - from NuWays AG
Classification of NuWays AG to Rubean AG
Company Name: Rubean AG
ISIN: DE0005120802
Reason for the research: Update
Recommendation: Buy
from: 28.02.2024
Target price: 9.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Major cooperation with Commerz Globalpay; chg.
Topic: Yesterday, Rubean announced to have won the Global Payment tender
for Germany, which is basically the tender for the recently announced joint
venture between Commerzbank and Global Payments (“Commerz Globalpay”). In
detail:
Earlier this year, Commerzbank announced to have entered a joint venture
with Global Payment in order to offer digital payment services to its SME
clients. With yesterday´s corporate news it became clear that Rubean is
delivering the PhonePOS solution for the joint venture and Global Payments
App “GP tom”. Rubean´s unique PhonePOS solution enable SME clients of
Commerzbank to use its phones as payment terminals instead of using third
party devices.
Attractive pricing scheme. We expect that the contract with Global Payment
has two major components: 1) fixed fee per terminal in use (phone using the
Rubean´s payment solution) per month of (eNuW: c. € 1.40-1.50) and 2) a
fixed fee per executed transaction (eNuW: € 0.02-0.03). Assuming that
PhonePOS will be used by 100k SME clients of Commerzbank until end of FY25
(mind you that Commerzbank is servicing overall c. 600k SME clients),
executing an average of 7 transactions per day each, we expect Rubean to
generate additional € 1.0m sales in FY24 (eNuW) and € 2.9m additional sales
in FY25.
With the third important strategic partnership announcement within a short
period of time (i.e. Correos, emerchantpay), Rubean is showing once again
very clearly that its leading softPOS product is ready and that the
roll-out is in full swing. We hence expect positive newsflow from further
new partnerships within FY24 that should further ramp-up sales and EBIT
going forward.
As we have already anticipated meaningful cooperations within this year, we
adjust our sales estimates only slightly, remaining rather conservative.
Still, we expect exponentially growing quarterly figures that should result
in slightly increased sales of € 3.0m and an EBIT of € -1.4m for FY24e.
Mind you, that further customer wins as well as a dynamic development of
existing partnerships could render our estimates as too low.
BUY with a new PT of € 9.00, based on our DCF.
You can download the research here:
http://www.more-ir.de/d/29003.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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First Berlin Equity Research GmbH: Valneva: Buy
Original-Research: Valneva - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Valneva
Company Name: Valneva
ISIN: FR0004056851
Reason for the research: Update
Recommendation: Buy
from: 27.02.2024
Target price: €8.60
Target price on sight of: 12 months
Last rating change: -
Analyst: Simon Scholes, CFA
First Berlin Equity Research has published a research update on Valneva SE
(ISIN: FR0004056851). Analyst Simon Scholes reiterated his BUY rating and
decreased the price target from EUR 8.90 to EUR 8.60.
Abstract:
FY/23 product revenues recovered strongly (+26% to €144.6m) in line with
resurgent travel activity. The current cash position is higher than the
year-end figure of €126.1m (we estimate ca. €200m) due to the receipt of
€95m for the sale of a priority review voucher in early February and we
believe Valneva's cash runway extends into 2025. 2024 product revenue
guidance of €150m-€180m incorporates sales growth of 10%+ for the Ixiaro
(Japanese encephalitis) and Dukoral (cholera and ETEC) travel vaccines, but
suggests a slower ramp in sales of the chikungunya vaccine, Ixchiq
(approved by the FDA in November 2023), than we had previously modelled. We
continue to believe that the market is undervaluing medium and long-term
prospects for both Ixchiq and the Lyme disease vaccine candidate, VLA15
(launch scheduled for 2027). However, we have lowered our 2024 and 2025
sales forecasts for Ixchiq and now see fair value for the Valneva share at
€8.60 (previously: €8.90). We maintain our Buy recommendation.
First Berlin Equity Research hat ein Research Update zu Valneva SE (ISIN:
FR0004056851) veröffentlicht. Analyst Simon Scholes bestätigt seine
BUY-Empfehlung und senkt das Kursziel von EUR 8,90 auf EUR 8,60.
Zusammenfassung:
Die Produktumsätze im GJ/23 erholten sich stark (+26% auf €144,6 Mio.), was
mit der wiederauflebenden Reiseaktivität zusammenhängt. Die aktuelle
Cash-Position ist höher als die Jahresendzahl von €126,1 Mio. (wir schätzen
ca. €200 Mio.), da Valneva Anfang Februar €95 Mio. für den Verkauf eines
Priority-Review-Gutscheins erhalten hat, und wir gehen davon aus, dass sich
Valnevas Cash-Runway bis 2025 erstreckt. Die Umsatzprognose für das Jahr
2024 in Höhe von €150 Mio. bis €180 Mio. beinhaltet ein Umsatzwachstum von
mehr als 10 % für die Reiseimpfstoffe Ixiaro (Japanische Enzephalitis) und
Dukoral (Cholera und ETEC), deutet jedoch auf einen langsameren Anstieg der
Umsätze des Chikungunya-Impfstoffs Ixchiq (im November 2023 von der FDA
zugelassen) hin, als wir zuvor angenommen hatten. Wir sind weiterhin der
Ansicht, dass der Markt die mittel- und langfristigen Aussichten sowohl für
Ixchiq als auch für den Borreliose-Impfstoffkandidaten VLA15
(Markteinführung für 2027 geplant) unterbewertet. Aufgrund der niedrigeren
Umsatzzahlen für Ixchiq in den Jahren 2024 und 2025, als wir zuvor
prognostiziert hatten, senken wir jedoch das Kursziel von €8,90 auf €8,60.
Wir behalten unsere Kaufempfehlung bei.
Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des
Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/28995.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
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First Berlin Equity Research GmbH: Cardiol Therapeutics Inc: Buy
Original-Research: Cardiol Therapeutics Inc - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Cardiol Therapeutics Inc
Company Name: Cardiol Therapeutics Inc
ISIN: CA14161Y2006
Reason for the research: Update
Recommendation: Buy
from: 27.02.2024
Target price: USD 3.60
Target price on sight of: 12 months
Last rating change: -
Analyst: Christian Orquera
First Berlin Equity Research has published a research update on Cardiol
Therapeutics Inc. (ISIN: CA14161Y2006). Analyst Christian Orquera
reiterated his BUY rating and maintained his USD 3.60 price target.
Abstract:
Cardiol Therapeutics (Cardiol) announced that the FDA has granted Orphan
Drug Designation (ODD) in the US for its lead drug candidate CardiolRx for
the treatment of pericarditis, including recurrent pericarditis (RP).
Importantly, the FDA's decision was based on pre-clinical data as well as
initial clinical data from the ongoing RP phase II study. This is excellent
news, as in our view it indicates that the undisclosed data from the phase
II study that was reported to the FDA is in all likelihood favourable.
Based on this encouraging news, we see our positive assessment of
CardiolRx's prospects in RP confirmed. The ODD will provide the company
with attractive benefits, including seven years of market exclusivity. In
addition, the company announced the completion of patient enrolment in the
phase II RP study and confirmed that topline results are expected to be
published in Q2 2024. We reiterate our Buy recommendation and price target
of USD 3.60 (€3.30).
First Berlin Equity Research hat ein Research Update zu Cardiol
Therapeutics Inc. (ISIN: CA14161Y2006) veröffentlicht. Analyst Christian
Orquera bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von USD
3,60.
Zusammenfassung:
Cardiol Therapeutics (Cardiol) gab bekannt, dass die FDA in den USA die
Orphan Drug Designation (ODD) für seinen führenden Arzneimittelkandidaten
CardiolRx zur Behandlung von Perikarditis, einschließlich rezidivierender
Perikarditis (RP), erteilt hat. Wichtig ist, dass die Entscheidung der FDA
auf präklinischen Daten sowie ersten klinischen Daten aus der laufenden
RP-Phase-II-Studie basiert. Dies ist eine ausgezeichnete Nachricht, da sie
unserer Ansicht nach darauf hindeutet, dass die nicht veröffentlichten
Daten aus der Phase-II-Studie, die der FDA gemeldet wurden, aller
Wahrscheinlichkeit nach positiv sind. Aufgrund dieser ermutigenden
Nachrichten sehen wir unsere positive Einschätzung der Aussichten von
CardiolRx in RP bestätigt. Die ODD wird dem Unternehmen deutliche Vorteile
bieten, darunter eine siebenjährige Marktexklusivität. Darüber hinaus gab
das Unternehmen den Abschluss der Patientenrekrutierung in der RP-Studie
der Phase II bekannt und bestätigte, dass die ersten Ergebnisse
voraussichtlich im zweiten Quartal 2024 veröffentlicht werden sollen. Wir
bekräftigen unsere Kaufempfehlung und unser Kursziel von USD 3,60 (€3,30).
Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des
Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/28993.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
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First Berlin Equity Research GmbH: Schloss Wachenheim: Buy
Original-Research: Schloss Wachenheim - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Schloss Wachenheim
Company Name: Schloss Wachenheim
ISIN: DE0007229007
Reason for the research: Q2 23/24 results
Recommendation: Buy
from: 26.02.2024
Target price: €22.00
Target price on sight of: 12 months
Last rating change: -
Analyst: Simon Scholes
First Berlin Equity Research has published a research update on Schloss
Wachenheim AG (ISIN: DE0007229007). Analyst Simon Scholes reiterated his
BUY rating and maintained his EUR 22.00 price target.
Abstract:
Although inflation is falling and wage and salary increases are partially
compensating for lost consumer purchasing power, the business environment
remained challenging for SWA during the Christmas quarter. Group volume
fell 6.1% to 73.7m bottles in Q2 23/24 (Q2 22/23: 78.5m bottles) due to
price increases which SWA was forced to implement to compensate for higher
raw material and energy costs. Sales rose 4.3% to €148.1m (Q2 22/23:
€142.0m) but was 3.4% below our forecast of €153.3m. Q2 23/24 EBIT at
€16.4m (Q2 22/23: €12.5m) was 11.3% below our expectation. Q2 23/24 EBIT
and 22/23 Christmas quarter EBIT were burdened by exceptional costs of
€0.3m and €4.4m respectively. Stripping out these items, the Q2 comparison
was €16.7m vs €16.9m. In the annual report published last September, SWA
guided towards FY 23/24 sales growth of 6-9%, EBIT of €28m-€30m and net
profit before non-controlling interests of €19m-€21m. Given that sales were
up only 4.5% at the H1 23/24 stage, i.e. after the crucial Christmas
quarter, management is now looking for full-year sales growth of 5%. EBIT
and net profit guidance remain intact, but SWA has pointed out that these
figures are likely to be at the lower end of their respective ranges. We
have lowered our sales forecast to reflect new guidance, but our profit
estimates are little changed as these were already near the bottom of the
guided ranges. We continue to believe that falling inflation will feed
through to lower interest rates and improving consumer sentiment over the
coming quarters. The decline in the German 10-year bond yield from 2.71% at
the time of our last note in mid-November to 2.36% now, cancels out the
slight reduction in our sales and profit forecasts. We maintain our Buy
recommendation and price target of €22.00.
First Berlin Equity Research hat ein Research Update zu Schloss Wachenheim
AG (ISIN: DE0007229007) veröffentlicht. Analyst Simon Scholes bestätigt
seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 22,00.
Zusammenfassung:
Obwohl die Inflation rückläufig ist und Lohn- und Gehaltserhöhungen den
Kaufkraftverlust der Konsumenten teilweise kompensieren, blieb das
Geschäftsumfeld für SWA auch im Weihnachtsquartal herausfordernd. Der
Konzernabsatz sank im 2. Quartal 23/24 aufgrund von Preiserhöhungen, die
SWA zum Ausgleich der gestiegenen Rohstoff- und Energiekosten vornehmen
musste, um 6,1 % auf 73,7 Mio. Flaschen (2. Quartal 22/23: 78,5 Mio.
Flaschen). Der Umsatz stieg um 4,3 % auf €148,1 Mio. (Q2 22/23: €142,0
Mio.), lag aber 3,4 % unter unserer Prognose von €153,3 Mio. Das EBIT des
2. Quartals 23/24 lag mit €16,4 Mio. (2. Quartal 22/23: 12,5 Mio.) um 11,3
% unter unserer Erwartung. Das EBIT des 2. Quartals 23/24 und das EBIT des
Weihnachtsquartals 22/23 wurden durch Sonderkosten in Höhe von €0,3 Mio.
bzw. €4,4 Mio. belastet. Bereinigt um diese Posten lag der Q2-Vergleich bei
€16,7 Mio. gegenüber €16,9 Mio. Im Geschäftsbericht, der im September
letzten Jahres veröffentlicht wurde, prognostizierte SWA für das
Geschäftsjahr 23/24 ein Umsatzwachstum von 6-9%, ein EBIT von €28 Mio. bis
€30 Mio. und einen Konzernjahresüberschuss von €19 Mio. bis €21 Mio.
Angesichts der Tatsache, dass der Umsatz im ersten Halbjahr 23/24, d.h.
nach dem entscheidenden Weihnachtsquartal, nur um 4,5 % gestiegen ist,
erwartet das Management nun ein Umsatzwachstum von 5 % für das Gesamtjahr.
Die Prognosen für das EBIT und den Konzernjahresüberschuss bleiben intakt,
aber SWA hat darauf hingewiesen, dass diese Zahlen wahrscheinlich am
unteren Ende der jeweiligen Bandbreite liegen werden. Wir haben unsere
Umsatzprognose gesenkt, um den neuen Prognosen Rechnung zu tragen, aber
unsere Gewinnschätzungen haben sich kaum verändert, da sie sich bereits am
unteren Rand der Prognosespannen befanden. Wir gehen weiterhin davon aus,
dass die sinkende Inflation in den kommenden Quartalen zu niedrigeren
Zinsen und einer Verbesserung des Konsumklimas führen wird. Der Rückgang
der Rendite 10-jähriger deutscher Anleihen von 2,71% zum Zeitpunkt unserer
letzten Mitteilung Mitte November auf jetzt 2,36% gleicht die leichte
Senkung unserer Umsatz- und Gewinnprognosen aus. Wir behalten unsere
Kaufempfehlung sowie unser Kursziel von €22,00 bei.
Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des
Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/28979.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
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GBC AG: Vectron Systems AG: BUY
Original-Research: Vectron Systems AG - from GBC AG
Classification of GBC AG to Vectron Systems AG
Company Name: Vectron Systems AG
ISIN: DE000A0KEXC7
Reason for the research: Research Comment
Recommendation: BUY
Target price: 10.00 EUR
Target price on sight of: 31.12.2024
Last rating change:
Analyst: Cosmin Filker, Matthias Greiffenberger
Preliminary figures for 2023: Sales and earnings development in line with
expectations, rating: BUY
Vectron Systems AG (Vectron for short) published its preliminary figures
for the past fiscal year 2023 on 21 February 2024. With sales revenue of €
37.4 million (previous year: € 25.2 million), the company not only
significantly exceeded the previous year's figure by 48%, but also returned
to its growth path as expected. This figure was in the upper half of the
sales guidance, which forecast sales in a range of € 36.0 million to € 37.8
million. Our forecast (GBC estimate: € 38.6 million) was also almost
achieved.
According to our calculations, Vectron sales increased by 11% to € 28.0
million (previous year: € 25.2 million). The main reason for the sales
growth in the Vectron division (POS systems and digital services) was the
further increase in recurring income by 53% to € 13.2 million (previous
year: € 8.6 million), which now accounts for 47% (previous year: 34%) of
total sales in this division. This clearly reflects the company's focus on
expanding its digital business in particular. Accordingly, Vectron has
outsourced hardware production to external partners. The sales of acardo
group AG (acardo), which was acquired on 1 January 2023, also contributed
to the overall increase in sales. According to our findings, the inorganic
contribution to sales is likely to have exceeded €10 million.
Thanks to the expansion of the digital business and the earnings
contribution of the acquired acardo, the turnaround was achieved with
EBITDA of € 3.0 million (previous year: € -3.9 million). At the same time,
the preliminary EBITDA was at the upper end of the guidance raised in
October, which had forecast EBITDA in a range of € 2.2 million to € 3.2
million. Our EBITDA estimate (GBC forecast: € 3.2 million) was also almost
achieved. EBITDA should be characterised by extraordinary income from the
reversal of provisions.
Even if this is a one-off effect, a disproportionately high improvement in
earnings should still be achieved in the current financial year 2024. On
the one hand, the expansion of the digital business will be accompanied by
higher margins. On the other hand, the cost-cutting measures introduced in
the hardware area are not expected to take full effect until 2024. The
expansion of the digital business and thus of recurring sales will also
make the company less dependent on external fluctuations in demand. Vectron
has not yet felt any negative effects from the VAT increase for the
catering industry. On the contrary, digital services are likely to be in
greater demand against the backdrop of staff shortages in the sector.
The acquisition of acardo should also make a significant contribution to
sales and earnings in the current 2024 financial year. The couponing
specialist announced the expansion of its couponing network by a further
3,500 stores at the beginning of the year, making it the largest check-out
couponing network in Germany. Against this backdrop, Vectron's guidance
should remain valid and we are maintaining our estimates for the financial
years 2024 and 2025.
As part of the DCF valuation model, we have determined a target price of €
10.00 (previously: € 10.10). The marginal reduction in the target price is
due to the increase in the risk-free interest rate and thus the weighted
cost of capital. On the other hand, we have raised the perpetual growth
rate by 0.5% due to inflation, which has had the effect of increasing the
price target. We continue to assign the BUY rating.
You can download the research here:
http://www.more-ir.de/d/28977.pdf
Contact for questions
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) completion: 26.02.24 (10:15 am)
Date (time) first transmission: 26.02.24 (11:30 am)
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
Showing 21 to 40 of 388 entries