Activity Stream
NuWays AG: INDUS Holding AG: Kaufen
Original-Research: INDUS Holding AG - from NuWays AG
Classification of NuWays AG to INDUS Holding AG
Company Name: INDUS Holding AG
ISIN: DE0006200108
Reason for the research: Update
Recommendation: Kaufen
from: 15.05.2024
Target price: EUR 36.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Mixed Q1 results // strong FCF generation; chg. est.
Topic: INDUS reported a mixed Q1 with sales below but EBIT above estimates
as well as strong free cashflow supported by a lower seasonal working
capital increase.
Q1 sales decreased by 9% yoy to € 410m (eNuW: € 434m) due to customers’
current reluctance to buy and spend as a result of the weak German economy.
Q1 EBIT was down 40% yoy to € 26.7m (eNuW: € 25.3m), implying a margin of
6.5% (-3.4pp) driven by neg. op. leverage as well as pressure from
significantly higher wages and salaries. Mind you Q1 FY23 was an
exceptionally strong quarter, which also benefited from decreased material
costs within the Materials segment. Positive, while sales in the
Infrastructure segment declined 6.8% yoy to € 132m, EBIT rose to € 11.4m
(Q1 FY23: € 10.7m) supported by internal efficiency gains.
Strong cash generation: Free cashflow in the first quarter came in at €
6.1m (Q1 FY23: € 7.5) driven by a lower seasonal working capital increase
due to the stabilization of supply chains and lower procurement prices.
Mind you, last years’ FCF includes a € 14.4m one-time cash inflow from a
property sale.
FY guidance confirmed. Management confirmed its FY24e guidance of €
1.85-1.95m (eNuW: € 1.85m) revenue and € 145-165m EBIT (eNuW: € 157m),
despite the challenging start into the year, which was largely anticipated
by the market. In our view, the guidance seems plausible, however we expect
sales to come in at the lower end of the guidance range due to an
increasing pressure on selling prices in the Materials segment. In
addition, the outlook for the construction sector remains cautious, as the
German construction industry federation (HDB) expects a 3.5% decline in
real-term sales in 2024.
INDUS remains an attractive investment case and dividend-stock for the
mid-term. Mind you, management proposed a dividend of € 1.20 per share (AGM
on 22 May), making INDUS an attractive dividend stock with a yield of 4.4%
based on yesterday’s closing price. Due to the divestment of the lossmaking
automotive business in FY23 and an ongoing solid operating business, we
expect a further dividend rise for the current fiscal year (eNuW: € 1.40).
INDUS remains a BUY with an unchanged € 36 PT based on FCFY 2024e as (1)
shares seem attractively valued trading at 4.7x EV/EBITDA 2024e, which is
23% below the 10-year historical average, (2) INDUS is generating
double-digit ROCEs and (3) has a strong future dividend yield potential.
You can download the research here:
http://www.more-ir.de/d/29747.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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The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
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NuWays AG: MAX Automation SE: Kaufen
Original-Research: MAX Automation SE - from NuWays AG
Classification of NuWays AG to MAX Automation SE
Company Name: MAX Automation SE
ISIN: DE000A2DA588
Reason for the research: Update
Recommendation: Kaufen
from: 15.05.2024
Target price: EUR 8.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
Muted start into the year but solid order intake; chg. est.
Topic: MAX released mixed Q1 results with muted sales and slight pressure
on margins in line with expectations. However, order intake moderately
improved qoq from a low level in the last three quarters
supported by continuous follow-up orders from ELWEMA.
Q1 group sales declined slightly by 6.1% yoy to € 91m (eNuW: € 92m)
reflecting the low order backlog compared to last year. Q1 EBITDA fell by
18% yoy to € 7.9m (eNuW: € 7.6m) due to the lower top-line, wage inflation
and a product mix shift within bdtronic. Hence, the margin declined by
1.2pp yoy to 8.8%.
After three weaker quarters, order intake in Q1 showed first signs of a
recovery. Q1 group order intake increased 26% qoq to € 90m but decreased
21% yoy compared to the exceptionally strong Q1 FY23. Order intake in the
second half of FY23 suffered from investment restraints reflecting a
challenging macroeconomic environment, restrictive financing conditions and
persistently high price levels. The ongoing weakness of the global economy
was in particular delt in the German mechanical and plant engineering
sector. We expect the situation to improve modestly in the second half of
FY24e, which should translate to increasing revenue in FY25e.
bdtronic continued its growth story and increased sales by 50% yoy to €
29.6m supported by a high order backlog and strong service business.
However, EBITDA stayed unchanged yoy at € 3.3m along with a margin decrease
of 5.6pp to 11.1%. This was largely influenced by a product mix shift to
the lower margin impregnation business as well as wage inflation and an
increase in personnel.
Vecoplan’s revenues came in at € 38.7m, a 16.2% decrease yoy. EBITDA fell
by 27% to € 4.1m with a slight margin reduction of 1.6pp to 10.5% due to
investment reluctance in the recycling/waste division and positive one-offs
from the reversal of provisions in the previous year. We expect Vecoplan to
stabilize on a plateau this year with a flat development in sales and a
slight decrease in EBITDA.
MAX confirmed its FY24e guidance of € 390-450m sales (eNuW: € 411m) and €
31-38m EBITDA (eNuW: € 33m). This appears sensible in our view as it
implies a 5.7% top-line increase and a flat development in EBITDA at
midpoint.
We reiterate BUY with an unchanged PT of € 8.20, based on DCF.
You can download the research here:
http://www.more-ir.de/d/29745.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
++++++++++
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 issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
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NuWays AG: q.beyond AG: Kaufen
Original-Research: q.beyond AG - from NuWays AG
Classification of NuWays AG to q.beyond AG
Company Name: q.beyond AG
ISIN: DE0005137004
Reason for the research: Update
Recommendation: Kaufen
from: 14.05.2024
Target price: EUR 1.10
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Strong Q1 figures hint towards successful transformation/ chg.
Yesterday, q.beyond released a strong set of Q1 figures, which exceeded
ours and streets profitability estimates as efficiency measures bore fruit
despite rather muted top-line growth. In detail:
Q1 sales increased slightly by 1.1% yoy to € 47.1m (eNuW: €47.5m, eCons: €
47.6m), of which 74% were recurring revenues. The muted growth momentum was
predominantly due to the Consulting segment, which declined by 8% yoy to €
14.2m, which was mainly due to the reduction in low-margin project sales.
This also allowed for an improved segment gross margin (+6.3pp to 8.4%). In
the mid-term, management aims to continuously improve the Consulting margin
driven among others by an increasing offand near-shoring ratio (target: 20%
vs 12% after Q1), an improved utilizitation rate as well as higher daily
rates. In contrast, the Managed Services segment grew by 5.7% yoy to €
32.9m at an improved margin of 21.5%. Hence, q.beyond was able to improve
its gross profit by 38.5% to € 8.2m (eNuW: € 7.8m, eCons: € 7.9m), implying
a margin of 17.5% (+4.7pp yoy).
On this basis, Q1 EBITDA also significantly improved to € 2.0m at an
implied margin of 4.2% (eNuW: € 1.4m, eCons: € 1.4m), which compares to
negative € 1.3m in the previous year's quarter. Next to the improved gross
margin, EBITDA was driven by significantly reduced sales & marketing
(-1.5pp yoy sales ratio) and G&A expenses (-0.3pp) as well as the effects
of “One q.beyond” strategy (i.e. eliminating duplicate structures). FCF
came in at € 1.4m (company definition: € 0.6m), leading to a continuously
comfortable net cash position of
You can download the research here:
http://www.more-ir.de/d/29737.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
++++++++++
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 issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
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NuWays AG: LION E-Mobility AG: Kaufen
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: Kaufen
from: 13.05.2024
Target price: EUR 7.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
CMD underpins promising mid-term prospects; chg
Q1 sales came in at a mere € 1.2m with an EBITDA of € -2.6m. This is a
significant decrease compared to the particularly strong Q4 last year with
roughly € 26m sales and € 1m EBITDA. As pointed out during the earnings
call, this should mainly be driven by the seasonal distribution of the
company‘s current sales pipeline, which is seen to be similar to last
year‘s (H2 dependent). Management hence also confirmed its FY24 guidance of
€ 60-65 sales and € 0.5-1m EBITDA. Importantly, the current fix cost base
should only slightly increase going forward (mainly due to ramping sales
efforts, i.e. growing sales headcount and trade shows), providing plenty of
room for operating leverage as sales increase.
Recent CMD confirmed the company‘s promising prospects as underpinned by a
mid-term guidance. Until the end of FY28e, management expects to grow sales
to more than € 150m, implying a sales CAGR of at least 25%, despite an
expected annual price decline of 9%. Mind you, its production site should
be capable of significantly higher sales (assuming three shifts a day).
As part of the mid-term guidance, LION re-aligned its sales efforts,
focusing on three key end markets, namely city buses in Europe (>8t),
electric trucks (light and medium duty) in Northern America and stationary
storage (uninterrupted power supply and industrial/commercial
applications). One of the key enablers, especially for the expected growth
within the storage market, should be the upcoming product update (planned
for H2), which will feature a LFP battery pack alongside a higher energy
density NMC pack (both enabled by the SVOLT partnership).
With its immersion cooled pack, LION would add hybrid/sports cars as fourth
end market. In fact, the project is developing as planned and LION expects
a first RFQ (request for quotations) until the end of the year. A positive
outcome would notably increase the likely hood of it becoming a notably
sales driver during the mid-term (currently not part of our revenue model).
Valuation remains attractive. Shares trade on roughly 0.5 EV/Sales FY24e,
which is notably below the industry‘s average of around 1x, while the
company is expected to show strong growth during the next few years.
We reduce our PT to € 7 (based on SOTP) per share but reiterate out BUY
rating.
You can download the research here:
http://www.more-ir.de/d/29709.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
++++++++++
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 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: Kaufen
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: Kaufen
from: 13.05.2024
Last rating change:
Analyst: Frederik Jarchow
Solid Q1 figures ahead // Multitude to continue on growth path
On Thursday, Multitude will report Q1´24 figures that should come in solid,
but with room for sequential improvements until YE. Here is what to expect:
Sales should come in at € 59m (+9% yoy, -6% qoq), mainly driven by the
strong growth of the net loan book (NAR) to € 636m in FY23 (including c. €
576 loan to customer and c. € 60m attributable to warehouse lending)
unfolding its full effect in Q1. We expect ferratum to have contributed
some 84%, CapitalBox 13% and the new segment wholesale banking 3% to total
sales.
EBIT is anticipated at € 10.3m (+7% yoy, -16.3% qoq), following the higher
topline and rather stable S&M expenses and personnel expenses as well as
other operating expenses, compensating for impairments on loans (19% yoy,
-15% qoq), that should come in higher than in Q1´23 due increased loan
book. As interest expenses should should have increased by c. 10% yoy to €
7.7m (eNuW; -1% qoq), EBT should come in at € 2.8m (-4% yoy).
While our estimates for Q1 imply a solid yoy growth in a challenging
economic phase, further significant sequential improvements throughout the
year are necessary to reach the FY24 EBIT guidance of € 67.5m (vs eNuW: €
57m). In our view, the guidance looks ambitious, but is not out of range
assuming 1) further growth of the loan book, partially materializing
throughout the remainder of 2024, 2) the strong growth momentum of
CapitalBox as well as 3) opportunities around the new segment wholesale
banking that already gained traction in FY23. That, paired with ongoing
tight cost control, that the company already showed in FY23, unlocking
scale effects (assuming ongoing topline growth as a result of the growing
loan book and stable margins) as well as the fact that Multitude reached
its guidance for the 3 rd consecutive year in FY23 give us additional
confidence.
As the stock is still trading at negative EV and a 3.4x PE´24, the growing,
highly profitable, resilient and dividend paying company to look
undebatable cheap.
BUY with an unchanged PT of € 12 PT, based on our residual income model.
Mind you that Multitude is one of our NuWays' Top Picks for FY24.
You can download the research here:
http://www.more-ir.de/d/29713.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
++++++++++
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 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: R. STAHL AG: Kaufen
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: Kaufen
from: 10.05.2024
Target price: EUR 29.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Final Q1 out // Good start into 2024; chg. est.
Topic: R. Stahl reported a solid final Q1 underpinning the strong demand
for electrical explosion protection solutions, which should continue due to
favorable structural trends. Management confirmed FY24e guidance, which
looks well in reach (eNuW).
To recap, Q1 sales grew 8.5% yoy to € 84.7m, driven by a strong order
backlog of € 115m at the end of FY23. Further, while global supply chains
remained partially disrupted in the previous year, there were no
significant restrictions in Q1 FY24. Q1 adj. EBITDA decreased 19% to € 8.4m
with a lower but still solid margin of 9.9% (-3.4 pp) due to inflationary
effects from personnel costs, a higher material expense ratio and a € 2m
one-off from the implementation of the EXcelerate strategy program; 12.3%
adj. EBITDA margin excluding one-offs.
After a subdued order intake of € 74.5m in the fourth quarter, order intake
came in surprisingly positive at € 92.3m, only slightly below the
exceptionally strong order intake of last year’s Q1 (€ 96.7m). Driven by an
increasing stabilization of global supply chains, the order intake in Q4
2023 was negatively affected by active destocking activities from customers
in addition to a soft chemical industry in the DACH region. While demand in
the chemical industry remained muted, the LNG, and petrochemical industry
as well as the nuclear sector showed positive momentum during Q1. Due to
the strong order intake, order backlog increased 6% to a solid level of €
122m (end of FY23: € 115m).
Management confirmed its FY24e guidance with sales in the range of € 335 –
350m and adj. EBITDA between € 35 – 45m. Thanks to the good start into the
year and a solid order backlog, the guidance seems to be well in reach
(eNuW sales: € 347m; adj. EBITDA: € 39.7m). Even more importantly, R.
Stahl’s mid-term prospects remain bright as the company strongly benefits
from (1) its superior market share along the LNG value chain (liquefaction
and shipping: 75%, natural gas production: 50% and regasification 25%), (2)
a rising need for production automation across offshore oil and gas rigs,
and production plants of several industries and (3) the ongoing nuclear
renaissance across Europe.
With that, R. Stahl is well positioned to gradually improve margins,
returns and cash flow generation. As shares are trading on only 5.9x
EV/EBITDA 2024e we confirm our BUY rating with an unchanged € 29 PT, based
on DCF.
You can download the research here:
http://www.more-ir.de/d/29655.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
++++++++++
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: MAX Automation SE: Kaufen
Original-Research: MAX Automation SE - from NuWays AG
Classification of NuWays AG to MAX Automation SE
Company Name: MAX Automation SE
ISIN: DE000A2DA588
Reason for the research: Update
Recommendation: Kaufen
from: 29.04.2024
Target price: EUR 8.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
MAX achieved attractive sales price for MA micro; chg. est.
Topic: MAX Automation has come to an agreement on the divestment of its
subsidiary MA micro with an attractive purchase price, sale of MA micro
anticipated in the second half of FY24e.
MAX Automation announced the sale of MA micro (intention was announced in
September 2023), which was already part of discontinued operations at the
end of FY23 to the Japanese conglomerate, Hitachi Ltd. The purchase price
of € 71.5 - 76.5m is still subject to the FY24e performance of MA micro.
After the acquisition is completed, MA micro will join JR Automation
Technologies, a Hitachi group company, and market leader in providing
advanced automation solutions and digital technologies in the robotics
systems integration business. The transaction is subject to various
customary conditions, in particular the granting of merger control
approvals and is expected to be closed in the second half of FY24e. MAX
intends to use the proceeds from the sale primarily to reduce financial
liabilities by partially repaying the syndicated loan (end of FY23: €
120.8m).
The sale has no influence on our financial estimates of FY24e as MA micro
was already part of discontinued operations. However, as the proceeds will
be used to partially repay the syndicated loan (eNuW: 10% interest rate),
annual interest expenses should decline by € 7.4m, potentially boosting EPS
by 40% (eNuW), not reflected in our estimates until the transaction closed.
Taking into account the weak operating performance of MA micro during the
last year (-28% revenue yoy, -17% EBITDA yoy) and a likely further
deterioration in FY24 due to the subdued order momentum (eNuW), the
purchase price looks attractive in our view (eNuW FY24e: Sales € 40m, €
6.6m EBITDA). The implied sales multiple of 11x EV/EBITDA is 30% above the
group’s current valuation of 8.5x, which underpins the undervaluation of
the stock. Mind you, the crown jewel bdtronic and Vecoplan have bright
business prospects and should be worth considerably more than 8.0x
EV/EBITDA.
We reiterate BUY with an unchanged € 8.20 PT based on DCF.
You can download the research here:
http://www.more-ir.de/d/29553.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
++++++++++
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: NFON AG: Kaufen
Original-Research: NFON AG - from NuWays AG
Classification of NuWays AG to NFON AG
Company Name: NFON AG
ISIN: DE000A0N4N52
Reason for the research:
Recommendation: Kaufen
from: 26.04.2024
Target price: EUR 11.70
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Final FY no surprise after strong prelims / chg.
NFON published final FY 2023 figures, which were in line with the
preliminary results published in early March. FY recurring revenues stood
at € 77.1m, up 4.8% yoy at a continuously strong recurring revenue ratio of
93.7%. This was particularly driven by further key account gains as well as
cross and upselling at existing clients. Total seats stood at 656k at YE,
up 3.4% yoy. Despite the disproportionate increase in recurring revenues,
the blended ARPU, which is adjusted for recurring sales from SIP-Trunks,
remained stable at € 9.71, which was caused by a decline in voice minutes
sold resulting from the fading out of Covid effects. Going forward, we
expect ARPU to rise again driven by (1) price increase, which the company
started to impose at the end of last year, and (2) from selling premium
solutions like CC Hub, were ARPU levels are seen at € 30-40, eNuW.
FY profitability significantly improved yoy, visible in an adjusted EBITDA
of € 8.4m (2022: € -1.0m; reported EBITDA of € 6.8m vs € -5.3m). Main
drivers for this have been an improved gross margin (+2pp yoy) resulting
from the higher recurring ratio, but more importantly the imposed
efficiency measures in relation to personnel (personnel ratio -3.9pp yoy)
as well as marketing (marketing ratio -5.2pp yoy), which already beard
fruit. A further highlight was clearly FCF, which came in at € 1m (2022: €
-12.4m), thus being positive for the first time since the IPO in 2018.
In FY '24, management aims to achieve recurring revenue growth in the midto
upper-single-digit-% range paired with an adjusted EBITDA improvement to
€ 10-12m. This looks achievable in our view, driven by several effects like
an improved sales-mix as well as further efficiency improvements,
particularly the integration of DTS, which is seen to create significant
synergies from H2 onwards.
M&A as possible further catalyst. CEO Heider indicated in yesterday’s
earnings call that inorganic growth climbed up the agenda and that the
company is already screening the market for possible targets. Here, the
focus should be on strengthening existing markets or tapping new ones, on
our view. Yet, given the ongoing organizational transformation, newsflow in
this regard seems unlikely during FY '24e.
Although NFON shares slightly recovered recently after a sluggish start to
the year, valuation remains attractive, as the stock is trading at only
1.1x EV/Sales ‘24e. We hence continue to recommend to BUY at with an
unchanged PT of € 11.70 based on DCF and keep the stock in our Alpha List.
You can download the research here:
http://www.more-ir.de/d/29527.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
++++++++++
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: EV Digital Invest AG: Kaufen
Original-Research: EV Digital Invest AG - from NuWays AG
Classification of NuWays AG to EV Digital Invest AG
Company Name: EV Digital Invest AG
ISIN: DE000A3DD6W5
Reason for the research: Update
Recommendation: Kaufen
from: 26.04.2024
Target price: EUR 3.60
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Better than feared FY23; New product launch; chg
Topic: EVDI reported better than feared final FY23 figures and published a
guidance for FY24. Further, the company announced the launch of a new
attractive call money product for both, existing and new clients. In
detail:
Sales of € 4.1m (-20% yoy) stemming from 13 financed projects (vs eNuW: 14)
with an aggregated financed volume of € 39m (vs eNuW: € 39m) is below
previous years figure (FY22: € 5.2m) due to the overall weak industry, but
better than expected (eNuW: € 3.5m). Positively, the number of projects and
average volume per project improved significantly in H2 (vs H1) resulting
in € 2.6m sales (vs € 1.5m in H1), clearly demonstrating the ability to
deliver in challenging times.
EBITDA came in at negative € 3.9m (vs € -3.4m in FY22), slightly better
than expected (eNuW: € -4.2m), thanks to the stronger than anticipated
topline and lower personnel expenses, compensating for higher other
operating expenses that were burdened by one-offs stemming from
insolvencies and delays.
Attractive new product. Apart from FY23 figures, EVDI announced to have
launched a new call money account for new and existing customers with a
very attractive interest rate of 3.2% for up to € 5m per customer. This
offering is by far better than the comparable offering of most online banks
and brokers, especially for wealthy customers. Even better, we expect EVDI
to earn 0.2-0.25% on the volume (eNuW). With the new product, the company
is adding a low-risk alternative to its overall offering consisting of
property and ETF investments as well as wealth management. Due to the
attractiveness of the call-money offering, we expect significant customer
and asset inflows within the next quarters, allowing for a promising
cross-selling and conversion potential.
For FY24, management expects a revitalizing real-estate market mainly
driven by the anticipated reduction of interest rates. Due to the
uncertainty around that topic, management provides a rather conservative
guidance of € 4.9-5.8m in op. income (vs eNuW old: € 6.3m) and up to €
-1.9m EBITDA, (eNuW old: € -2m in EBITDA).
BUY (old: HOLD) on valuation with a reduced PT of € 3.60 (old: € 4.80),
based on DCF.
You can download the research here:
http://www.more-ir.de/d/29533.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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The result of this research does not constitute investment advice
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NuWays AG: Einhell Germany AG: Kaufen
Original-Research: Einhell Germany AG - from NuWays AG
Classification of NuWays AG to Einhell Germany AG
Company Name: Einhell Germany AG
ISIN: DE0005654933
Reason for the research: Update
Recommendation: Kaufen
from: 25.04.2024
Target price: EUR 227.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Mark Schüssler
Q4 in line with prelims // solid FY24 guidance; chg.
Einhell released Q4 results in line with prelims, showing a slowdown versus
previous quarters. Group sales decreased by 5% yoy to € 216m, bringing full
year sales to € 972m (-6% yoy). In DACH, Einhell continued to experience a
somewhat muted consumer sentiment, explaining why regional sales declined
by 8.1% yoy. Meanwhile, both Western and Eastern Europe experienced healthy
yoy growth of 7.2% (Q3: 1.5% yoy) and 17.8% (Q3: 32.1% yoy), respectively,
while overseas markets experienced a pronounced contraction of 16.7% yoy
(Q3: 4.8% yoy), mainly driven by adverse currency translation effects
(relative weakness of Australian and Canadian dollar) as well as muted
consumer sentiment in Australia.
While the gross margin rose 2.8pp yoy to 43.2% supported by easing
supply-chain constraints and higher PXC share (44% of sales or +4pp yoy),
Q4 EBT fell by 31% yoy to € 12.6m, bringing full year EBT to € 75.4m (7.8%
margin vs. 8.5% in FY22). This largely resulted from (1) negative operating
leverage due to fewer orders by DIY chains (high inventories built up in
previous years) and (2) PPA effects from the acquistions in Canada and
Thailand (adjusted for these effects EBT margin would have been c. 8%).
Still, Einhell was able to exceed pre-pandemic levels (Q4'19: 4%) and
managed to significantly reduce working capital (-28% yoy) and thus boost
FCF generation in FY'23 to € 197m (eNuW: € 175m, +514% yoy), which should
indicate fewer promotional activity going forward.
The company issued a solid FY24 guidance with sales expected to grow by 6%
yoy to € 1,030m (eNuW: € 1,030m, eCons: € 1,039m) partially driven by an
easier comparable base as well as easing consumer sentiment in DACH (38% of
sales), along with overseas markets (26% of sales) likely benefiting from
the introduction / continued expansion of the Power X-Change platform (e.g.
Canada). The EBT margin is seen to come in at 7.5-8.0% (eNuW new: 7.9%,
eNuw old: 8.2%), implying an EBT of € 77-82m. This should be supported by
the sustained trend towards higher-margin Power X-Change products leading
to positive mix effects, offset by higher personnel expenses stemming from
acquistions in Vietnam and Thailand and higher marketing expenses. The
latter should strengthen Einhell's brand in preparation for entering new
markets through the acquisition of a smaller local DIY brand and gradually
replacing the assortment with best-in-class price/value PXC products.
Against this backdrop, valuation looks undemanding, trading at 9.6x PER 24e
and a 10.5% FCF yield.
BUY, PT € 227, based on DCF.
You can download the research here:
http://www.more-ir.de/d/29515.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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The result of this research does not constitute investment advice
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NuWays AG: USU Software AG: Verkaufen
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:
Recommendation: Verkaufen
from: 24.04.2024
Target price: EUR 18.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Higher than expected offer price still way below intrinsic value
Yesterday, USU announced to have reached a delisting-agreement with AUSUM
GmbH (Udo Strehl) and NUNUS GmbH, a wholly owned subsidiary of AUSUM. While
AUSUM already holds 53.7% of voting rights in USU, NUNUS currently does not
hold any shares. On the basis of the agreement, NUNUS will offer the
shareholders of USU approximately € 18.50 per share in the context of a
voluntary public delisting offer. USU will submit an application to revoke
the admission of the shares to the regulated market as well as all OTC
markets already before the end of the offer period.
Mind you, in an initial statement on the intention to delist on March 12th,
it was stated that the offer price
should be expected to be equivalent to the statutory minimum price, e.g.
the volume-weighted average
price of the past six months. According to our calculations, this would
have resulted in an offer price of € 17.00 per share.
While the actual offer price is now seen to be some 9% above our and
markets expectations, it is still way below the intrinsic fair value of €
30, according to our DCF valuation model (2.5% LT growth, 7.6% WACC, 12.5%
TY EBIT margin).
Our view: Although € 18.50 is still not a fair offer (eNuW), we advise
investors who have no intention of being invested in a highly illiquid
asset to tender their shares once the delisting offer has been made. While
we previously advised investors to HOLD the stock in anticipation of a
higher-than-expected offer, we now change our recommendation to SELL at an
increase PT of € 18.50, as we do not expect anymore upside. Yet, given the
vast discount to the intrincis value, the case might be of interest for
special situation investors, who are eyeing for a potential squeeze-out at
a later stage.
You can download the research here:
http://www.more-ir.de/d/29511.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
++++++++++
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: DEMIRE AG: Halten
Original-Research: DEMIRE AG - from NuWays AG
Classification of NuWays AG to DEMIRE AG
Company Name: DEMIRE AG
ISIN: DE000A0XFSF0
Reason for the research: Update
Recommendation: Halten
Target price: EUR 1.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Annual report postponed due to prolonged bond negotiations
Yesterday, DEMIRE announced the postponement of the publication of the 2023
annual report due to the ongoing negotiations with the bondholders
regarding the restructuring of the company’s corporate bond. The company
recently confirmed the restructuring negotiations, which likely include an
extension as well as an increased coupon (see our last update). The bond’s
current maturity is on October 15th 2024 (€ 499m outstanding nominal
amount). The publication of the annual report was originally scheduled for
25 April. Now, management aims to provide the capital market with the
audited figures in the course of May.
In this context, the company also published preliminary FY ’23 figures. FY
rental income looks set to decline by 3.2% yoy to € 78.5m (eNuW: € 79.4m),
mainly due to property sales throughout the year, which overcompensated for
CPI linked organic rent increases. Accordingly, FFO is seen to come in at €
36.7m, down 12.0% yoy. The sharper decline compared to rental income can be
mainly explained by increased FFO-relevant income taxes.
With this, the company reached its guidance regarding rental income (€
78-80m) as well as FFO (€ 35-37m). Mind you, the company increased the
guidance twice during the year following lower than expected property
disposals.
The preliminary FY ’23 EBIT came in at € -187.9m, which compares to €
-72.9m in the previous year. The steep decline is mainly explained by the
devaluation of the property portfolio as well as the recognition of
provisions for some properties. In total, the portfolio was impaired by
13.2% on a like-for-like basis.
On a different note, the supervisory board of DEMIRE recently appointed a
new CEO, as Mr. Frank Nickel succeeds Mr. Alexander Goepfert. Nickel, who
joined DEMIRE in September 2023 as a Senior Advisor, provides extensive
industry experience, including positions as CEO of CA Immo as well as CEO
Germany of Cushman & Wakefield.
The stock remains a HOLD with an unchanged PT of € 1.20 given the
prevailing uncertainty.
You can download the research here:
http://www.more-ir.de/d/29467.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
++++++++++
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 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: R. Stahl AG: Kaufen
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: Kaufen
from: 18.04.2024
Target price: EUR 29.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Strong FY23 results with a record high in revenue; chg. est.
Topic: R. Stahl confirmed its strong FY23 prelims and released a promising
FY24e guidance supported by a solid preliminary first quarter revenue of €
84.7m.
To recap, FY23 sales increased by 21% yoy to a record high of € 331m,
exceeding the guidance range of € 305-320m. The remarkable increase in
revenue was carried by an unbroken demand for electrical explosion
protection solutions in the LNG and gas industry as well as further
improved supply chains and price increases. The adj. EBITDA grew by 73% to
€ 38.6m, hitting the guidance range of € 35-40m with a significantly
improved margin of 11.7% (+3.6 pp) due to price increases as well as a good
utilization of production capacities and targeted cost management.
What’s new: Free Cashflow improved to € 0.3m (FY23: € -4.4m), due to a
strong operating performance and despite a further expansion of working
capital. For instance, inventories and prepayments rose 30% yoy to € 64m
(FY22: € 37m) due to an increased stock in electronic materials.
Furthermore, R. Stahl recognized a full impairment of the 25% stake in the
Russian company ZAVOD Goreltex as expected (NuWays Update 16.02.2024).
However, the € 10.3m write-off did not affect liquidity and adjusting for
the impairment, EBT would have been € 12.3m (FY22: € 3.9m).
Solid Q1 sales with profitability on a high level: Preliminary sales in the
first quarter came in at € 84.7m (eNuW: € 81m), an 8.5% increase yoy (Q1
FY23: € 78.1m). After a subdued order intake of € 74.5 in the fourth
quarter, due to a soft chemical industry in the DACH region, order intake
came in at € 92.3m, slightly below last year (Q1 2023: € 96.7m). Adj.
EBITDA in the first quarter decreased 19% to € 8.4m (eNuW: € 7.9m), with a
lower but still solid margin of 9.9% (-3.4 pp) due to higher personnel
costs and a € 2m one-off from the implementation of the EXcelerate strategy
program.
Conservative FY24e guidance: Management expects sales in the range of €
335-350m (eNuW: € 347m) and an adj. EBITDA of € 35-45m (eNuW: € 39.7m)
supported by a strong demand from the LNG industry. In our view, the
guidance seems reasonable thanks to R. Stahl having done its homework by
implementing changes on the back of efficiency, structural trends kicking
in and a high preliminary order backlog of € 123m at the end of Q1. We
reiterate our BUY rating with a slightly reduced PT of € 29 (old: € 31),
based on DCF.
You can download the research here:
http://www.more-ir.de/d/29451.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
++++++++++
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 issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
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NuWays AG: Borussia Dortmund GmbH & Co KGaA: Kaufen
Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG
Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA
Company Name: Borussia Dortmund GmbH & Co KGaA
ISIN: DE0005493092
Reason for the research: Update
Recommendation: Kaufen
from: 17.04.2024
Target price: EUR 5.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
First semifinal since 11 years secures € 12.5m extra profit / chg.
By winning Tuesday night's match against Atletico Madrid, Borussia Dortmund
has secured a spot in the UEFA Champions League semifinals for the first
time since 2013. With this advancement, the club can now anticipate
additional UEFA prize money payments of at least € 12.5m. Consequently, we
anticipate an increase of the EBT and EBITDA guidance in the same amount.
Keep in mind that those premium payments have a de facto 100% margin, as no
costs are incurred. Moreover, this does not yet include sales from
ticketing and catering for the additional home game.
In the semifinals, BVB will face PSG with superstar Mbappe. Both teams met
already in the group stage, where PSG won their home game 2-0 followed by a
1-1 draw in Dortmund. We therefore attribute the outsider role to BVB for
the time being and do not model any income from a potential progression.
However, should Borussia Dortmund manage to reach the final, the club would
receive additional premium payments of € 15.5 million, while winning the
competition would add another € 4.5m along with at least € 3.5m for
participating in the UEFA Super Cup (UCL winner vs UEL winner).
Looking at the Bundesliga table, BVB is currently positioned in 5 th place.
With only 5 games to go, BVB finds themselves in a promising position to
secure qualification for the upcoming season's UEFA Champions League. A
direct duel with RB Leipzig for the 4 th spot in the final table and the
consequent UCL participation is looming, with a head-to-head encounter
scheduled for April 27th. Mind you, if Germany secures the second position
in the UEFA coefficient ranking, even the 5 th -placed team in the
Bundesliga would qualify for the Champions League. With their progression
in the current UCL campaign, BVB now can gather additional valuable points
for this ranking. (See update from January).
Lastly, the auction for domestic broadcasting rights for the 4-year period
starting with the season 2025/26 kicked off this week. While the current
4-year deal has a total value of € 4.4bn, fears were arising that the next
deal could decrease in volume after the Italian and French Leagues had to
cut back recently. However, the recent abortion of the
“NoSingle-Buyer-Rule” is set to intensify the bidding contest. Hence, we
expect the deal volume to remain on the same level as in the current
period.
Reiterate BUY with an unchanged PT of € 5.50 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29439.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
++++++++++
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 issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
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NuWays AG: Nynomic AG: Kaufen
Original-Research: Nynomic AG - from NuWays AG
Classification of NuWays AG to Nynomic AG
Company Name: Nynomic AG
ISIN: DE000A0MSN11
Reason for the research: Update
Recommendation: Kaufen
from: 15.04.2024
Target price: EUR 52.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
New product launched: Another building block for the mid-term
Nynomic announced that its subsidiary Spectral Engines and Kraemer
Elektronik, an expert for high quality testing systems of bulk solids for
the pharmaceutical, chemical and food industry, have jointly developed and
now presented a new product, the LabScanner Plus.
While Kraemer Elektronik provides the casing including the technology to
measure weight and shape, Nynomic’s eight sensors (based on the NIRONE
scanner) quickly determine the composition of the tested pills. With this,
one can analyze and digitalize the results of large sample sizes quickly.
Originally intended to quickly build up the databases necessary to reliably
detect counterfeit pharmaceuticals with its handheld sensors, it should be
met with broad interest from quality assurance departments in the
pharmaceutical industry.
Following the successful certification from potential customers, Nynomic
should be able to generate first sales this year already, eNuW. While we
only expect a small sales contribution from LabScanner Plus in FY24e (~ €
1m, eNuW), it contributes another building block to management’s mid- to
long-term strategy and should have the potential for a mid single-digit
annual sales contribution during the next few years.
FY24 growth to accelerate. Following last year’s muted sales growth (1%)
largely due to the lumpy nature of parts of the group and customers’
inventory normalizations, FY24e looks set to show a notable acceleration.
We expect 12% yoy growth (8% organic) on the back of a number of drivers
including (1) unbroken demand from semi customers, (2) fulfilment precision
farming orders, (3) TactiScan gaining traction, (4) a structurally growing
medtech market and (5) new product launches such as LabScanner Plus.
Additional growth from acquisitions likely. As highlighted during the
recent earnings call and inline with the growth strategy, Nynomic should be
looking to add 1-2 additional companies during the next six months. Thanks
to its balance sheet strength, it could also consider larger targets with
up to € 20m sales. Trading below 11x EV/EBIT FY24e and in light of the
prospects reflected in the company's mid-term guidance of € 200m sales and
a 16-19% EBIT margin, shares look attractively priced. We confirm our BUY
rating with an unchanged € 52 PT based on DCF.
You can download the research here:
http://www.more-ir.de/d/29415.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
++++++++++
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: Flughafen Wien AG: Halten
Original-Research: Flughafen Wien AG - from NuWays AG
Classification of NuWays AG to Flughafen Wien AG
Company Name: Flughafen Wien AG
ISIN: AT00000VIE62
Reason for the research: Update
Recommendation: Halten
from: 12.04.2024
Target price: EUR 58.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Henry Wendisch
Positive traffic results; guidance too conservative; chg. est.
Yesterday, FWAG released March '24 traffic results ahead of our estimates:
In March, group passenger numbers rose by 12% yoy to 2.88m (eNuW: 2.80m).
Vienna (VIE) grew by 8% yoy to 2.21m passengers (eNuW: 2.21m) despite the
strike by Austrian Airlines' employees at the end of the month. Malta grew
much stronger than expected, +30% yoy to 0.63m (eNuW: 0.54m) while Kosice
showed a slight yoy decline of 1.2% to 0.03m passengers (eNuW: 0.05m). (see
p. 2)
Looking at VIE only, the most important destination of Western Europe (35%
of VIE passengers) rose by 11% yoy, whereas the second most important
destination of Eastern Europe grew by 1.7%, followed by the long-haul
routes North America (+10% yoy), Africa (+13% yoy) and Far East (+5% yoy).
Thus, Q1'24 counted 7.58m group passengers, up +14% yoy, of which 78% in
Vienna, 21% in Malta and 1% in Kosice. This leads us to expect strong Q1
results, as the statutory 9.7% increase of airport charges (c. 40% of
sales) coupled with the passenger growth should lead to overall sales
growth of 17% yoy to € 212m in Q1'24e.
Further down the road, we expect Q2 & Q3'24e to come in even stronger due
to the busy summer months ahead. Q4 should show a seasonal decline (qoq).
Especially the current summer flight plan as well as airline booking data
indicate an outperformance of last year's summer.
Against this stellar start into the year, the FY'24 guidance issued in
January this year seems conservative already. As we expect passenger
growth rates converging to 3% over the course of the year, FY'24e group
passengers should grow by 5.7% yoy to 40.1m (vs. guidance of c. 39m
guidance, +3% yoy). This looks set to translate into € 1,010m sales (+8.5%
yoy; vs. guidance of c. € 970m) and EBITDA of € 417m (41.2% margin; vs.
guidance of 'above' € 390m) for FY'24e. (see p. 2 for details)
All in all, FWAG is well on track to record another record year as demand
for travel remains unbroken and supply of flight capacity by the airlines
is also expanding, leading to rising passenger numbers,ultimately
benefiting the airport operator. Nevertheless, this seems to be reflected
in its current valuation. Thus, we stick to our HOLD recommendation
(unchanged PT of € 58.00, based on DCF), despite the company's stellar
operating performance.
You can download the research here:
http://www.more-ir.de/d/29385.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
++++++++++
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 issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
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NuWays AG: Rubean AG: Kaufen
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: Kaufen
Target price: EUR 9.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Topic: Last week, Rubean announced to have quintuples its turnover in Q1´24
against Q1´23. Further,
Rubean signed a contract with SEUR and reduced its cost base by 10% yoy. In
detail:
Turnover increased by 500% yoy to € 493k in Q1, partially due to roll-out
of Rubean´s software to new, large customers, acquired already last year
that has started to materialize. Still, after having generated a turnover
of € 340k in January alone, that should have included one-offs, Rubean has
to massively increase its monthly recurring turnover to reach its guidance.
For FY24, management expects to grow sales by 135% at mid-point to €
2.2-2.5m. On the back of the recently announced cooperations (i.e. with
Global Payment), paired with further likely customer wins, we consider this
guidance as achievable, anticipating sequential improvements and € 3.0m
sales (eNuW).
Promising start into Q2. Rubean has started Q2 by signing a contract with
Geopost´s Spanish subsidiary “SEUR” to equip thousands of devices with the
Rubeans leading software. This cooperation is just the latest of a whole
series of important strategic partnerships within a short period of time
(i.e. Global Payments, Correos, emerchantpay), that all clearly underpin
that Rubean´s leading softPOS product is ready and that the roll-out is in
full swing.
Reduced cost base. Rubean reduced its cost base by 10% yoy, which was
necessary, but should not be seen as a key element of the case. We expect
Rubean to achieve profitability by FY25e and its mid-term vision of 40+%
EBIT-margin by FY27e purely due to a steep topline growth trajectory and
the resulting operating leverage. For FY27e, Rubean is aiming for € 10+m in
sales, implying a 78% CAGR2023-27e. As we see Rubean at the forefront of
the rapidly growing market for mobile payment acceptance systems that is
just at the beginning, the vision looks reasonable.
Additional positive newsflow looming. Throughout FY24, we expect Rubean to
announce further partnerships that could turn into additional sales and
EBIT drivers during the next few years and could even allow the company to
outperform its mid-term targets, in our view.
We hence reiterate BUY with an unchanged PT of € 9.00, based on our DCF.
You can download the research here:
http://www.more-ir.de/d/29357.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: Multitude SE: Kaufen
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: Kaufen
from: 10.04.2024
Target price: EUR 12.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
FY23 final figures in line // Strong FY24 ahead; chg.
Multitude recently reported final figures for FY23 that were in line with
prelims. Management also confirmed its FY24 EBIT guidance of € 67.5m. In
detail:
Sales came in at € 230.5m (+9% yoy vs eNuW old: 228m), driven by the strong
growth of the net loan book (NAR) to € 636m (+21% yoy; including c. € 576
loan to customer (vs eNuW: € 560m) and c. € 60m attributable to warehouse
lending). Importantly, all segments contributed significant yoy NAR and
sales growth.
EBIT increased by 45% yoy to € 45.5m, slightly above our estimates of €
44.6m (eNuW old) and achieved its FY23 guidance of € 45m. The solid bottom
line is due to stable OPEX thanks to efficiency measures (marketing and
personnel) as well as the solid topline growth. Driven by NAR expansion and
higher reference rates, interest expenses increased to € 26,6m (vs eNuW
old: € 25.4m, including: € 22.2m interest for customer deposits and € 4.3m
foreign exchange loss; excluding € 5.4m interest expenses for perpetual
bonds), resulting in an EBT of € 19m (+40% yoy).
On the back of this strong set of numbers, management confirmed the FY24
EBIT guidance of € 67.5m (vs eNuW old: € 51m) expecting further topline
growth and scale effects. In our view, the guidance looks ambitious, but
not out of range given 1) the significantly increased loan book that should
fully materialize within FY24, 2) the strong growth momentum of CapitalBox
as well as the opportunities around the new segment Wholesale Banking that
already gained traction in FY23. That, paired with the ongoing stable
performance of the group's “cashcow” (ferratum) and tight cost control that
the company already showed in FY23 give us additional confidence. Mind you,
the company reached its guidance for the 3rd consecutive year in FY23.
As the stock is still trading at a negative EV and a 3.4x PE´24, the
growing, highly profitable, resilient and dividend paying company continues
to look mispriced.
Multitude remained one of our NuWays Alpha picks for FY24 and we reiterate
BUY with an increased PT of € 12 PT (old: € 10), as we roll-over our
residual income model.
You can download the research here:
http://www.more-ir.de/d/29363.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: ZEAL Network SE: Kaufen
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: Kaufen
from: 10.04.2024
Target price: EUR 51.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Henry Wendisch
Games business – a second EBITDA accelerator?
Following recent additions to the Games portfolio, we take this opportunity
for another deep dive into the new Games business, highlighting the
favourable business metrics and showing its enormous potential for ZEAL,
once scaled. Here’s our take:
User metrics exceed those of lottery by far: thanks to the repetitive
character of Games, the customer journey gives ZEAL much more monetization
opportunities, as users can play 24/7 and for mutliple times a day vs. 1-3
days Lottery players need to wait for the next jackpot draw. This is
reflected at much higher ARPU (average revenues per user) of currently €
25.82 at Games vs. only € 7.68 at Lottery.
Change in Games KPIs ahead: While the business is still in roll-out, ZEAL
is about to add higher billings margin Games to the now 59 games counting
portfolio. Hence, we expect changing KPIs as billings margins directly
influence the pay-in to billings ratio, the pay-in margin and ultimately
ARPU.
Finding the sweet spot: maximizing the ARPU at Games should be one of
ZEAL's main target. As it controls the average billings margin (i.e., by
changing the Games product mix), it can experiment to some extent, as
higher billings margins reduce RTP and thus user activity. By finding the
optimal billings margin, the pay-in margin and thus ARPU can be maximized.
Conservative estimates already show promising bottom line effects:
According to our current estimates, the new business should account for 12%
of group EBITDA in '24 (€ 5m) and for 17% of group EBITDA by FY'26e (€
11m), based on conservative user growth assumptions (40k by FY'26 vs. 17k
in FY'23) and only slight EBITDA margin improvements (50% in FY'26e vs. 42%
in FY'23).
Huge potential, once scaled: To asses the impact of the Games business once
meaningful user numbers are reached, our sensitiviy analysis shows the
enormous potential stemming from Games: Asuming 200k MAUs, an ARPU of € 30
and a 50% EBITDA margin, the annually recurring EBITDA contribution from
Games alone could amount to € 36m (vs. € 33m on group level in '23).
In sum, the Games business has the potential to become a significant second
pillar of growth and profitability for ZEAL. Hence, we confirm ZEAL's
position in the NuWays' AlphaList and reiterate our BUY recommendation with
an unchangend PT of € 51.00, based on DCF.
You can download the research here:
http://www.more-ir.de/d/29371.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: Singulus Technologies AG: Halten
Original-Research: Singulus Technologies AG - from NuWays AG
Classification of NuWays AG to Singulus Technologies AG
Company Name: Singulus Technologies AG
ISIN: DE000A1681X5
Reason for the research: Update
Recommendation: Halten
from: 09.04.2024
Target price: EUR 1.60
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
Uninspiring FY23 results, positive outlook for FY24e; chg. est.
Topic: Singulus reported uninspiring FY23 figures with top- and bottom-line
below the company’s guidance and our estimates. More importantly, FY24
could feature significant sales and EBIT growth.
FY23 sales decreased 17% yoy to € 73m (eNuW: € 77m), missing the in July
adjusted guidance of € 90-100m due to a cyclically weak Life Science
segment and postponements of some larger projects in the Solar segment. Q4
sales came in at € 16.7m, 18% lower yoy (eNuW: € 21m). FY23 EBIT stood at €
-10.1m (eNuW: € -8.9m; FY22: € 5.9m), falling short of the guidance
(positive low single digit €m). FY23 order intake decreased 25% yoy to €
43m, leading to a backlog of € 55m (FY22: € 85m).
Positively, sales in the Solar segment increased 30% yoy to € 39m (eNuW: €
43m), despite the postponement of larger projects with CNBM and a customer
in the US. The US business was particularly strong, benefiting from
subsidies related to the inflation reduction act. The Solar segment should
be a major contributor to sales growth in FY24e, due to the realization of
projects with CNBM and potential follow up orders in the package. Starting
from a high level in FY22, the Life Science segment showed weakness in
top-line growth due to the cyclical nature of the business. Sales came in
at € 23.9m, 54% lower yoy (eNuW: € 24m). The situation should remain
challenging during FY24e, as the macro environment is still clouded. The
Semiconductor segment saw solid sales of € 10.3m, increasing 66% yoy (eNuW:
€ 9.5). The outlook in the Semiconductor segment looks positive, fueled by
new products in the pipeline such as in the field of μLED. By leaving the
niche market and entering the larger μLED market, Singulus has a fair
chance of creating enough revenue to cover its fixed costs.
Management released a strong guidance for FY24e and expects to see €
120-130m in sales and EBIT in the low double-digit million range, implying
72% sales growth at midpoint (eNuW: € 97m sales; € -0.3m EBIT). However,
the outlook appears ambitious given the reduced order backlog of € 55m
(FY22: € 85m), even taken into account order intake of € 28m in Q1 as
stated in the CC. Further, a challenging macro environment, uncertainty of
subsidies in the Solar segment and the long lead times of the products will
make it difficult to reach the top-line guidance. That said, the midterm
prospects remain intact with the potential of larger orders from CNBM for
CdTe thin-film modules and a fast-growing μLED business. Hence, we
reiterate HOLD with an unchanged PT of € 1.60 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29347.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.
Showing 1 to 20 of 156 entries