Original-Research: NFON AG (von NuWays AG): BUY
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Original-Research: NFON AG - from NuWays AG
Classification of NuWays AG to NFON AG
Strong FY24p highlighted by superb FCF; chg. Topic: NFON released preliminary FY24 figures, showing a stronger than expected top- and bottom-line as well as an extraordinarily strong FCF. In detail: FY24 sales increased 6.1% yoy to € 87.3m (eNuW: € 86.1m; eCons: € 86.5m) driven by moderate seat growth (+1.4% to 665k) as well as premium solutions. Notably, non-recurring sales were up 95% yoy in Q4, indicating a strong effect from botarios project business and also a strong growth in Q4 as well as FY24 by the newly acquired subsidiary (consolidated since 09/24). According to CEO Heider, the company exceeded expectations and thus made a strong contribution to the FY result. Importantly, recurring revenues grew 5.1% yoy to € 81.1m (in line with eNuW), implying a recurring revenue ratio of 92.9%. FY24 adj. EBITDA improved disproportionately by 48% yoy to € 12.3m (eNuW: € 12.0m; eCons: € 11.3m), implying a margin of 14.1% (+3.9pp yoy). The improved profitability was mainly driven by an improved product mix (i.e. premium solutions), the imposed efficiency measures as well as the margin-accretive acquisition of botario (c. 30% EBITDA margin). Reported EBITDA was in line with our estimates at € 10.8m. The clear highlight of the release however was the FCF, which improved strongly from € 1.0m in FY23 to € 6.5m in FY24 and was substantially ahead of our estimate (eNuW: € 3.8m). The strong increase was mainly driven by the improved profitabilty as well as lower CapEx (eNuW). New guidance. For FY25e, management targets sales to grow by 8-10% (eNuW new: +10.4%) and an adj. EBITDA of € 13.5-15.5m (eNuW new: € 15.8m). In our view, both should be well achievable even at the upper end of the range. This should be driven by (1) the continuous efficiency gains, (2) a further improvin product mix as well as (3) the introduction of new solutions like NFON Intelligent Assistent or voice mail transcription. Despite the recent share price jump (+45% YTD), this is still not adequately reflected in the share price, in our view, given a valuation of 7.3x EV/EBITDA FY25e (5.5x FY26e). We hence reiterate BUY with an increased € 12.30 PT (old: € 11.70) based on DCF. The stock remains part of our NuWays Alpha List. You can download the research here: http://www.more-ir.de/d/31869.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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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2093177 28.02.2025 CET/CEST
Zur besseren Einschätzung der fundamentalen Entwicklung der jeweiligen Unternehmen bietet boersengefluester.de (BGFL) eine Übersicht mit den wesentlichen Kennzahlen zu Umsatz, Ergebnis, Cashflow und Dividende. Sämtliche Angaben werden manuell in unserer Datenbank erfasst – Quelle sind die jeweiligen Geschäftsberichte. Sofern es sich um Schätzungen für künftige Zahlen handelt, stammen sie durchweg von BGFL.
| Die wichtigsten Finanzdaten auf einen Blick | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Umsatzerlöse1 | 57,12 | 67,60 | 75,89 | 80,79 | 82,34 | 87,34 | 95,20 | |
| EBITDA1,2 | -6,98 | 2,32 | -2,03 | -5,27 | 6,80 | 10,83 | 13,20 | |
| EBITDA-Marge3 | -12,22 | 3,43 | -2,68 | -6,52 | 8,26 | 12,40 | 13,87 | |
| EBIT1,4 | -9,99 | -1,83 | -8,97 | -12,03 | -0,52 | 2,66 | 4,55 | |
| EBIT-Marge5 | -17,49 | -2,71 | -11,82 | -14,89 | -0,63 | 3,05 | 4,78 | |
| Jahresüberschuss1 | -10,92 | -2,24 | -8,91 | -15,58 | -0,80 | 0,71 | 2,55 | |
| Netto-Marge6 | -19,12 | -3,31 | -11,74 | -19,29 | -0,97 | 0,81 | 2,68 | |
| Cashflow1,7 | -7,19 | 1,15 | -1,76 | -3,87 | 6,84 | 9,41 | 11,00 | |
| Ergebnis je Aktie8 | -0,77 | -0,15 | -0,54 | -0,94 | -0,05 | 0,04 | 0,15 | |
| Dividende8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de
Wirtschaftsprüfer: KPMG
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| INVESTOR-INFORMATIONEN | ||||||
| ©boersengefluester.de | ||||||
| NFON | ||||||
| WKN | ISIN | Rechtsform | Börsenwert | IPO | Einschätzung | Plus Code |
| A0N4N5 | DE000A0N4N52 | AG | 107,65 Mio € | 11.05.2018 | Kaufen | 8FWH4G3G+8X |
| KGV 2026e | KGV 10Y-Ø | BGFL-Ratio | Shiller-KGV | KBV | KCV | KUV |
| 22,41 | 43,33 | 0,52 | -19,70 | 2,23 | 11,44 | 1,23 |
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Dividende '2022 in € |
Dividende '2023 in € |
Dividende '2024e in € |
Div.-Rendite '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Hauptversammlung | Q1-Zahlen | Q2-Zahlen | Q3-Zahlen | Bilanz-PK |
| 26.06.2025 | 22.05.2025 | 21.08.2025 | 20.11.2025 | 17.04.2025 |
| Abstand 60-Tage-Linie | Abstand 200-Tage-Linie | Performance YtD | Kursveränderung 52 Wochen | IPO |
| -4,68% | +7,97% | +33,20% | +4,84% | -45,83% |
