Original-Research: LION E-Mobility AG (von NuWays 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
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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.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | ||
| Sales1 | 0,25 | 0,00 | 0,00 | 56,05 | 16,91 | 28,30 | 0,00 | |
| EBITDA1,2 | -0,46 | 0,00 | 0,00 | 0,01 | -3,57 | 1,70 | 0,00 | |
| EBITDA-Margin3 | -184,00 | 0,00 | 0,00 | 0,00 | -21,11 | 6,01 | 0,00 | |
| EBIT1,4 | -0,46 | 0,50 | 0,00 | -0,93 | -5,73 | 0,90 | 0,00 | |
| EBIT-Margin5 | -184,00 | 0,00 | 0,00 | 0,00 | -33,89 | 3,18 | 0,00 | |
| Net Profit (Loss)1 | -0,46 | 0,00 | 0,00 | 0,00 | -0,95 | -6,56 | -0,60 | |
| Net-Margin6 | -184,00 | 0,00 | 0,00 | 0,00 | -5,62 | -23,18 | 0,00 | |
| Cashflow1,7 | -0,77 | 0,00 | 0,00 | 2,75 | -8,97 | 0,70 | 0,00 | |
| Earnings per share8 | -0,05 | -0,08 | -0,06 | -0,08 | -0,53 | -0,04 | 0,04 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Deloitte
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Lion E-Mobility | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2QH97 | CH0560888270 | AG | 17,84 Mio € | 03.12.2012 | 8FVC5FJP+GC | |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 23,20 | 29,00 | 0,80 | -37,42 | 2,00 | -1,99 | 1,06 |
|
Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 16.06.2025 | 13.05.2025 | 12.08.2025 | 12.11.2025 | 30.05.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +5,95% | -3,82% | +24,87% | +126,92% | -40,10% |
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