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: 09.07.2024
Target price: EUR 7.00
Last rating change:
Analyst: Christian Sandherr
Successful AMG // Surprisingly strong JV performance Topic: During the last weeks, LION published its FY23 annual report and hosted its AGM. Here are the key takeaways:
FY23 marked a milestone as the company transformed itself into an automated manufacturer of high-quality battery packs for mobility and storage solutions through the acquisition of the former BMW i3 battery pack production lines. The current set-up offers a production capacity of up to 40k battery packs p.a. with a revenue potential of some € 200m by 2028.
Despite the transformation, which was completed by the end of May 2023, LION's EBITDA came in break-even with roughly € 56m sales (~50% from pre-produced packs); op. cash flow stood at € 2.8m. Worth highlighting, T‹V S‹D Battery Testing (LION holds a 30% in this JV) reported particularly strong FY23 results with sales up 41% yoy (€ 16.1m) and an 18.9% EBIT margin; € 660k P&L contribution to LION. Thanks to a structurally growing demand for battery testing capacities, T‹V S‹D Battery Testing looks set to continue growing at roughly 15% p.a. during the mid-term. FY24 financial targets confirmed. Management expects FY24 sales to the tune of € 60-65 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.
Further, LION remains on track to launch an updated product portfolio
during H2, featuring a higher energy density NMC pack as well as a LFP
solution (both enabled by the SVOLT partnership). Especially the latter
should enable LION to better benefit from the strongly growing stationary
storage market.
Light battery remains an attractive option. With its immersion cooled pack,
LION would add a highperformance pack, to be used in hyper cars. The
project is developing as planned and LION expects a first request for
quotations until the end of the year. A positive outcome would notably
increase the likelihood of it becoming a notably sales driver during the
mid-term (currently not part of our revenue model).
We confirm our BUY rating with an unchanged € 7 PT based on a sum-of-the-parts valuation, whereas € 6.50 are stemming from the battery pack manufacturing business and € 0.50 from the T‹V S‹D JV.
You can download the research here:
http://www.more-ir.de/d/30165.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 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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