Original-Research: LION E-Mobility AG (von NuWays AG): Buy
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Original-Research: LION E-Mobility AG - from NuWays AG
Classification of NuWays AG to LION E-Mobility AG
LIGHT battery closer to commercialization // TÜV SÜD stake sold LION E-Mobility announced the successful completion of high-temperature tests for its LION LIGHT battery, which includes advanced immersion cooling technology, in collaboration with a German premium OEM. The battery exceeded test standards, demonstrating robust performance under extreme conditions and making it unique in the market for meeting the OEM's requirements. This is a significant milestone, as it validates the product and puts LION closer to commercialization. Here are the expected next steps: Once final testing is completed (in our view only a matter of form), LION should receive a request for quotation from the premium OEM. With this, the company is seen to put serial production plans into terms. In our view, the most likely situation would be a production JV with a Tier 1 supplier. Importantly, no exclusivity agreement has been signed with the OEM currently testing the battery. We hence expect LION to also be in early talks with additional potential customers.As the commercial aspects and concrete timeline until the fist serial production could be live are still difficult to grasp, we have not yet included the LIGHT battery in our estimates. What's more, LION announced the divestment of its 30% stake in TÜV SÜD Battery Testing to boost liquidity, as mentioned in its H1 report. In FY23, TÜV SÜD Battery Testing achieved € 16m in sales (+ 41% yoy) with an 18.9% EBIT margin, driven by a strong, ongoing demand for battery testing services. While the company has so far not announced a price, we expect the buyer (the joint venture partner TÜV SÜD AG) to pay roughly the book value recorded in the FY23 annual report of € 5.6. The proceedes will mainly be used to repay outstanding liabilities. Operations remain burdened during the short-term. As reflected by the FY24 guidance, which was cut with H1 figures, demand for battery pack solutions is seen to remain lackluster during H2, despite significantly improving vs. the first half of the year. FY24e sales are seen to decrease by 41% to € 33m (eNuW). In our view, this should to a large extent be driven by strongly falling battery prices and the resulting “wait and see” mentality of customers. This is not expected to change until H2 2025, in our view. While we expect FY25e to show a strong yoy sales increase, our figures are still below the reported numbers from FY22/23. Yet, this should be sufficient to get close to op. cash flow break even. LION E-Mobility remains a BUY with an unchanged € 3.6 PT based on SOTP. You can download the research here: http://www.more-ir.de/d/31231.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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2025457 08.11.2024 CET/CEST
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 | ||||||
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| Lion E-Mobility | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2QH97 | CH0560888270 | AG | 20,92 Mio € | 03.12.2012 | 8FVC5FJP+GC | |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 27,20 | 34,00 | 0,80 | -43,87 | 2,35 | -2,33 | 1,24 |
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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 |
| +26,14% | +10,57% | +50,26% | +175,73% | -27,92% |
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