Original-Research: USU Software AG (von NuWays AG): BUY
Original-Research: USU Software AG - von NuWays AG
Einstufung von NuWays AG zu USU Software AG
Unternehmen: USU Software AG
ISIN: DE000A0BVU28
Anlass der Studie: Update
Empfehlung: BUY
seit: 12.01.2024
Kursziel: 30
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Strong order intake to start transitionary 2024e
This week, USU announced to have won two public sector framework contracts to start the year on a positive note: (1) Germany’s Federal Employment Agency (BA) commissioned USU for its TEBIT (Technical Inventory Management System IT) project. The TEBIT system of the BA is based on the USU Valuemation software and has been in productive use since 2016. To ensure a continuous stable operation, USU is now carrying out an update to the latest USU Service Management (former Valuemation) software. The deal comprises the delivery of the software licenses as well as a service package over 4 years. While the total volume was not disclosed, we estimate it to be in the lower single-digit million range. (2) A large system house from the public sector has commissioned USU to supply and implement a solution for end-to-end monitoring (E2E) in order to enable the customer to proactively monitor their applications and document the availability and performance of IT services. The total volume of the framework is in the high 6-digit range.
With this, the company is kicking off a year in style, which is likely going to be another transitionary period. Mind you, USU is currently amid a SaaS transformation, which is seen to cause temporarily declining margins, due to the subscription-nature of SaaS contracts which come with lower initial margins compared to perpetual license deals where full payment is incurred at closing (+annual maintenance). However, as the annual subscription payments are seen to equal perpetual license sales including maintenance after c. 3 years and SaaS sales showing strong growth (25% CAGR ’21‘-25e), margins are seen to strongly expand from 2025 onwards.
That said, we expect sales to grow 10% in 2024e to € 146m (eCons: € 146m) based on a strong order backlog (eNuW: € 81m at YE’23e), continuously increasing SaaS order intake as well as a stabilization of license sales (eNuW: -60% yoy in 2023e). Against this backdrop, adj. EBITDA is seen to return to growth (eNuW: € 18.6m). Yet, due to the aforementioned effects in relation to the SaaS transition, margins are seen slightly below ’21 & ’22 levels with 12.5%.
Despite another transition year likely laying ahead, current valuation is looking undemanding and should offer an attractive entry opportunity given a 14x EV/EBIT ‘24e which compares to the historic average of 20x. BUY with an unchanged PT of € 30.00 based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28645.pdf
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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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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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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 | ||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
Sales1 | 90,49 | 95,63 | 107,33 | 111,90 | 126,52 | 132,08 | 145,00 | |
EBITDA1,2 | 5,51 | 9,92 | 13,38 | 14,39 | 16,84 | 12,43 | 14,00 | |
EBITDA-Margin3 | 6,09 | 10,37 | 12,47 | 12,86 | 13,31 | 9,41 | 9,66 | |
EBIT1,4 | 2,71 | 4,05 | 7,02 | 9,67 | 11,80 | 7,62 | 9,80 | |
EBIT-Margin5 | 3,00 | 4,24 | 6,54 | 8,64 | 9,33 | 5,77 | 6,76 | |
Net Profit (Loss)1 | 0,96 | 5,27 | 5,48 | 6,76 | 7,58 | 5,28 | 7,00 | |
Net-Margin6 | 1,06 | 5,51 | 5,11 | 6,04 | 5,99 | 4,00 | 4,83 | |
Cashflow1,7 | 2,00 | 9,52 | 17,74 | 13,35 | 10,37 | 7,88 | 0,00 | |
Earnings per share8 | 0,09 | 0,50 | 0,52 | 0,64 | 0,72 | 0,50 | 0,69 | |
Dividend per share8 | 0,40 | 0,40 | 0,40 | 0,50 | 0,55 | 1,70 | 0,55 |
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: RSM Ebner Stolz
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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USU Software | ||||||
WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
A0BVU2 | DE000A0BVU28 | AG | 226,26 Mio € | 21.03.2000 | Halten | 8FWFV4MG+XH |
PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
23,89 | 31,11 | 0,77 | 39,67 | 5,63 | 28,70 | 1,71 |
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
0,55 | 1,70 | 0,55 | 2,56% |
Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
08.08.2024 | 23.05.2024 | 29.08.2024 | 21.11.2024 | 28.03.2024 |
Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
-2,20% | +13,25% | +28,36% | +26,84% | +0,00% |
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