USU Software AG
ISIN: DE000A0BVU28
WKN: A0BVU2
24 April 2024 09:01AM

Original-Research: USU Software AG (von NuWays AG): Verkaufen

USU Software AG · ISIN: DE000A0BVU28 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19511

Original-Research: USU Software AG - from NuWays AG

Classification of NuWays AG to USU Software AG

Company Name: USU Software AG
ISIN: DE000A0BVU28

Reason for the research:
Recommendation: Verkaufen
from: 24.04.2024
Target price: EUR 18.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald

Higher than expected offer price still way below intrinsic value

Yesterday, USU announced to have reached a delisting-agreement with AUSUM GmbH (Udo Strehl) and NUNUS GmbH, a wholly owned subsidiary of AUSUM. While AUSUM already holds 53.7% of voting rights in USU, NUNUS currently does not hold any shares. On the basis of the agreement, NUNUS will offer the shareholders of USU approximately € 18.50 per share in the context of a voluntary public delisting offer. USU will submit an application to revoke the admission of the shares to the regulated market as well as all OTC markets already before the end of the offer period.

Mind you, in an initial statement on the intention to delist on March 12th, it was stated that the offer price
should be expected to be equivalent to the statutory minimum price, e.g. the volume-weighted average
price of the past six months. According to our calculations, this would have resulted in an offer price of € 17.00 per share.

While the actual offer price is now seen to be some 9% above our and markets expectations, it is still way below the intrinsic fair value of € 30, according to our DCF valuation model (2.5% LT growth, 7.6% WACC, 12.5% TY EBIT margin).

Our view: Although € 18.50 is still not a fair offer (eNuW), we advise investors who have no intention of being invested in a highly illiquid asset to tender their shares once the delisting offer has been made. While we previously advised investors to HOLD the stock in anticipation of a higher-than-expected offer, we now change our recommendation to SELL at an increase PT of € 18.50, as we do not expect anymore upside. Yet, given the vast discount to the intrincis value, the case might be of interest for special situation investors, who are eyeing for a potential squeeze-out at a later stage.

You can download the research here:
http://www.more-ir.de/d/29511.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. ++++++++++

-------------------transmitted by EQS Group AG.-------------------

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
  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
Quelle: boersengefluester.de and Company information
Explanation

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
©boersengefluester.de
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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,55 1,70 0,55 2,56%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,00%
21,50 €
ATH 258,00 €
-2,20% +13,25% +28,36% +26,84% +0,00%

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