Original-Research: Nynomic AG (von NuWays AG): BUY
Original-Research: Nynomic AG - von NuWays AG
Einstufung von NuWays AG zu Nynomic AG
Unternehmen: Nynomic AG
ISIN: DE000A0MSN11
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 10.11.2023
Kursziel: € 54,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Solid Q3 prelims with disproportionally stronger Q4 expected
Preliminary Q3 sales came in at € 30.6m (eNuW: € 34.2m), a 3.4% yoy increase (-2% qoq). The slow growth can be explained by several larger projects/orders whose delivery/call-off had been scheduled for Q4 or has even been pushed into 2024. While customers are generally more cautious, overall demand for the company's solutions remains high. Preliminary EBIT grew by 5.7% yoy to € 3.7m (12.1% margin), shy of our € 4.1m estimate due to lower sales volumes, yet clearly above the first half's profitability of 8.7%.
FY guidance (single-digit yoy sales growth and EBIT margin improvement) remains unchanged. As previously communicated, management expects a disproportionally strong Q4 due to confirmed calloff dates of formerly delayed orders, several new projects within structurally growing markets (e.g. a plant phenotyping solutions worth € 5-6m and the handheld solutions from Spectral Engines) and the order backlog of € 70m. Our new (slightly trimmed FY23 estimates) imply Q4 sales of € 37.6m (+14% yoy) with an EBIT margin of 19.7% (+5.8pp yoy).
What’s more, Nynomic continues to drive its internationalization. As its US business has significantly grown in importance during recent years (from € 17.8m in FY19 to € 38.2m in FY22) the company founded its 12th pillar within the group, Photecture, which will (for now) focus on sales of the group’s subsidiaries without own sales structures in he US. In our view, this should drive sales of the group’s smaller pillars such as Spectral Engines.
Additional acquisitions looming. As per its Buy & Build strategy, management remains confident about signing at least one additional acquisition until the end of the year. Following the € 18.9m capital increase in May, Nynomic can resort to ample financial fire power of up to € 60m (assuming a max. leverage of 2x EBITDA). With this, the company should be able to also consider larger targets (> € 20m sales) that broaden its technology offering.
Nynomic continues to look poised for attractive sales and margin growth in the mid-term as reflected by the recently raised mid-term guidance (€ 200m sales and a 16-19% EBIT margin during the next 3-5 years). At a valuation of 8.1x EV/EBIT 2024e, this does not seem adequately reflected in the share price. BUY with a € 54 PT (old: € 57) based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28213.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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-------------------übermittelt durch die EQS Group AG.-------------------
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 | 68,90 | 64,86 | 78,56 | 105,08 | 116,79 | 117,99 | 106,00 | |
| EBITDA1,2 | 13,24 | 9,55 | 11,43 | 17,00 | 19,18 | 20,22 | 13,00 | |
| EBITDA-Margin3 | 19,22 | 14,72 | 14,55 | 16,18 | 16,42 | 17,14 | 12,26 | |
| EBIT1,4 | 11,87 | 6,43 | 7,97 | 12,99 | 15,08 | 15,43 | 8,20 | |
| EBIT-Margin5 | 17,23 | 9,91 | 10,15 | 12,36 | 12,91 | 13,08 | 7,74 | |
| Net Profit (Loss)1 | 9,35 | 4,30 | 5,18 | 9,52 | 9,95 | 10,53 | 5,20 | |
| Net-Margin6 | 13,57 | 6,63 | 6,59 | 9,06 | 8,52 | 8,92 | 4,91 | |
| Cashflow1,7 | 2,18 | 3,56 | 6,37 | 17,83 | 9,68 | 3,17 | 0,00 | |
| Earnings per share8 | 1,71 | 0,87 | 0,83 | 1,37 | 1,26 | 1,47 | 0,77 | |
| 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: Dr. Clauß, Dr. Paal & Partner
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 | ||||||
| Nynomic | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0MSN1 | DE000A0MSN11 | AG | 114,74 Mio € | 02.07.2007 | Kaufen | 9F5FHPV5+7C |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 15,91 | 21,53 | 0,74 | 15,20 | 1,13 | 36,24 | 0,97 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 08.07.2025 | 31.05.2024 | 19.08.2024 | 29.11.2024 | 22.05.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -3,47% | -26,85% | -44,97% | -47,13% | +70,73% |
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