Nynomic AG
ISIN: DE000A0MSN11
WKN: A0MSN1
21 August 2024 09:01AM

Original-Research: Nynomic AG (von NuWays AG): BUY

Nynomic AG · ISIN: DE000A0MSN11 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20579

Original-Research: Nynomic AG - from NuWays AG

21.08.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of 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.


Classification of NuWays AG to Nynomic AG

Company Name: Nynomic AG
ISIN: DE000A0MSN11
 
Reason for the research: Update
Recommendation: BUY
from: 21.08.2024
Target price: EUR 50.00
Last rating change:
Analyst: Christian Sandherr

Q2 prelims: Improving margins despite weak top-line; chg.

Topic: While Q2 sales was burdened by the challenging macro environment, Nynomic managed to improve its profitability. Following a transitional FY24, the company should return to growth in FY25. 

While Q2 sales grew 7.4% qoq to € 24.7m, the yoy comparison reveals a notable decline of 21% (H1 sales are down 9.7% yoy) due to a high comparable base (Q2 ’23 grew 20% yoy due to catch up effect from order postponements). In addition, revenue  growth was burdened by a general order reluctance across the group’s segments as visible in the weak order momentum during last year’s H2, which was down roughly 47% at € 38m, burdened growth. Importantly, the tide has begun turning with order intake in Q1 up 25% and Q2 up 15% yoy. The order backlog at the end of H1 stands at almost € 60m.

Favourable margin development. Despite the weak sales development, the EBIT margin in Q2 improved by 60bps yoy to 10.5% (H1 ’24 +10bps), which should predominantly be an improving product mix and an increased focus on higher margin projects.

Improving momentum in H2. Similar to last year, 2024 is also seen to be back-end loaded (eNuW: H2 with 60% of FY24 sales). This is also reflected by the confirmed FY24 guidance of single-digit yoy sales growth and a margin improvement. Yet, we now see growth rather at the lower end (eNuW: 2%), implying 11.5% yoy growth for the second half of the year (driven by a significant demand increase within Clean Tech) with an EBIT margin of 16.1% (-50bps yoy).

Accelerating growth from FY25 onwards. During the mid-term, we expect Nynomic to return to double-digit organic growth rates supported by recent product launches, re-vitalized demand from several end markets (e.g. medical and pharmaceutical applications) and several other products gaining traction (e.g. TactiScan). With this, EBIT margins are also seen to strongly improve (FY26e: 15.7%).

Valuation remains attractive following the recent share price weakness. Taking into account our reduced estimates, Nynomic trades on 9/6.5x EV/EBIT (FY24/25e), which we regard as justified in light of the underlying growth prospects during the next few years. We reiterate our BUY rating but trim our price target to € 50 (old: € 52), based on DCF.

You can download the research here: http://www.more-ir.de/d/30579.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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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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1971883  21.08.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1971883&application_name=news&site_id=boersengefluester_html

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
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: 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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-1,69%
17,50 €
ATH 56,40 €
-3,47% -26,85% -44,97% -47,13% +70,73%

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