Nynomic
ISIN: DE000A0MSN11
WKN: A0MSN1
28 March 2024 09:01AM

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

Nynomic · ISIN: DE000A0MSN11 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19275

Original-Research: Nynomic - from NuWays AG

Classification of NuWays AG to Nynomic

Company Name: Nynomic
ISIN: DE000A0MSN11

Reason for the research: Update
Recommendation: Kaufen
from: 28.03.2024
Target price: EUR 52.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr

Strong Q4 profitability // conservative initial FY24 guidance; chg.

Q4 sales increased by 5% yoy to € 34.6m (eNuW € 37.6m) as the company was able to book several development projects towards the end of the year, realized first revenues from larger plant phenotyping orders (Green Tech FY segment sales +44% yoy to ~ €25m) and overall solid demand across the group, especially from its semiconductor customers. FY23 grew by 1% yoy to € 118m, meeting the company’s guidance of “single-digit” yoy growth but falling slightly short of market expectations of € 121.5m.

The Q4 EBIT margin (seasonally strongest quarter) came in at 20.5% (+6.6pp yoy), meeting our and market estimates; FY23 EBIT margin grew 0.2pp yoy to 13.1%, in line with the guidance and consensus. The margin increase was despite further investments into future growth (R&D and personal expenses +5 and +13% yoy) mainly as a result of an improving product mix, visible in the strong gross margin improvement; +4.9pp yoy to 63.7%.

While the order backlog stood at only € 54m (FY23 book-to-bill ratio of 0.7x), it is important to note the lumpy (partially due to the sizes of individual orders) nature of the business. We hence see no structural headwinds implied in this figure. In fact, during the earnings call management pointed towards improving order intake during H1.

Management released a rather muted FY24 sales guidance (EBIT margin to further increase), expecting “at least single-digit percentage growth”, which already includes consolidation effects from last year’s acquisitions (eNuW 4% yoy growth). Yet, as highlighted during the earnings call, the initial guidance should be on the conservative side as the company should be able to tap several pockets of growth, including (1) unbroken demand from semi customers, (2) fulfilment precision farming orders, (3) TactiScan gaining traction and (4) a structurally growing medtech market.

Acquisitions to potentially add onto growth. As per its Buy & Build strategy, Nynomic is seen to acquire 1-2 companies during the next six to twelve months, in our view. The focus should lie on expanding its technology and solutions portfolio. While the last acquisitions were rather smaller the company's balance sheet would also allow larger targets with up to € 20m sales. This bodes well with the company’s mid-term targets of € 200m sales and an EBIT margin of 16-19%.

We confirm our BUY rating with a new € 52 PT (old: € 54).

You can download the research here:
http://www.more-ir.de/d/29275.pdf
For additional information visit our website www.nuways-ag.com/research.

Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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 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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