Original-Research: NFON AG (von NuWays AG): BUY
Original-Research: NFON AG - von NuWays AG
Einstufung von NuWays AG zu NFON AG
Unternehmen: NFON AG
ISIN: DE000A0N4N52
Anlass der Studie: Q3 Preview
Empfehlung: BUY
seit: 17.11.2023
Kursziel: € 10,50
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Q3e: Cost savings continue to bear fruit ; chg.
NFON will release Q3 figures on November 23rd, which are seen to show steady top-line growth paired with sound profitability following the implementation of several cost-saving measures.
Q3 recurring revenues are expected to increase by 5.6% to € 19.4m based on an increased seat base (eNuW: +1.6% qoq to 650k) as well as a pickup in airtime. Overall sales are set to grow 3.5% yoy to € 21.0m, implying a recurring revenue ratio of 93% which allows for good visibility in light of the company’s high customer retention (churn rate € 4m).
Overall, the company appears to remain on track to grasp the growth potential in the still under penetrated European PBX market. On top of this, NFON is seen to significantly benefit from cross-selling thanks to well perceived premium products like CC Hub, which should allow for a continuous margin expansion going forward. While 2023e will still be a transitional year, the measures implemented by the new CEO Patrik Heider are seen to show full effect in 2024e as we estimate significantly improving profitability as well as a positive FCF generation (eNuW: € 1.7m) for the first time since the IPO.
With than in mind, the current valuation appears undemanding. Shares are trading on depressed levels of 1.2x EV/Sales 2023e (vs 2x historic average).
Reiterate our BUY recommendation with an unchanged PT of € 10.50 based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28315.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 | 43,03 | 57,12 | 67,60 | 75,89 | 80,79 | 82,34 | 88,00 | |
| EBITDA1,2 | -7,78 | -6,98 | 2,32 | -2,03 | -5,27 | 6,80 | 10,00 | |
| EBITDA-Margin3 | -18,08 | -12,22 | 3,43 | -2,68 | -6,52 | 8,26 | 11,36 | |
| EBIT1,4 | -8,47 | -9,99 | -1,83 | -8,97 | -12,03 | -0,52 | 2,50 | |
| EBIT-Margin5 | -19,68 | -17,49 | -2,71 | -11,82 | -14,89 | -0,63 | 2,84 | |
| Net Profit (Loss)1 | -8,11 | -10,92 | -2,24 | -8,91 | -15,58 | -0,80 | 1,90 | |
| Net-Margin6 | -18,85 | -19,12 | -3,31 | -11,74 | -19,29 | -0,97 | 2,16 | |
| Cashflow1,7 | -4,96 | -7,19 | 1,15 | -1,76 | -3,87 | 6,84 | 0,00 | |
| Earnings per share8 | -0,76 | -0,77 | -0,15 | -0,54 | -0,94 | -0,05 | 0,11 | |
| 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: KPMG
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 | ||||||
| NFON | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0N4N5 | DE000A0N4N52 | AG | 85,29 Mio € | 11.05.2018 | 8FWH4G3G+8X | |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 28,61 | 46,82 | 0,61 | -17,05 | 1,81 | 12,47 | 1,04 |
|
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 |
| 26.06.2025 | 22.05.2025 | 21.08.2025 | 21.11.2024 | 17.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -6,65% | -10,85% | -24,93% | -21,97% | -57,08% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
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