Original-Research: NFON AG (von NuWays AG): Buy
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Original-Research: NFON AG - from NuWays AG
Classification of NuWays AG to NFON AG
CMD feedback: Mid-term outlook and insights into AI roadmap On Wednesday, NFON held a virtual Capital Markets Day, where management provided investors with insights into the recent botario acquisition and the associated upcoming AI roadmap as well as a financial mid-term guidance. Here are the key takeaways: Well-filled AI pipeline: CTO Andreas Wesselmann gave a sneak preview into NFON’s upcoming AI projects. This includes among others a comprehensive AI customer assistant, which is able to provide tailor-made solutions based on customer needs as well as a chat bot solution with live sentiment analysis, categorization and summarization, which is seen to be a perfect fit for NFON’s contact center solutions. Regarding the go-to-market, the botario resources should speed-up the development process, which is why we expect the new solutions to be available over the course of 2025e. In our view, this should serve as a competitive edge in the highly fragmented market for integrated business communication and thus drive ARPU’s and top-line growth going forward. Up- and cross-selling potential from botario acquisition, especially for larger customers in NFON’s partner portfolio. Moreover, botario’s is opening new customer segments to NFON, given its strong position in highly regulated industries like health or insurance. DTS integration in full swing. Management confirmed that the synergies arising from the integration of Deutsche Telefon Standard should become visible soon, as the company is currently eliminating duplicate structures in sales, marketing, HR, etc., which should allow for further profitability improvements going forward. Mid-term outlook: While the FY ‘24e guidance was confirmed, CEO Heider also provided a mid-term outlook. Until 2027, the company aims to achieve a double-digit top-line CAGR with recurring revenues accounting for >90% of sales as well as an EBITDA margin of >15%. In our view, this should be well achievable given the existing optimization potential as well as an improved sales mix in connection with the new AI products. Moreover, management also provided targets for botario, which is seen to grow at a >40% CAGR going forward and achieve EBITDA margins of >30%. Reiterate BUY with an unchanged € 11.70 PT based on DCF. You can download the research here: http://www.more-ir.de/d/30789.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. ++++++++++
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1987455 13.09.2024 CET/CEST
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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 57,12 | 67,60 | 75,89 | 80,79 | 82,34 | 88,00 | 0,00 | |
| EBITDA1,2 | -6,98 | 2,32 | -2,03 | -5,27 | 6,80 | 10,00 | 0,00 | |
| EBITDA-Margin3 | -12,22 | 3,43 | -2,68 | -6,52 | 8,26 | 11,36 | 0,00 | |
| EBIT1,4 | -9,99 | -1,83 | -8,97 | -12,03 | -0,52 | 2,50 | 0,00 | |
| EBIT-Margin5 | -17,49 | -2,71 | -11,82 | -14,89 | -0,63 | 2,84 | 0,00 | |
| Net Profit (Loss)1 | -10,92 | -2,24 | -8,91 | -15,58 | -0,80 | 1,90 | 0,00 | |
| Net-Margin6 | -19,12 | -3,31 | -11,74 | -19,29 | -0,97 | 2,16 | 0,00 | |
| Cashflow1,7 | -7,19 | 1,15 | -1,76 | -3,87 | 6,84 | 0,00 | 0,00 | |
| Earnings per share8 | -0,77 | -0,15 | -0,54 | -0,94 | -0,05 | 0,11 | 0,18 | |
| 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 | 82,81 Mio € | 11.05.2018 | 8FWH4G3G+8X | |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 19,23 | 27,78 | 0,69 | -16,56 | 1,76 | 12,10 | 1,01 |
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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 |
| -7,66% | -13,28% | +2,46% | -18,57% | -58,33% |
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