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
Q3e: Further improving top-line & profitability, chg. NFON will release Q3 figures on 21st November. Overall, we expect a solid release including further sequential improvements on top- and bottom-line. In detail: Q3 sales are seen to increase 5.4% yoy to € 21.6m on the back of imposed prices increases as well as continuous seat growth. Again, we expect an increasing share of recurring revenues of 94.6%, implying recurring revenues of € 20.4m. On the other hand, non-recurring hardware sales are seen to remain muted in Q3 with € 1.2m. With this, we expect the ARPU to come in at a solid level of € 9.94. Yet, we expect a further ARPU improvement going forward, driven by (1) the up-selling of premium solutions as well as (2) the consolidation of botario effective with Q4. On this basis, Q3 adj. EBITDA is expected to come in at € 2.9m (+10.3% yoy), implying a 13.3% margin. This should be partly driven by an improved gross margin but mainly by the imposed efficiency measures in personnel (eNuW: cost ratio down 1.9pp vs FY ’23) and especially sales & marketing (eNuW: other OpEx -1.7pp vs FY ’23). Also, FCF should again come in strong with € 1.5m (eNuW). Against this backdrop, management should confirm the FY ’24 guidance, targeting recurring revenue growth in the mid- to upper single-digit range (eNuW: +5.3% yoy), adj. EBITDA of € 10-12m (eNuW: € 11.3m) as well as a recurring revenue ratio of 90+% (eNuW: 94.3%). This should be easily achieved, in our view, given 9M ‘24e adj. EBITDA of € 8.5m as well as sequentially improving recurring revenue growth so far in 2024. Going forward, we expect the integration of DTS to offer further upside as well as the consolidation of newly acquired AI-subsidiary botario. Here, we also expect strong synergies to arise in the form of cross- and up-selling. Overall, the company remains excellently positioned to grasp the highly promising opportunities in the European market for integrated business communication, in our view. As valuation remains attractive at 8.4x EV/EBITDA ‘24e (5.5x ‘25e), wer reiterate BUY with an unchanged PT of € 11.70 based on DCF. NFON also remains one of our top-picks as part of the NuWays Alphalist. You can download the research here: http://www.more-ir.de/d/31297.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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2028591 13.11.2024 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 | ||||||||
| 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% |
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