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
More to come after solid start into the year; chg. Q1’25 sales increased by 4.0% yoy to € 22.1m (eNuW: € 22.4m), of which € 20.8m were of recurring nature, implying a 94.0% recurring revenue ratio. Main driver of the increasing top-line was botario, which was acquired at the end of Q3’24. With € 0.8m sales in Q1 (+52% yoy), botario explained about 90% of Q1 growth, thus implying organic growth of only 0.4%. The reasons for the flattish organic sales development are as follows. (1) As planned, non-recurring (especially hardware) sales further decreased by 0.9% yoy to € 1.3m. (2) The migration of DTS clients to the NFON platform was binding resources at partners, that could not be used for seat growth. The good thing is, that 40% of clients were already migrated in the first quarter and the remaining 60% are expected to be so until YE. Improving ARPU. For the first time since Covid, NFON achieved a Q1 blended ARPU of above € 10 with € 10.02, clearly reflecting the increasing focus on premium solutions, which is seen to drive ARPU and thus margins further going forward. Despite an improved gross margin (+1.9pp to 86%), adj. EBITDA slightly decreased yoy to € 2.6m (Q1:24: € 2.8m), implying a margin of 11.8%. Main reason for the decline were planned investments in personnel and other OpEx related to AI initiatives. Nevertheless, NFON was able to improve FCF significantly from € 0.2m in Q1’24 to € 1.1m on the back of favorable WC swings. Guidance confirmed. After a solid start to the year, management confirmed the FY25 guidance of 8-10% sales growth and € 13.5-15.5m adj. EBITDA. Reaching the mid-point would require 10.6% sales growth on average in the coming quarters as well as a 16.3% adj. EBITDA margin. Despite the, top-line wise, slow start this looks absolutely achievable in our view, as (1) the DTS migration is proceeding well, which should already become visible in Q2, (2) lead-times in the core business are already normalizing (3) strategic price increases starting in May as well as new AI products (e.g. voicemail transcription, NIA) gaining traction. Moreover, the tune of quarterly investments into AI and personnel should normalize, thus benefitting margins. We keep our conviction in the case, which has the potential to become one of the key-players in AI supported communication services, backed by a strong core business. We hence reiterate BUY with a € 12.30 PT and keep the stock in our NuWays Alpha List. You can download the research here: http://www.more-ir.de/d/32708.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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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2144074 23.05.2025 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 | 2024 | 2025e | ||
| Sales1 | 57,12 | 67,60 | 75,89 | 80,79 | 82,34 | 87,34 | 89,00 | |
| EBITDA1,2 | -6,98 | 2,32 | -2,03 | -5,27 | 6,80 | 10,83 | 10,80 | |
| EBITDA-Margin3 | -12,22 | 3,43 | -2,68 | -6,52 | 8,26 | 12,40 | 12,14 | |
| EBIT1,4 | -9,99 | -1,83 | -8,97 | -12,03 | -0,52 | 2,66 | 3,25 | |
| EBIT-Margin5 | -17,49 | -2,71 | -11,82 | -14,89 | -0,63 | 3,05 | 3,65 | |
| Net Profit (Loss)1 | -10,92 | -2,24 | -8,91 | -15,58 | -0,80 | 0,71 | 2,30 | |
| Net-Margin6 | -19,12 | -3,31 | -11,74 | -19,29 | -0,97 | 0,81 | 2,58 | |
| Cashflow1,7 | -7,19 | 1,15 | -1,76 | -3,87 | 6,84 | 9,41 | 8,60 | |
| Earnings per share8 | -0,77 | -0,15 | -0,54 | -0,94 | -0,05 | 0,04 | 0,15 | |
| 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 | 71,21 Mio € | 11.05.2018 | Kaufen | 8FWH4G3G+8X |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 12,65 | 28,67 | 0,44 | -13,03 | 1,44 | 7,57 | 0,82 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.06.2026 | 21.05.2026 | 20.08.2026 | 20.11.2025 | 16.04.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -22,86% | -32,33% | -16,80% | -21,92% | -66,17% |
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