Original-Research: NFON AG (von NuWays AG): Kaufen
Original-Research: NFON AG - from NuWays AG
Classification of NuWays AG to NFON AG
Company Name: NFON AG
ISIN: DE000A0N4N52
Reason for the research: Update
Recommendation: Kaufen
from: 24.05.2024
Target price: EUR 11.70
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Strong Q1 displays ongoing operational improvements; chg.
NFON released Q1 results, showing a continuously strong recurring revenue ratio as well as further profitability improvements. In detail:
Q1 recurring revenues increased by 2.8% yoy to € 19.9m (eNuW: € 20.4m) and remained at a continuously strong ratio of 93.6% as total sales came in at € 21.1m. Sales growth was predominantly driven by an increased seat base (+2% to 659k) as well as the cross-selling referring to the company’s premiums solutions. This also becomes visible in the blended ARPU (adjusted for SIP-Trunk sales), which improved to € 9.82 vs € 9.80 in Q1’23.
While we expect seat growth to remain at a stable pace throughout the year, ARPU is seen to further improve driven by (1) premium solutions like CC Hub, where ARPU levels of € 30-40 can be achieved, as well as (2) price indexation effects which came into effect in April.
Profitability further improved, as adjusted EBITDA increased disproportionately by 43% yoy to € 2.8m (eNuW: € 2.6m; reported EBITDA at € 2.7m). This was partly driven by a slightly improved gross margin of 84.1% (+0.3pp yoy) but more importantly by ongoing improvements on the personnel (-2pp yoy sales ratio) and other OpEx (-1.5pp yoy; mostly sales & marketing) level. Q1 EBIT came in at € 0.7m while FCF was slightly positive with € 0.2m.
Going forward, we expect continuous improvements based on the mentioned development of the salesmix as well as further efficiency gains, especially in connection with the integration of DTS, which is seen to crease significant synergies from H2 onwards.
On this basis, management confirmed the FY guidance, targeting recurring revenue growth in the midto upper-single-digit-% range (eNuW new: +5.3%) at a recurring revenue ratio of >90% (eNuW new: 93.9%) as well as an adjusted EBITDA in the range of € 10-12m (eNuW new: € 11.5m).
That said, valuation remains attractive, in our view, as shares are trading on a mere 1.2 EV/Sales ‘24e (9.9x EV/EBITDA). We therefore reiterate BUY with an unchanged PT of € 11.70 based on DCF. NFON remains part of our NuWays Alpha List.
You can download the research here:
http://www.more-ir.de/d/29883.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
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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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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 | 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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