Original-Research: elumeo SE (von NuWays AG): BUY
Original-Research: elumeo SE - von NuWays AG
Einstufung von NuWays AG zu elumeo SE
Unternehmen: elumeo SE
ISIN: DE000A11Q059
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 13.11.2023
Kursziel: € 5,50
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Weak Q3 // Consumer sentiment weighs on sales, chg
elumeo published weaker than expected Q3 figures that are driven by the overall weaker consumer sentiment. Here is what is important:
Sales came in at only € 11.0m (vs eNuW: € 11.7m; -5% qoq, 1% yoy), mainly due to a lower avg sales price of only € 68 (-13% qoq, -14% yoy vs eNuW: € 79) resulting from the overall more restricted spending of its customer group. The increased number of active customers (39k, 18% yoy) and rising no. of items sold (162k, 9% qoq, 17% yoy), only partially compensated for the lower avg sales price.
EBIT turned negative again to € -0.3m (vs € -0.8m in Q1) in contrast to our positive expectation of € 0.1m. While the bottom line decline is purely caused by the weak topline, the cost cutting program that is bearing fruit and the other operating income, cushioned it a bit.
Positively, elumeo was able to keep its sales level rather stable - against the general trend in the overall online jewelry & watches market as well as the multichannel market, (-14% yoy and -19% yoy). Worth highlighting is that the web shop, which grew by 15% in revenues and achieved a new record daily revenue on November, 1st when Black Friday season kicked-off. Further, the “rising star” of the group, jooli launched of joolipay, which is marking the starting point for the monetization of jooli that should further fuel Group revenues. First KPI´s are promising but not yet meaningful.
Apart from that, management unveil further building blocks of its growth program #juwelo100 with the goal to grow the core business at 10% CAGR to € 100m by FY30 (vs eNuW: 11% p.a to 71.5m by FY26e): A new interactive mobile jewelry shopping app and automatically AI translated shopping shows are expected to contribute together c. € 30m by FY30. The positive sales development paired with declining OPEX relative to sales, should increase EBIT margin to 5% in FY26e (eNuW).
While the challenging macro picture and the weak consumer sentiment should continue to burden the business in the short term, the outlook for the mid to long term remains bright: The growth program #juwelo100 with several initiatives, as well as jooli should fuel the topline from FY24e onwards.
BUY with a new PT of € 5.50 (old: € 5.70) based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28233.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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-------------------übermittelt durch die EQS Group AG.-------------------
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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 44,09 | 42,42 | 50,68 | 45,84 | 45,39 | 44,00 | 0,00 | |
| EBITDA1,2 | -2,13 | 1,22 | 2,93 | -0,46 | -1,97 | -0,50 | 0,00 | |
| EBITDA-Margin3 | -4,83 | 2,88 | 5,78 | -1,00 | -4,34 | -1,14 | 0,00 | |
| EBIT1,4 | -2,35 | 0,29 | 1,98 | -1,40 | -2,85 | -2,55 | 0,00 | |
| EBIT-Margin5 | -5,33 | 0,68 | 3,91 | -3,05 | -6,28 | -5,80 | 0,00 | |
| Net Profit (Loss)1 | -2,60 | 0,15 | 9,24 | -3,33 | -3,26 | -3,00 | 0,00 | |
| Net-Margin6 | -5,90 | 0,35 | 18,23 | -7,26 | -7,18 | -6,82 | 0,00 | |
| Cashflow1,7 | 0,78 | 2,43 | 1,19 | -1,42 | -0,09 | 0,00 | 0,00 | |
| Earnings per share8 | -0,47 | 0,03 | 1,68 | -0,60 | -0,20 | -0,53 | -0,02 | |
| 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: Forvis Mazars
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 | ||||||
| Elumeo | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A11Q05 | DE000A11Q059 | SE | 12,21 Mio € | 03.07.2015 | Halten | 9F4MFCW7+HH |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 18,73 | 4,17 | 4,49 | -2,16 | 1,70 | -129,90 | 0,27 |
|
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 |
| 21.06.2024 | 13.05.2024 | 14.08.2024 | 14.11.2024 | 30.04.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -3,20% | -8,40% | -0,96% | -21,97% | -91,76% |
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