Original-Research: LAIQON AG (von NuWays AG): Buy
Original-Research: LAIQON AG - from NuWays AG
Classification of NuWays AG to LAIQON AG
Company Name: LAIQON AG
ISIN: DE000A12UP29
Reason for the research: Long Note
Recommendation: Buy
from: 28.02.2024
Target price: 10.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Game changing cooperation with Union Investment; chg
Recently, LAIQON has announced to have closed the game changing cooperation with Union Investment. With that, LAIQON provided a new promising guidance for its subsidiary LAIC, mainly reflecting the potential of the new cooperation. Further, LAIQON announced a capital raise on the level of LAIC and published FY23 prelims that came in rather weak. In detail:
Cooperation with Union is heralding a new era. Together Union and LAIQON will launch new type of fund-based investment product for wealthy Volksbanken and Raiffeisenbanken (VR) customers in Q4´24. The core of the joint product is an individual fund asset management (iFVV) that is providing an individually tailored portfolio, based on dozens of AI-generated decision parameters of the WealthTech LAIC considering both – classic and sustainable (ESG-compliant) investments constraints. While LAIQON is providing the technology and the reporting via its wealth tech LAIC (DAP 4.0) as well as a fully digital onboarding, Union Investment is providing the distribution channels and the sales power within VR ecosystem. The VR banks sell the product to customers by advising and onboarding them. The joint goal is to attract new customers for individual fund- and AI-based wealth management.
New promising guidance for LAIC. While the management expects AuM´s of LAIC to increase by € 5-6bn until FY28e to € 5.5-6.5bn, mainly driven by the new cooperation with Union, we are slightly more conservative expecting AuM´s to increase to only € 4.5bn AuM.
Financing secured. In order to finance the initial costs of the cooperation (eNuW: c. € 3m), LAIQON plans to raise up to € 6.8m, partially via emission of new “LAIC token 24”, partially via sale of existing token at a valuation of € 65m.
Weak FY23 prelims of € 30.7m sales (eNuW: € 33.4m) and € -4.8m EBITDA (vs eNuW: € -1.6m) reflecting the frustrating situation on the capital markets in FY23.
In this piece, we take a closer look at 1) the Digital Asset segment and the cooperation with Union Investment, 2) the Asset Management and 3) the Wealth Management.
As we consider the cooperation as a game changer for LAIQON, we reiterate BUY with a new PT of € 10.00, based on DCF.
You can download the research here:
http://www.more-ir.de/d/28997.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
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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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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 8,22 | 27,74 | 26,12 | 21,58 | 30,75 | 0,00 | 0,00 | |
| EBITDA1,2 | -9,68 | 6,96 | 4,61 | -9,95 | -4,69 | 0,00 | 0,00 | |
| EBITDA-Margin3 | -117,76 | 25,09 | 17,65 | -46,11 | -15,25 | 0,00 | 0,00 | |
| EBIT1,4 | -10,94 | 3,21 | 1,25 | -14,66 | -11,08 | 0,00 | 0,00 | |
| EBIT-Margin5 | -133,09 | 11,57 | 4,79 | -67,93 | -36,03 | 0,00 | 0,00 | |
| Net Profit (Loss)1 | -0,09 | 2,50 | 6,63 | -10,54 | -12,87 | 0,00 | 0,00 | |
| Net-Margin6 | -1,10 | 9,01 | 25,38 | -48,84 | -41,85 | 0,00 | 0,00 | |
| Cashflow1,7 | 1,42 | -0,95 | 19,96 | -2,77 | -10,74 | 0,00 | 0,00 | |
| Earnings per share8 | -0,01 | -0,05 | 0,39 | -0,67 | -0,51 | -0,35 | -0,20 | |
| 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: Baker Tilly
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 | ||||||
| LAIQON | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A12UP2 | DE000A12UP29 | AG | 106,54 Mio € | 28.10.2005 | Kaufen | 9F5GH255+JM |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 0,00 | 20,77 | 0,00 | -73,04 | 1,56 | -9,92 | 3,42 |
|
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 |
| 28.08.2025 | 30.08.2024 | 31.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -0,04% | +2,52% | +0,40% | -36,15% | -68,88% |
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