Original-Research: The NAGA Group AG (von GBC AG): BUY
Original-Research: The NAGA Group AG - von GBC AG
Einstufung von GBC AG zu The NAGA Group AG
Unternehmen: The NAGA Group AG
ISIN: DE000A161NR7
Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 12.75 EUR
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung:
Analyst: Cosmin Filker
Strong revenue and earnings growth in 2021; guidance for 2022 significantly above our expectations; estimates and share price target raised
According to preliminary figures for the past financial year 2021, The NAGA Group AG (short to: NAGA) achieved significant revenue growth as expected. Compared to the previous year, consolidated sales more than doubled to EUR 55.3 million (previous year: EUR 24.35 million), thus exceeding both the original guidance (sales guidance: EUR 50 - 52 million) and our sales estimates (GBC forecast: EUR 54.06 million). The preliminary EBITDA of EUR 12.8 million (previous year: EUR 6.57 million) also showed a significant increase. However, as the deliberate investments in customer growth led to higher marketing expenses, the preliminary EBITDA was slightly below the original EBITDA guidance (EUR 13 - 15 million) and below our estimate (GBC forecast: EUR 14.39 million).
As expected, the company not only benefited from the favourable market conditions for online brokers, but also from the implemented focus on the core business and the expanded marketing activities contributed to the success. Overall, the trading volume doubled from EUR 121 billion (2020) to over EUR 250 million (2021) and the number of new customers increased significantly to 277,000 (previous year: 122,000). On the product side, for example, NAGA Pay was introduced to the market, which is intended to integrate customers more strongly into the NAGA product world.
For the current financial year, the company has announced the introduction of new products in addition to the planned continuation of international expansion. In the first quarter of 2022, NAGAX, a new social trading platform with a focus on cryptocurrencies, is to be introduced to the market. According to its own information, every user contribution on the platform will be automatically converted into an NFT, which can be monetised. In addition, since the end of 2021, NAGA has been offering its technology to selected partner companies as part of a white label solution as a SaaS model. This is intended to generate further business.
The financing of further customer growth, possible strategic acquisitions and further product development was significantly expanded by a financing round in November 2021. With the issue of around 4.25 million shares at a price of EUR 8.00, an additional EUR 34 million was raised. Growth capital of EUR 22.7 million was already raised in September 2021 as part of a capital increase.
On this basis, the company published guidance for the current 2022 financial year for the first time in November 2021. Group turnover of EUR 95 to 105 million and EBITDA of between EUR 25 and 30 million are expected. Both figures are significantly above our previous forecast (see research report dated 8 November 2021). We are adjusting our estimates in line with the company's guidance and are thus significantly raising our revenue estimate to EUR 96.78 million (previously: EUR 81.10 million) and our EBITDA forecast to EUR 25.48 million (previously: EUR 16.99 million). Due to this higher basis, we are also raising our 2023 estimates.
Within the framework of our DCF valuation model, this results in a new target price of EUR 12.75 (previously: EUR 11.70), taking into account the last capital increase. We continue to assign the BUY rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23266.pdf
Kontakt für Rückfragen
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date (time) Completion: 18/01/22 (01:02 pm)
Date (time) first transmission: 19/01/22 (09:30 am)
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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 | 7,62 | 24,35 | 52,88 | 57,60 | 39,73 | 80,00 | 0,00 | |
| EBITDA1,2 | -9,17 | 4,50 | -4,20 | -13,73 | 8,45 | 11,00 | 0,00 | |
| EBITDA-Margin3 | -120,34 | 18,48 | -7,94 | -23,84 | 21,27 | 13,75 | 0,00 | |
| EBIT1,4 | -12,18 | 0,94 | -9,55 | -36,86 | -57,59 | 1,50 | 0,00 | |
| EBIT-Margin5 | -159,84 | 3,86 | -18,06 | -63,99 | -144,95 | 1,88 | 0,00 | |
| Net Profit (Loss)1 | -13,38 | 0,17 | -10,76 | -44,25 | -60,97 | -0,90 | 0,00 | |
| Net-Margin6 | -175,59 | 0,70 | -20,35 | -76,82 | -153,46 | -1,13 | 0,00 | |
| Cashflow1,7 | -2,40 | 1,61 | -12,90 | -14,52 | -0,91 | 1,80 | 0,00 | |
| Earnings per share8 | -0,30 | -0,01 | -0,23 | -0,82 | -1,13 | -0,02 | -0,01 | |
| 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: MSW
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 | ||||||
| Naga Group | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A161NR | DE000A161NR7 | AG | 159,31 Mio € | 10.07.2017 | 9F5FHX3Q+82 | |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 35,30 | 0,00 | 0,00 | -2,23 | 3,22 | -174,68 | 4,01 |
|
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 |
| 30.08.2024 | 30.10.2024 | 28.06.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -9,25% | -14,32% | -0,84% | -20,76% | -72,85% |
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