Original-Research: THE NAGA GROUP AG (von NuWays AG): BUY
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Original-Research: THE NAGA GROUP AG - from NuWays AG
Classification of NuWays AG to THE NAGA GROUP AG
Growth momentum intact despite soft H1 figures H1 sales came in at € 32.2m (+2% yoy), which is below our estimate of € 35.7m and should be driven by lower customer activity. No. of transactions should have decreased to 3.8m (-5% yoy, eNuW) with an average revenue per transaction that grew to € 8.50 (7% yoy, eNuW). Gross sales (sales after execution and liquidity costs) increased to € 28.9m (+14% yoy, vs eNuW: € 30.5m) H1 EBITDA stands at € 3.0m (+8% yoy) and hence lower than anticipated (eNuW: € 4.0m), mainly due to lower topline. Positively, lower OPEX on the back of higher efficiency and scale effects, partially compensated for the weaker top-line. After the transition year 2024 that was mainly characterized by integration, automation and efficiency processes, the growth engine that was restarted in early 2025 with measures such as the cooperation with BVB (Q4´24) and Mike Tyson (Q1´25) is still sputtering a little. Nevertheless, we expects the measures to bear fruit going forward resulting in an acceleration of growth that should additionally be fueled by the assumed high marketing spendings in H1 (eNuW: € 16.1m, +45% yoy). First effects should become visible in higher H2 sales figures and exponential bottom line growth. While management is still expecting top-line growth of 19% to € 74m in FY25 and another 32% to € 97.8m in FY26, we take a more conservative stance here and slightly trimmed our estimates to € 70m in FY25 and € 79m in FY26 (eNuW). Thanks to expected further synergy, efficiency and scale effects, management still expects EBITDA to increase to € 12.5m in FY25 and to € 27.6m in FY26, while we reduced our estimates to € 10m in FY25 and € 14.9m in FY26. Keep in mind that even minor fluctuations of market volatility could result in significantly higher revenues. That said, the topline guidance is still in reach in our view, while the bottom line guidance looks too ambitious. We are convinced that the management took the right measures and see the company on track to deliver further solid growth. We reiterate BUY with a reduced PT of € 1.10 based on DCF. You can download the research here: the-naga-group-ag-2025-08-20-previewreview-en-a9d9c 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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2186120 20.08.2025 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 | 7,62 | 24,35 | 52,88 | 57,60 | 39,73 | 63,18 | 70,50 | |
| EBITDA1,2 | -9,17 | 4,50 | -4,20 | -13,73 | 8,45 | 8,34 | 12,50 | |
| EBITDA-Margin3 | -120,34 | 18,48 | -7,94 | -23,84 | 21,27 | 13,20 | 17,73 | |
| EBIT1,4 | -12,18 | 0,94 | -9,55 | -36,86 | -57,59 | -3,74 | 1,50 | |
| EBIT-Margin5 | -159,84 | 3,86 | -18,06 | -63,99 | -144,95 | -5,92 | 2,13 | |
| Net Profit (Loss)1 | -13,38 | 0,17 | -10,76 | -44,25 | -60,97 | -6,76 | -1,70 | |
| Net-Margin6 | -175,59 | 0,70 | -20,35 | -76,82 | -153,46 | -10,70 | -2,41 | |
| Cashflow1,7 | -2,40 | 1,61 | -12,90 | -14,52 | -0,91 | 2,62 | 7,00 | |
| Earnings per share8 | -0,30 | -0,01 | -0,23 | -0,82 | -1,13 | -0,03 | -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 | 101,03 Mio € | 10.07.2017 | Halten | 9F5FHX3Q+82 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 21,70 | 0,00 | 0,00 | -1,37 | 1,19 | 38,59 | 1,60 |
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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 |
| 25.07.2025 | 22.05.2025 | 02.10.2025 | 06.06.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -23,05% | -29,32% | -38,20% | -39,23% | -83,08% |
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