Original-Research: THE NAGA GROUP AG (von NuWays AG): HOLD
Original-Research: THE NAGA GROUP AG - von NuWays AG
Einstufung von NuWays AG zu THE NAGA GROUP AG
Unternehmen: THE NAGA GROUP AG
ISIN: DE000A161NR7
Anlass der Studie: Updaate
Empfehlung: HOLD
seit: 17.11.2023
Kursziel: € 1,30
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
FY22 out // Short-term remains clouded; Restart with HOLD
Recently, NAGA finally reported its audited FY22 figures, which reflect a particularly challenging year for the company. In detail:
Sales stand at € 57.6m (+9% yoy), above our estimates of € 50.1m, as we have not considered NGC trading revenues of € 6.8m. While trading activity should have declined from 520 to 434 trades per active customer and the overall number of trades to 8.1m (-19% yoy), number of active customers should have remained largely stable (-3% yoy; 18.7k at YE). An increased avg. revenue per trade of € 7.10 (+34% yoy) compensated for the weaker customer activity resulting in a stable top line.
EBITDA came in strongly negative at € -13.9m (eNuW: € -10.6m), heavily burdened by marketing expenses of € 28.3m that were necessary to keep top line stable throughout a weak year in the overall brokerage space. Further, personnel expenses, R&D costs and other operating expenses (i.e. depreciations of NGC and receivables of € 4.9m), drove EBITDA into negative terrain. € 23m of D&A (€ 15.3m from devalued crypto assets on the balance sheet) burdened the group's EBIT further, which came in at € -36.9m.
In a nutshell, 2022 was terrible year for NAGA and all other players in the brokerage space as customer activity fell off the cliff and cryptos accross the board faced sharp corrections.
Looking forward, 2023 can be seen as a transition year for the company and NAGA should return to annual top line and bottom-line growth from FY24e onwards due to the strategic shift towards global growth across so far under-penetrated regions (sales split as of 9M´23: Europe: 90%; Other: 10%), new acquisitions, expansion of the license base paired with ongoing cost discipline, leaner operations and increasing efficiency (i.e. marketing).
While we see the potential of such a business model, the market environment is currently not favourable for CFD brokers: Trading activity stabilize on low levels and regulatory requirements are tightening, especially in Europe.
We remain cautious, yet restarting coverage with HOLD and a new PT of € 1.30 based on DCF. Once the strategic initiatives result in profitable topline growth, we can return to a more favourable vote.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28317.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 | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 16,12 | 7,62 | 24,35 | 52,88 | 57,60 | 39,73 | 80,00 | |
| EBITDA1,2 | 0,27 | -9,17 | 4,50 | -4,20 | -13,73 | 8,45 | 11,00 | |
| EBITDA-Margin3 | 1,68 | -120,34 | 18,48 | -7,94 | -23,84 | 21,27 | 13,75 | |
| EBIT1,4 | -4,82 | -12,18 | 0,94 | -9,55 | -36,86 | -57,59 | 1,50 | |
| EBIT-Margin5 | -29,90 | -159,84 | 3,86 | -18,06 | -63,99 | -144,95 | 1,88 | |
| Net Profit (Loss)1 | -4,10 | -13,38 | 0,17 | -10,76 | -44,25 | -60,97 | -0,90 | |
| Net-Margin6 | -25,43 | -175,59 | 0,70 | -20,35 | -76,82 | -153,46 | -1,13 | |
| Cashflow1,7 | -2,93 | -2,40 | 1,61 | -12,90 | -14,52 | -0,91 | 1,80 | |
| Earnings per share8 | -0,10 | -0,30 | -0,01 | -0,23 | -0,82 | -1,13 | -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: 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 | 161,56 Mio € | 10.07.2017 | 9F5FHX3Q+82 | |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 0,00 | 1,72 | 0,00 | -2,26 | 3,27 | -177,15 | 4,07 |
|
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 |
| -10,28% | -14,15% | -33,08% | -36,07% | -72,46% |
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