Original-Research: Netfonds AG (von NuWays AG): BUY
Original-Research: Netfonds AG - von NuWays AG
Einstufung von NuWays AG zu Netfonds AG
Unternehmen: Netfonds AG
ISIN: DE000A1MME74
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 04.12.2023
Kursziel: € 70,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
FY23 guidance in reach after solid Q3 figures; chg
Netfonds published solid Q3 figures with further sequential top and bottom line growth and confirmed its FY23 guidance. In detail:
Gross sales came in at € 48.4m (21% yoy, 4% qoq), broadly in line with our estimate of € 49.0m. The sequential improvement is mainly driven by the strong growth of high margin AuM in the wealth and asset management (c. € 3bn AuM in Q3 vs eNuW: € 2.8bn after Q2), while overall AuA stagnated on record levels of € 22.7bn. Importantly, AuA inflows compensated for weaker stock market performance. Due to higher material expenses (relative to sales), net sales of only € 8.5m (20% yoy, -11% qoq) came in below our estimate of € 9.7m.
EBITDA remained rather stable on high levels of € 1.3m (vs € -0.2m in Q2´22, -13% qoq), but significantly below our estimate of € 2.3m, solely due to the weaker net sales. While personnel expenses should have been in line with our estimates (eNuW: € 5.0m), other operating expenses should have been below (€ 2.2m vs eNuW: € 2.4m), despite further investments into the finfire platform.
EBT of € 0.4m (vs € -0.6m in Q3´22) resulted from stable D&A of c. € 0.8m financial result of € -0.1m.
On the back of the solid Q3 figures, the FY23 guidance of € 185-190m gross sales and € 35-37m net sales looks well achievable given that 1) Q4 was historically the strongest quarter of the year and 2) stock markets rose close to all-time highs in November, which should fuel AuA/AuM. A guidance beat is still in the cards.
Apart from that, the proprietary, 360° finfire platform, which enables onboarded advisors to offer a wide range of investment, insurance, financing and banking solutions to its customers via one holistic platform, remains the company´s key mid- to long-term growth and scalability driver. Netfonds leading market position in an oligopolistic market with high entry barriers and long-term structural growth drivers (growing AuM´s and number of advisors, ongoing digitization of the financial sector, stricter regulation) should further support future growth.
In light of the growth prospects, the promising mid-term guidance and the undemanding valuation, we reiterate BUY with an unchanged PT of € 70.00, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28455.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 | 20,19 | 26,47 | 31,82 | 38,64 | 33,62 | 36,60 | 42,60 | |
| EBITDA1,2 | 1,39 | 3,43 | 4,17 | 15,65 | 6,47 | 4,91 | 9,20 | |
| EBITDA-Margin3 | 6,89 | 12,96 | 13,11 | 40,50 | 19,24 | 13,42 | 21,60 | |
| EBIT1,4 | -0,17 | 1,16 | 1,81 | 11,67 | 2,96 | 1,34 | 5,70 | |
| EBIT-Margin5 | -0,84 | 4,38 | 5,69 | 30,20 | 8,80 | 3,66 | 13,38 | |
| Net Profit (Loss)1 | -0,72 | -0,40 | 0,03 | 8,74 | 0,88 | -0,28 | 4,30 | |
| Net-Margin6 | -3,57 | -1,51 | 0,09 | 22,62 | 2,62 | -0,77 | 10,09 | |
| Cashflow1,7 | -0,04 | -9,68 | 5,22 | -17,77 | 3,07 | 1,50 | 0,00 | |
| Earnings per share8 | -0,33 | -0,19 | 0,01 | 3,79 | 0,38 | -0,12 | 1,85 | |
| Dividend per share8 | 0,15 | 0,00 | 0,16 | 0,25 | 0,25 | 0,25 | 0,30 | |
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: NPP
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 | ||||||
| Netfonds | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A1MME7 | DE000A1MME74 | AG | 99,23 Mio € | 03.09.2018 | Kaufen | 9F5GG2XH+3P |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 13,74 | 17,35 | 0,79 | 67,73 | 4,94 | 66,06 | 2,71 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,25 | 0,25 | 0,30 | 0,70% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 27.08.2024 | 30.05.2024 | 21.08.2024 | 30.11.2023 | 28.05.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +4,82% | +0,24% | -1,84% | +0,00% | +44,41% |
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