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: Update
Empfehlung: BUY
seit: 19.01.2024
Kursziel: 71.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Strategic acquisition to improve profitability; chg
Yesterday, Netfonds announced to have acquired a majority stake in “Meine Finanzkanzlei GmbH” (“MFK”) through its fully owned subsidiary NVS Netfonds Versicherungsservice AG. In detail:
We assume that Netfonds has acquired a stake of 65-85% (eNuW) at a low to mid, single digit EV/EBITDA multiple (eNuW). As the network of advisors from MFK has already been cooperating with NVS for many years, we do not expect a significant increase of gross sales. Stand alone, MFK should generate gross sales of c. € 1.5-2.0m (eNuW). Due to synergy effects, we expect a positive EBITDA effect of some € 0.3-0.5m (eNuW).
Importantly, MFK is actively supporting NVS in customer advice for banks that are affiliated with NVS. These services are increasingly important for banks, hence providing a significant growth potential for Netfonds going forward.
Overall, we consider the acquisition as highly value accretive. While the price should have been absolutely reasonable, MFK is seen to strengthen the insurance division of Netfonds and contributing to its profitability.
More positive newsflow comes from IGBCE Bonusagentur, which extended its cooperation agreement with NVS in connection with the acquisition of MFK. With that, NVS keeps its access to more than 3m potential CareFlex customers. As a strategic partner of IGBCE, MFK should support NVS in the distribution of CareFlex by advising selected private and corporate customers.
Apart from the value accretive acquisition, Netfonds 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 and should start to lift off in FY24.
That, paired with 1) Netfonds market leading 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), 2) the likely guidance beat in FY23 and 3) the promising mid-term guidance makes the stock a clear BUY with a new PT of € 71.00, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28709.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
++++++++++
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.
++++++++++
-------------------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% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
