Original-Research: Netfonds AG (von NuWays AG): BUY
Original-Research: Netfonds AG - from NuWays AG
Classification of NuWays AG to Netfonds AG
Company Name: Netfonds AG
ISIN: DE000A1MME74
Reason for the research: Update
Recommendation: BUY
from: 11.03.2024
Target price: 73.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Netfonds beat expectations // Strong FY23 prelims; chg
Netfonds reported strong FY23 prelims beating our expectations. Further, the company provided a new guidance for FY24 that remained rather vague for the moment. In detail:
Gross sales came in at € 197m (+12% yoy), clearly above our estimate of € 191m. Key driver were the business areas Wholesale and Regulatory & Technology business both showing yoy growth rates north of 10% mainly fuelled by AuA that grew by 11% to € 23.8bn (vs eNuW: € 23.2bn). Thanks to scale effects, material expenses should have declined relatively to sales to 80.4% (vs 80.9% in FY22) resulting in net sales of € 37.0m (3% yoy vs eNuW: € 36.1m).
EBITDA stood at € 6.2m (-28% yoy, 85% qoq), also above estimates of € 5.7m, mainly the result of the sound topline development compensating for higher than anticipated OPEX of € 30.8m (4% yoy vs eNuW: € 30.4m). EBT came in at € 2.2m (9% yoy vs eNuW: € 1.7m) as a result of € 4.1m D&A and a financial result of € 0.1m.
Overall, Q4 figures marked a strong finish of a sound FY23. On the back of € 23.8 bn AuC in FY23 as a starting point into FY24, paired with stock markets at all-time highs after two months, topline should continue to grow in FY24, even without new AuA inflows that we consider as very likely (eNuW: 8% to € 25.6bn). Even better, profitable AuM from the wealth management should grow even more dynamically (eNuW: 25% to € 4bn).
Further, the finfire platform is seen to fuel consolidation of the insurance broker market that is in contrary to the investment adviser market, still highly fragmented. Thanks to finfire, the selling and managing of insurance products is much easier unlocking huge cross-selling potentials, as the already onboarded investment adviser can additionally offer a wide range of insurance products to its customers. Netfonds proprietary, 360° finfire platform hence remains the key mid- to long term growth and scalability driver.
In order to reflect the strong FY23 figures, the bright market environment and the enormous (cross-selling) potential arising from finfire, we now expect for FY24 € 45m net sales and an € 12.5m EBITDA, in line with management guidance of net sales “well above € 40m” and “strong increase in EBITDA”.
BUY with a new PT of € 73.00 (old: € 71.00), based on DCF.
You can download the research here:
http://www.more-ir.de/d/29105.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research.
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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The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
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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