Original-Research: Netfonds AG (von NuWays AG): BUY
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Original-Research: Netfonds AG - from NuWays AG
Classification of NuWays AG to Netfonds AG
AuA and AuM hit new all-time high Topic: With 26.2bn assets under administration (AuA) and € 3.3bn assets under management (AuM), Netfonds reached new record levels being well above our estimates.In detail: Steep growth trajectory to continue. With an absolute growth of € 2.6bn in AuA YTD (+10%; 15% yoy) to € 26.2bn in Q2, Netfonds is well above our estimates of € 25.7bn and should easily reach our estimates for FY24 of € 27bn. Even better, the high margin AuM increased to € 3.3bn end of Q2 (20% YTD; 18% yoy), in line with our estimates for Q2 of € 3.2bn and on track for the anticipated € 4.0bn in FY24. Strong H1 figures ahead: After the record Q1 figures with AuA of € 25.1bn and gross sales of € 56m Netfonds hit new all-time highs in Q2 and should also have continued its sales growth additionally fueled by 1) value accretive smaller transactions (i.e. MFK and Comfort Finance) for very reasonable prices (eNuW: 4-8x EBITDA) for its advisor network VB-Select, 2) the initiation of an own money market fund with already above € 75m end of Q2 and 3) the acquisition of an umbrella in Luxembourg. We conservatively expect € 56m in gross sales (20% yoy), € 10.5m in net sales (10% qoq, 9% yoy) and € 1.6m in EBITDA (78% qoq; 10% yoy). Q2 figures should come out end of August. Consolidation of the insurance brokerage market in full swing. Apart from the strong operating performance, the Groups proprietary, 360° finfire platform is seen to fuel the market consolidation especially in 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 enormous cross-selling potentials, as the already onboarded investment adviser can additionally offer a wide range of insurance products to its customers. finfire hence remains the company´s key mid- to long-term growth and scalability driver. The expected strong organic growth momentum is seen to be accompanied by further value-accretive M&A deals that should come at very reasonable prices. Overall, we see Netfonds well on track to reach its mid-term target of € 59m net sales (vs eNuW: € 59m) and € 23m EBITDA (vs eNuW: € 20m) by FY26. BUY with an unchanged PT of € 74.00, based on DCF. You can download the research here: http://www.more-ir.de/d/30443.pdf For additional information visit our website: www.nuways-ag.com/research 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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1966385 13.08.2024 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 | 26,47 | 31,82 | 38,64 | 33,62 | 36,60 | 45,90 | 51,30 | |
| EBITDA1,2 | 3,43 | 4,17 | 15,65 | 6,47 | 4,91 | 8,40 | 9,55 | |
| EBITDA-Margin3 | 12,96 | 13,11 | 40,50 | 19,24 | 13,42 | 18,30 | 18,62 | |
| EBIT1,4 | 1,16 | 1,81 | 11,67 | 2,96 | 1,34 | 3,80 | 4,90 | |
| EBIT-Margin5 | 4,38 | 5,69 | 30,20 | 8,80 | 3,66 | 8,28 | 9,55 | |
| Net Profit (Loss)1 | -0,40 | 0,03 | 8,74 | 0,88 | -0,28 | 2,50 | 3,45 | |
| Net-Margin6 | -1,51 | 0,09 | 22,62 | 2,62 | -0,77 | 5,45 | 6,73 | |
| Cashflow1,7 | -9,68 | 5,22 | -17,77 | 3,07 | 1,50 | 0,00 | 0,00 | |
| Earnings per share8 | -0,19 | 0,01 | 3,79 | 0,38 | -0,12 | 1,05 | 1,48 | |
| Dividend per share8 | 0,00 | 0,16 | 0,25 | 0,25 | 0,25 | 0,30 | 0,40 | |
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 | 103,42 Mio € | 03.09.2018 | Kaufen | 9F5GG2XH+3P |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 12,33 | 27,67 | 0,45 | 70,59 | 5,15 | 68,86 | 2,25 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,25 | 0,25 | 0,30 | 0,68% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 27.08.2024 | 30.05.2024 | 21.08.2024 | 18.11.2024 | 28.05.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +3,23% | +6,44% | +2,30% | -5,93% | +50,51% |
