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
Kickstart into FY25 with new record AuA and AuM; chg Topic: Netfonds kicked off the year with strong positive newsflow i.e. a new record-AuA level of € 28.3bn and AuM exceeding € 4bn for the first time. Further, Netfonds will take over another fund initiator through its subsidiary GSR GmbH, as already announced at the end of last year. In detail: With the new AuA record of 28.3bn at the end of FY24, Netfonds significantly exceeded our estimates of € 27.bn while AuM of € 4.05bn came in as expected (eNuW: € 4.0bn). Nevertheless, both figures are quite impressive as we increased our estimates for both figures more than once throughout the year. Thanks to the strong AuA growth, the given guidance for FY24 of € 220-230m in gross sales and € 41.5-43m in net sales can hence be taken as granted (eNuW new: € 230m gross sales; € 44m net sales). Even better, the record AuA levels end of last year strongly indicating further strong top- and bottomline, as asset inflows materialize with a slight delay. That said, the value-accretive M&A transactions of the undisclosed fund initiator and others (i.e. MFK and Comfort Finance) should further fuel top- and bottom line growth in FY25 and beyond. For FY25, we expect 51m net sales (€ 260m gross sales) inline with management's new guidance of “dynamic double-digit yoy growth”. As the scale effects of the platform business kicking in, EBITDA should grow exponentially to € 17m (eNuW). On the back of 1) the strong ongoing operating performance, 2) Netfonds 360° finfire platform being the key mid- to long term growth and scalability driver and 3) further value accretive M&A transactions, we see Netfonds well on track to reach its mid-term target of € 59m net sales (vs eNuW: € 62m) and € 23m EBITDA (vs eNuW: € 22m) by FY26. Apart from that and in order to finance the takeover of a fund initiator through its subsidiary GSR (takeover price: mid single-digit million amount), but also further potential acquisitions, Netfonds successfully issued an unsecured bond with a volume € 15m million (coupon: 7.00% p.a.) end of last year. This acquisition is underlining once again that Netfonds is playing an active role in the market consolidation. We expect to see further acquisitions in FY25. BUY with new PT of € 78.00, based on DCF. You can download the research here: http://www.more-ir.de/d/31617.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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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2066831 14.01.2025 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% |
