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
Strong start into FY25 // Guidance upgrade; chg Netfonds reported promising Q1 figures indicating that the com<pany is well on track to achieve its FY25 guidance. In detail: Gross sales came in at € 64.5m (+15% yoy), above our estimate of € 62,9m. Key driver was again the AuA growth that stood at € 28.5bn after Q1 (vs € 28.3bn in FY24) in line with our estimates (eNuW: € 28.5bn). Thanks to scale effects, material expenses should have declined relatively to sales to 81.4% (vs 83.1% in Q1´24) resulting in net sales of € 12.0m (26% yoy vs eNuW: € 11.6m). EBITDA stood at € 2.8m (211% yoy), above our estimates of € 2.4m, mainly driven by the sound topline development. OPEX should have come in as expected (eNuW: € 6.0m personnel expenses and € 3.2m other OPEX. EBT came in at € 1.4m (vs € -0.4 in Q1´24y vs eNuW: € 1.1m) as a result of stable D&A (eNuW: € 1.0m) and a financial result that is burdened by the interest for the bond (eNuW: € -0.4m). Overall, Q1 figures mark a strong start into the year. On the back of € 28.5bn AuA in Q1´24, topline should continue to grow in Q2 as AuA growth usually materializes with a delay of one quarter. Even better, Netfonds announced that AuA reached a new record level of € 29.3bn, which gives us already visibility into Q3. As we expect the more profitable AuM to grow more dynamically, this alone should expand EBITDA margins. As the anticipated growth should be strongly supported by Netfonds proprietary 360° finfire platform, Netfonds should enjoy the typical scale effects of a growing platform business. Moreover, finfire is seen to fuel the consolidation of the insurance broker market that is, in contrary to the investment adviser market, still highly fragmented. Consequently, we continue to consider finfire to remain the Groups key mid- to long-term growth and scalability driver. For FY25 we still expect € 263m gross sales, € 54.7m net sales and an EBITDA of € 16.2m. While the renewed topline guidance of € 260-270m gross sales and € 52.5-54m net sales is broadly in line we consider the EBITDA guidance of € 12-13.5m that is not meeting our expectation, as rather conservative with room for an update until eoy. BUY with an unchanged PT of € 78.00, based on DCF. You can download the research here: http://www.more-ir.de/d/32902.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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2159332 24.06.2025 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 | 45,63 | 53,60 | |
| EBITDA1,2 | 3,43 | 4,17 | 15,65 | 6,47 | 4,91 | 8,06 | 13,20 | |
| EBITDA-Margin3 | 12,96 | 13,11 | 40,50 | 19,24 | 13,42 | 17,66 | 24,63 | |
| EBIT1,4 | 1,16 | 1,81 | 11,67 | 2,96 | 1,34 | 3,33 | 8,40 | |
| EBIT-Margin5 | 4,38 | 5,69 | 30,20 | 8,80 | 3,66 | 7,30 | 15,67 | |
| Net Profit (Loss)1 | -0,40 | 0,03 | 8,74 | 0,88 | -0,28 | 2,60 | 5,00 | |
| Net-Margin6 | -1,51 | 0,09 | 22,62 | 2,62 | -0,77 | 5,70 | 9,33 | |
| Cashflow1,7 | -9,68 | 5,22 | -17,77 | 3,07 | 1,50 | -4,16 | 2,80 | |
| Earnings per share8 | -0,19 | 0,01 | 3,79 | 0,38 | -0,12 | 1,12 | 2,15 | |
| Dividend per share8 | 0,00 | 0,16 | 0,25 | 0,25 | 0,25 | 0,35 | 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 | 103,89 Mio € | 03.09.2018 | Kaufen | 9F5GG2XH+3P |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 12,39 | 23,72 | 0,52 | 70,91 | 4,81 | -25,00 | 2,28 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,25 | 0,35 | 0,40 | 0,90% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 23.07.2025 | 17.06.2025 | 21.08.2024 | 18.11.2024 | 18.06.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -2,31% | +1,47% | +2,30% | +6,73% | +50,51% |
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