Netfonds AG
ISIN: DE000A1MME74
WKN: A1MME7
03 June 2024 09:01AM

Original-Research: Netfonds AG (von NuWays AG): Kaufen

Netfonds AG · ISIN: DE000A1MME74 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19935

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: Kaufen
from: 03.06.2024
Target price: EUR 73.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow

Final FY23 figures below prelims // Strong start into 2024; chg.

Topic: Netfonds released final FY23 figures that fell short of prelims due to one-off effects. Further, the company reported record Q1 prelims above expectations, proofing that it is on track to reach its FY24 and mid-term guidance. In detail:

FY23 gross sales came in at € 193m (+9% yoy vs prelims: € 197m), mainly driven by AuC that grew by 11% to € 23.8bn (eNuW: € 23.2bn). Thanks to material expenses that remained stable relatively to sales at 81% (vs 80.9% in FY22) net sales grew by 9% yoy to € 39.4m, above prelims of € 37m.

EBITDA of only € 4.9m (-24% yoy), came in below prelims (€ 6.2m), mainly due to two one-off effects to the tune of € 1.7m stemming from a cancelled software contract and from the at equity consolidation of two investments. Total OPEX of € 34.4m (+17% yoy) was hence higher than the anticipated € 30.8m. EBT came in at € 0.7m (vs € 2m in FY22, vs prelims: € 2.2m) resulting from € 3.6m D&A and a financial result of € 0.1m.

Looking into FY24, Netfonds kicked-off the year with a record quarter. The company achieved gross sales of € 56m (20% yoy, 9% qoq), significantly above our estimates of € 50m carried by AuC that exceeded € 25.1bn (19% yoy vs € 23.8m in FY23). As material expenses should have remained rather stable yoy, net sales grew by 18% yoy to 9.5m. Thanks to scale effects that start to kick-in, EBITDA came in at € 0.9m (+125% yoy), bringing EBT into positive terrain with € 0.3m (vs € -0.4m in FY22).

Going forward, record AuC after Q1, paired with stock markets that reached new all-time highs in Q2, top- and bottom line should continue to grow in H2, even without new AuC inflows that we consider as very likely. Further, the Groups proprietary 360° 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 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.

In order to reflect strong Q1 results, the bright market outlook and the enormous (cross-selling) potential
arising from finfire, we reiterate BUY with an unchanged PT of € 73.00 (old: € 73.00), based on DCF.

You can download the research here:
http://www.more-ir.de/d/29935.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. ++++++++++

-------------------transmitted by EQS Group AG.-------------------

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
Quelle: boersengefluester.de and Company information
Explanation

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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,25 0,25 0,30 0,70%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,00%
42,60 €
ATH 54,00 €
+4,82% +0,24% -1,84% +0,00% +44,41%

Advertising is an important revenue channel for us. But we understand, that sometimes it becomes annoying. If you want to reduce the number of shown ADs just simply login to your useraccount and manage the settings from there. As registered user you get even more benefits.
          Qualitätsjournalismus · Made in Germany © 2024          
The news manufactory

Good luck with all your investments

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

Idea & concept: 3R Technologies   
boersengefluester.de GmbH Copyright © 2024 by Gereon Kruse #BGFL