Original-Research: SMARTBROKER Holding AG (von NuWays AG): BUY
Original-Research: SMARTBROKER Holding AG - from NuWays AG
Classification of NuWays AG to SMARTBROKER Holding AG
Company Name: SMARTBROKER Holding AG
ISIN: DE000A2GS609
Reason for the research: Update
Recommendation: BUY
from: 23.02.2024
Target price: 9.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Mixed FY23 prelims // transition year ahead; chg
Topic: Yesterday, Smartbroker Holding reported FY23 prelims that came in as a mixed bag as well as a conservative outlook into FY24 that is underlined by soft monthly trading stats. In detail:
FY23 sales of € 46.3m (-12% yoy) are 8% below our estimates of € 50.4m, driven by both, weaker Media sales of only € 28.1m (-18% yoy vs eNuW: € 29.4m) and weaker Transaction sales of only € 18.2m (-3% yoy vs eNuW: € 21.0m). While Media suffered from the difficult market environment with lower volatility, weakness in Transactions resulted mainly from the negative side effects of the migration to S+ visible in declined no of customers and trades.
EBITDA came in at € 0.5m (-94% yoy), in line with estimates (eNuW: € 0.3m). Lower than expected marketing spending (-65% yoy to € 1.6m vs eNuW: € 3.5m) and other operating expenses (-2% yoy to € 7.8m vs eNuW: € 8.2m), compensated for the softer topline. As D&A stand at € 6.4m (vs eNuW: € 3.4m), EBIT came in at € -5.8m (vs FY22: € -8.4m), significantly below our estimates (eNuW: € -3.1m).
In a nutshell, the preliminary figures are the reflection of a difficult year, burdened by the weak stock market performance and the migration to S+. Still, prelims were in line with the reduced guidance from September 2023 (€ 46-51m sales; € -1 to 1m EBITDA).
Looking into 2024, we rather see a transition year that should be characterized by the launch of several missing features at S+ (such as RFQ orders at all trading venues or bond trading) and the UI/UX overhaul of several portals in the Media segment. Positively, the product improvements paired with increasing marketing spending from H2 onwards, should fuel topline again resulting in € 50.0m sales and € 1.6m EBITDA (eNuW), in line with management guidance of € 50-55m sales and € -1m to € 3m EBITDA.
Overall, the S+ remains the growth driver of the Group, as the unique combination of the service range of an established full-service broker at a neobroker pricing should drive customer inflows and transactions, fueled by reach of the proprietary media portals.
As the investment case remains intact, we reiterate BUY with a reduced PT of € 9.50, based on DCF.
You can download the research here:
http://www.more-ir.de/d/28967.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.
Kontakt für Rückfragen
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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-------------------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 | 7,78 | 8,55 | 28,21 | 48,20 | 52,79 | 46,54 | 53,00 | |
| EBITDA1,2 | 3,71 | 3,70 | 4,52 | 3,56 | 8,77 | 1,35 | 8,40 | |
| EBITDA-Margin3 | 47,69 | 43,28 | 16,02 | 7,39 | 16,61 | 2,90 | 15,85 | |
| EBIT1,4 | 3,64 | 3,69 | 2,03 | 0,35 | -8,41 | -5,22 | -2,10 | |
| EBIT-Margin5 | 46,79 | 43,16 | 7,20 | 0,73 | -15,93 | -11,22 | -3,96 | |
| Net Profit (Loss)1 | 3,23 | 1,90 | 3,55 | -0,54 | -10,07 | -5,92 | -2,55 | |
| Net-Margin6 | 41,52 | 22,22 | 12,58 | -1,12 | -19,08 | -12,72 | -4,81 | |
| Cashflow1,7 | 3,30 | 1,91 | 1,18 | 13,93 | 5,04 | 0,19 | 2,00 | |
| Earnings per share8 | 0,24 | 0,13 | 0,25 | -0,04 | -0,64 | -0,38 | -0,15 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
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: Dohm Schmidt Janka
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 | ||||||
| Smartbroker Holding | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2GS60 | DE000A2GS609 | AG | 154,39 Mio € | 22.02.2006 | Kaufen | 9F4MGC26+HG |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 0,00 | 34,31 | 0,00 | -296,77 | 3,59 | 816,87 | 3,32 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 03.09.2024 | 23.08.2024 | 17.07.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +13,52% | +31,96% | -1,50% | -3,36% | +137,42% |
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