Westwing Group AG
ISIN: DE000A2N4H07
WKN: A2N4H0
23 January 2024 09:01AM

Original-Research: Westwing Group AG (von NuWays AG): BUY

Westwing Group AG · ISIN: DE000A2N4H07 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 18725

Original-Research: Westwing Group AG - von NuWays AG

Einstufung von NuWays AG zu Westwing Group AG

Unternehmen: Westwing Group AG
ISIN: DE000A2N4H07

Anlass der Studie: 5 Pager
Empfehlung: BUY
seit: 23.01.2024
Kursziel: 19.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Mark-Hendrik Schüssler

Storytelling-based value and growth play for 2024

With its storytelling-based retail approach and inspiration-driven revenue generation, Westwing is a unique play on the growing online penetration in the home and living segment. The latter still stands at 25% for fashion or >35% for electronics. Its focus on curated home furnishings along with strong app engagement in 11 European countries helped the company generate € 431m in FY'22 revenues and reach 1.3m, mostly female customers with an impressive >80% retention rate, and a superb mobile share rate of 80%.

Westwing’s strong gross margins of c. 50% are carried by a high share of private labels (48% in Q3’23). As sales look set to grow at a 8.3% CAGR 23e-27e, scalability should allow for profitability improvement especially in G&A (c. 21% of sales vs 7-10% industry average) such that the EBIT margin is seen to reach break-even in 2024e.

Notably, after several quarters of decline in the number of active customers and order frequency normalization following the pandemic boom, Westwing was able to return to growth both in active customers and GMV per customer in Q3 2023, indicating that the company seems to have passed the trough. Hence, structural drivers are back to the fore and the company is on track to continue top and bottom line growth into 2024 thanks to fruitful efforts to improve customer experience, product offering and a growing share of the higher-margin private label.

Westwing's market cap stands at only c. € 151m. Having a healthy balance sheet with a current net cash position of € 69m (or € 3.30 per share or >45% of the current share price), an investor acquires the entire operating business for only € 3.90 per share. With FCF LTM of € 23.8m and trading at only c. 0.2x EV/Sales FY23e (~60% discount to e-commerce peers), Westwing provides both a strong downside protection and a bargain opportunity to disproportionately profit from an eventual recovery of the Home & Living market and possibly a less hawkish monetary policy.

Regarding the stock as a compelling mix of growth and value, we remain our BUY rating with an unchanged PT € 19.00, based on DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28725.pdf
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 ++++++++++
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. ++++++++++

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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 253,90 267,30 432,90 522,50 430,80 428,60 440,00
EBITDA1,2 -12,30 -25,70 42,00 34,10 -9,40 11,40 15,00
EBITDA-Margin3 -4,84 -9,62 9,70 6,53 -2,18 2,66 3,41
EBIT1,4 -19,50 -34,20 31,40 21,10 -27,40 -8,40 -2,00
EBIT-Margin5 -7,68 -12,80 7,25 4,04 -6,36 -1,96 -0,46
Net Profit (Loss)1 -2,30 -39,00 29,80 12,00 -32,40 -12,40 -3,50
Net-Margin6 -0,91 -14,59 6,88 2,30 -7,52 -2,89 -0,80
Cashflow1,7 -9,50 -13,30 47,80 29,80 -10,20 33,30 0,00
Earnings per share8 -0,15 -1,85 1,38 0,55 -1,51 -0,61 -0,17
Dividend per share8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
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: PricewaterhouseCoopers

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
Westwing Group
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A2N4H0 DE000A2N4H07 SE 150,51 Mio € 09.10.2018 - 8FWH5GPV+QM
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
55,38 32,13 1,72 -9,13 1,85 4,52 0,35
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
17.06.2025 08.05.2025 07.08.2025 07.11.2024 27.03.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-0,83%
7,20 €
ATH 54,35 €
-5,18% -7,68% -18,55% -17,34% -72,31%

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