Original-Research: Westwing Group SE (von NuWays AG): BUY
|
Original-Research: Westwing Group SE - from NuWays AG
Classification of NuWays AG to Westwing Group SE
Solid Q2'24 results // FY'24 guidance confirmed; chg. Westwing released solid Q2 results and was able to continue the trend of yoy GMV growth witnessed in the recent quarters (+5% yoy to € 114m in Q2). Q2 sales were slightly higher than expected and increased by 4.1% yoy to € 106m (eNuW: € 104m), driven by healthy growth in active customers (+2% yoy to 1.28m) and a surging basket size (+11% yoy to € 198). DACH grew 4.5%, while International remained flat yoy, implying continued market share gains amid a flat German online Home & Living market yoy. At the same time, adj. EBITDA was below estimates at € 3.9m in Q2 (eNuW: € 5.7m), representing a margin of 3.7% (-0.7ppts yoy), as a result of elevated investments in brand awareness, which - although flagged in our last update - came in higher than expected. Having said that, Westwing's higher marketing ratio should be regarded as a net positive since it allows the company to increase share of mind with the consumer which eventually can be translated into a higher share of customer wallet once the macroeconomic picture improves. Nonetheless, Westwing demonstrated a contribution margin expansion of +1.8ppts yoy to 30.6%, thanks to a favorable product mix (i.e. significantly higher private label share, +7ppts yoy to 53% of GMV in Q2), and reduced fulfilment expenses (-1.4ppts yoy) as a result of cost savings through consolidation in logistics. Working capital increased by € 7.7m but was once again negative at € -11m (Q1: € -19m) due to payment-related timing effects in Q1 as well as the seasonal build-up of inventory, leading to Q2 FCF of € -7.3m (Q2'23 FCF: € 0.2m). The company confirmed its FY24 guidance with sales growth seen at 3% to 4% yoy to € 415-445m (eNuW new: € 435; eNuW old: € 442m). Management continues to expect H2'24 sales to be weighed down by complexity reductions and strategic adjustments of the product offering in Spain and Italy (now completed) as well as Czech Republic, Poland, and Slovakia (to be implemented in H2), and the ongoing challenges in the general home & living market. The adj. EBITDA outlook was reiterated at € 14m to € 24m, implying a 3-6% margin (eNuW new: € 18.5m; eNuW old: € 23.7m). Considering € 10.2m adj. EBITDA in H1, the bottom-line guidance looks achievable, in our view, while FCF for the full year should likely be close to break-even (eNuW: € 0.3m) due to one-off restructuring costs (i.e. complexity reduction, SaaS transition) and normalizing inventory patterns. All in all, the company impresses with (1) a clear vision and action plan for reviving and continuing its growth story, (2) management's longterm focus over short-term considerations, and (3) its cost-conscious and sensible capital allocation to the benefit of the brand. Considering the currently very undemanding valuation, we continue to like the stock and reiterate our BUY rating with a changed PT of € 17.50 (old: € 18.00), based on DCF. You can download the research here: http://www.more-ir.de/d/30413.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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
1964457 09.08.2024 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 | ||||||||
| 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 | |
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 |
|
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 |
| 17.06.2025 | 08.05.2025 | 07.08.2025 | 07.11.2024 | 27.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -5,18% | -7,68% | -18,55% | -17,34% | -72,31% |
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
