Original-Research: Westwing Group SE (von NuWays AG): Buy
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Original-Research: Westwing Group SE - from NuWays AG
Classification of NuWays AG to Westwing Group SE
Q3 review: benefitting change in mix; chg. est. Topic: Westwing released solid Q3 results yesterday, which were slightly above our sales estimates, but in line at adj. EBITDA. Overall, the product and cost mix both showed improvements, positioning WEW well for the important Q4 ahead and beyond. In detail: Q3 sales increased by 3% yoy to € 96m (eNuW: € 90m), driven by growth in active customers (+1% yoy to 1.28m) and a surging basket size (+16% yoy to € 206), which offset the trend of declining number of orders (-13% yoy). DACH grew 4%, implying continued market share gains amid ongoing challenges in the German online Home & Living market (-5% yoy in DACH; +9pp outperformance), whereas International (+2% yoy) was burdened by the switch in product assortment in the short-term. Adj. EBITDA grew by 46% yoy to € 4m (eNuW: € 4.1m; 9M: € 13.7m, +15% yoy), thanks to an improved cost mix. Next to a rising gross margin (+0.7pp, thanks to the ongoing rise of the Westwing collection share by 10pp to 58%), the larger lever was a decrease in the fulfilment cost ratio by 2.7pp. In return, WEW spent 20% yoy more in brand marketing (especially in DACH), to prepare for the seasonally important Q4. Within the segments, DACH's adj. EBITDA of € 1.3m (2.4% margin) was burdened by the aforementioned marketing campaign, whereas International expanded EBITDA to € 2.4m (5.2% margin), mainly driven by the strong increase of the Westwing collection share. FCF came in at € -6m in Q3 and was burdened by the seasonal inventory ramp up (€ +6m qoq WC effect in Q3). Per 9M, FCF thus stood at € -9m, containing already some € 5m of the € 10-12m one-off cash effective SaaS tech-platform restructuring. As management guides for FCF break even in FY'24e, this implies a positive FCF of € 9m (eNuW: € 10m; € 14-16m FCF excl. one-offs), on the back of positive WC reversals, but also due to a better cost mix. The fact that WEW was able to show growth despite an ongoing market decline, ultimately increasing market share, while also turning to a leaner cost base, shows that management is on track to prepare the company for disproportionate growth and operating leverage should consumer sentiment pick up again. Moreover, the more than healthy balance sheet (net cash explains 45% of market cap) provides the basis for further country expansions. Therefore, we reiterate our BUY recommendation with an unchanged PT of € 17.50, based on DCF. - analyst change - You can download the research here: http://www.more-ir.de/d/31235.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. ++++++++++
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2025461 08.11.2024 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 | ||||||
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| 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 |
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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% |
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