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
Trading update confirms guidance reach at upper end; chg. est Topic: WEW released a FY'24 trading update which points towards a sales and adj. EBITDA guidance reach at the upper end for both despite a muted consumer sentiment. In detail: FY'24 GMV was reported up 3.3% yoy at € 497m (eNuW: € 486m) which should have been the result of a continuation of a growing avg. basket size (eNuW: +11% yoy) and a return in growth of active customers (eNuW: +2% yoy), but dampened by a decline in number of orders (eNuW: - 7% yoy). As sales develop mostly proportionate to GMV, this would imply FY'24 sales of € 443m (eNuW old: € 435m), which stands at the top-end of the € 415-445m guidance range. Consequently, WEW also specified its adj. EBITDA guidance towards the upper end of the € 14-24m range (eNuW old: € 18m, eNuW new: € 20m, 4.5% adj. EBITDA margin). Here, we also expect the positive trend of an improving cost mix visible in Q1-Q3'24 to have positively affected profitability in Q4. The main driver should have been the improved gross margin (eNuW: +0.8% yoy) thanks to a higher private label share of 55% in FY'24 (58% in Q4'24). Also positively, WEW reported a positive FCF of € 9m for FY'24e (eNuW old: € 2m), which implies a Q4'24 FCF of € 20m which should stem from a large inventory reduction. Consequently, the strong net cash position stood at € 69m (eNuW old: € 58m), despite the € 10m share buyback program executed in Nov'24. Outlook 2025: Thanks to a still ongoing muted consumer sentiment, we do not expect a major demand swingback for WEW. Consequently, sales is seen to grow by 3.4% yoy to € 458m in FY'25e. For profitability, we expect a 0.4pp yoy margin improvement to an adj. EBITDA of € 23m, carried by a rising contribution margin as a further rising private label share should support a stronger gross margin (eNuW: +0.8pp yoy). In sum a solid release, showing that WEW maintained profitable growth with positive FCFs despite a muted consumer sentiment, assortment changes, restructuring expenses and the SaaS platform transformation. Against this backdrop, we reiterate our BUY recommendation with unchanged PT of € 17.00, based on DCF. You can download the research here: http://www.more-ir.de/d/31683.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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. |
||||||||||||||||||||
2076581 29.01.2025 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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 267,30 | 432,90 | 522,50 | 430,80 | 428,60 | 444,30 | 446,00 | |
| EBITDA1,2 | -25,70 | 42,00 | 34,10 | -9,40 | 11,40 | 15,60 | 25,00 | |
| EBITDA-Margin3 | -9,62 | 9,70 | 6,53 | -2,18 | 2,66 | 3,51 | 5,61 | |
| EBIT1,4 | -34,20 | 31,40 | 21,10 | -27,40 | -8,40 | -4,80 | 10,00 | |
| EBIT-Margin5 | -12,80 | 7,25 | 4,04 | -6,36 | -1,96 | -1,08 | 2,24 | |
| Net Profit (Loss)1 | -39,00 | 29,80 | 12,00 | -32,40 | -12,40 | -5,00 | 8,50 | |
| Net-Margin6 | -14,59 | 6,88 | 2,30 | -7,52 | -2,89 | -1,13 | 1,91 | |
| Cashflow1,7 | -13,30 | 47,80 | 29,80 | -10,20 | 33,30 | 16,60 | 21,00 | |
| Earnings per share8 | -1,85 | 1,38 | 0,55 | -1,51 | -0,61 | -0,25 | 0,40 | |
| 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 | 266,53 Mio € | 09.10.2018 | Kaufen | 8FWH5GPV+QM |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 16,78 | 32,04 | 0,52 | -26,24 | 4,53 | 16,06 | 0,60 |
|
Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 09.06.2026 | 07.05.2026 | 06.08.2026 | 06.11.2025 | 26.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +4,53% | +29,55% | +74,59% | +63,90% | -50,58% |
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
