Westwing Group SE
ISIN: DE000A2N4H07
WKN: A2N4H0
08 May 2024 09:01AM

Original-Research: Westwing Group SE (von NuWays AG): Kaufen

Westwing Group SE · ISIN: DE000A2N4H07 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19623

Original-Research: Westwing Group SE - von NuWays AG

Einstufung von NuWays AG zu Westwing Group SE

Unternehmen: Westwing Group SE
ISIN: DE000A2N4H07

Anlass der Studie: Update
Empfehlung: Kaufen
seit: 08.05.2024
Kursziel: EUR 18.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Mark Schüssler

Healthy Q1 results // FY24 guidance confirmed

Healthy Q1 results underpin that Westwing was able to continue the trend of yoy GMV growth witnessed in recent quarters. Q1 sales increased by 6% yoy to € 109m (eNuW: € 107.7m), showing an acceleration of growth versus Q4 (+2% yoy), driven by growth in active customers (+2% yoy to 1.28m) and basket size (+9% yoy to € 185). International and DACH grew 3% and 8% yoy, respectively, implying continued market share gains amid ongoing challenges in the German online Home & Living market (-4% yoy).

At the same time, efficiency measures are bearing fruit. Adj. EBITDA arrived in line with expectations at € 6m in Q1 (eNuW: € 6.5m), representing a margin improvement of 0.8ppts yoy to 5.8%. This was carried by a strong contribution margin expansion of +4ppts yoy to 32%, a favorable product mix (i.e. higher private label share, +5ppts yoy to 51% of GMV in Q1), reduced fulfilment expenses (-2ppts yoy) as well as lower G&A costs (-1ppts yoy) as a result of cost savings (i.e. consolidation of logistics and warehouses and streamlining the organization). Notably, Westwing was able to translate the favorable adj. EBITDA development into healthy FCF of € 4m in Q1, supported by net working capital of € -18m, likely concluding the reduction of excess inventory built up during Covid.

Westwing confirmed its FY24 guidance and with sales expected to develop within a range of -3% to 4% yoy to € 415445m (eNuW: € 442m). While the Q1 performance was overall satisfactory, management continues to expect H2'24 sales to be weighed down by a strategic adjustment of the product offering in Spain and Italy (low to mid single-digit percentage impact) along with ongoing challenges in the home & living market as consumers continue to hold back on higher-value products such as furniture. The adj. EBITDA outlook was reiterated at € 14m to € 24m implying a 3.1 to 5.8% margin (eNuW: € 23.7m with a 5.4% margin). Considering € 6m adj. EBITDA in Q1, 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.

Overall, Westwing has adapted successfully to the current transition period towards a leaner and more scalable organizational setup. While visibility on a return of consumer confidence remains low, Westwing’s mid-term prospects continue to look bright driven by the structural shift towards e-commerce and its unique positioning in the European home & living market. We reiterate our BUY recommendationwith a PT of € 18.00, based on DCF, and keep the stock on our Alpha List.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/29623.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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