VOQUZ Labs AG
ISIN: DE000A3CSTW4
WKN: A3CSTW
24 January 2024 09:02AM

Original-Research: VOQUZ Labs AG (von NuWays AG): BUY

VOQUZ Labs AG · ISIN: DE000A3CSTW4 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 18731

Original-Research: VOQUZ Labs AG - von NuWays AG

Einstufung von NuWays AG zu VOQUZ Labs AG

Unternehmen: VOQUZ Labs AG
ISIN: DE000A3CSTW4

Anlass der Studie: Update
Empfehlung: BUY
seit: 24.01.2024
Kursziel: 20.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald

Reassuring order intake and strong trading momentum

Yesterday, VOQUZ published reassuring 2023 order intake figures, pointing towards improved operations in the second half of the year.

Total order intake increased by 11.5% yoy to € 5.5m with recurring orders accounting for a solid 58% (€ 3.2m). The share of product related sales slightly declined to 73% (-6.1pp yoy), while the proportion of orders from SAP license management stood at 85% (-4.3pp yoy) stemming from samQ (eNuW: 75%) and the company´s new product visoryQ (eNuW: 10%).

Overall, this indicates sequential improvements in H2´23 after a rather lackluster operating performance in H1´23 with only 3% sales growth and negative EBTIDA (€ -0.5m). In fact, we expect an acceleration in top-line growth to 6% on a FY basis as well as a containment of the EBTIDA loss to only € -0.2m. Given the compelling order intake, these estimates could even serve as conservative in the end. That said, we expect management to put out preliminary FY23 figures in the course of Q1.

While 2023 has to be seen as a transition year, VOQUZ’ compelling mid-term prospects remain fully intact: On the one hand, the still lagging SAP S/4HANA transition - only 1/3 of customer adapted the new ERP software so far - should provide tailwinds going forward. Mind you, SAP-ERP customers must switch from ECC to S/4HANA until 2027 when the mainstream maintenance fades out, which should in turn lead to exponentially increasing adoption rates in the coming quarters. Even though capacities are not unlimited, VOQUZ looks set to be one of the main beneficiaries, especially thanks to its new software visoryQ, which helps clients to set up an efficient ERP strategy. According to management, the new product is perceived well by the market, allowing for significant cross-selling with the company's legacy software samQ, which gets visible in a continuously strong current trading.

Against this backdrop, the company should be well positioned to return to double-digit top-line growth (eNuW: +14.5% yoy), positive EBITDA (€ 0.6m) as well as FCF generation (€ 0.5m) in 2024e.

Given the recent weakness as well as the strong underlying mid-term trends combined with the scalability of the capital-light business model, valuation continues to look undemanding with shares trading at only 1.3x EV/Sales ‘23e. We hence reiterate BUY with an unchanged PT of € 20.00 based on DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28731.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 1,56 2,01 2,96 3,89 4,72 5,26 6,05
EBITDA1,2 0,13 0,09 0,66 0,96 0,62 0,49 1,10
EBITDA-Margin3 8,33 4,48 22,30 24,68 13,14 9,32 18,18
EBIT1,4 0,03 0,24 0,45 0,62 0,26 0,04 0,00
EBIT-Margin5 1,92 11,94 15,20 15,94 5,51 0,76 0,00
Net Profit (Loss)1 -0,02 0,29 0,44 0,48 0,06 -0,08 0,00
Net-Margin6 -1,28 14,43 14,87 12,34 1,27 -1,52 0,00
Cashflow1,7 -0,07 0,35 0,40 0,58 0,08 -0,04 0,00
Earnings per share8 0,00 0,28 0,42 0,46 0,06 -0,07 0,30
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: Menold Bezler

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
VOQUZ Labs
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A3CSTW DE000A3CSTW4 AG 7,77 Mio € 28.07.2021 9F4MG83M+WF
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
15,74 18,86 0,64 30,58 4,03 -194,25 1,48
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
02.07.2024 27.09.2024 23.05.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,00%
7,40 €
ATH 24,00 €
-3,92% -19,15% +48,00% +48,00% -81,50%

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