Original-Research: VOQUZ Labs AG (von NuWays AG): BUY
Original-Research: VOQUZ Labs AG - from NuWays AG
Classification of NuWays AG to VOQUZ Labs AG
Company Name: VOQUZ Labs AG
ISIN: DE000A3CSTW4
Reason for the research: Update
Recommendation: BUY
from: 07.03.2024
Target price: 22.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
FY prelims: Strong H2 & promising outlook / chg. est & PT
Topic: VOQUZ Labs announced preliminary FY ’23, indicating a strong sequential recovery in H2 regarding both, top-line growth and profitability. Management also issued a promising outlook for the coming year. In detail:
H2 sales increased by 16% yoy to € 3.4m (eNuW: € 3.1m), which should have been mainly driven by the company’s flagship product samQ (eNuW: 75% of sales), as indicated by the recently published order intake figures. Importantly, the newly launched product visoryQ, a tool that automates ERP decisionmaking processes for SAP products, appears to be already in high demand, accounting for 10% of sales (eNuW). Overall FY ’23 sales came in at € 5.2m (eNuW: € 5.0m), indicating a 11% yoy increase.
H2 EBITDA came in at € 0.9m (eNuW: € 0.3m), implying a 28% margin. The gap to our estimate can be mainly explained by scale related to the better top-line as well as a higher than expected share of license revenues. On this basis, FY ’23 EBITDA turned positive at € 0.4m (eNuW: € -0.2m), an 8.6% margin. Moreover, the company indicated that EBIT might even turn slightly positive (eNuW new: neutral), while FCF should have still been slightly negative with € -0.2m (eNuW new) following continuous investments into the product portfolio.
Promising outlook. Management also put out a guidance for FY ’24, targeting sales growth of 10-20% yoy (eNuW new: +17%) and an EBITDA margin of 15-20% (eNuW new: 16%). This should be, among others, driven by the ongoing S/4HANA transition (mainstream maintenance for old ERP software ends in 2027), of which VOQUZ is seen to be one of the main beneficiaries especially with its new product visoryQ, as well as compelling cross- and up-selling opportunities. Further, we expect a slight rebound effect, after many IT buyers postponed orders amid macro headwinds in 2023. From 2025 onwards, management aims for annual organic sales growth of >20% (eNuW new: +25% in ‘25e & +22% in ‘26e) and EBITDA margins north of 20% (eNuW new: 20.5% in ‘25e).
Despite the strong share price performance YTD, valuation still looks undemanding with the stock trading on a mere 1.2x EV/Sales and 7.6x EV/EBITDA ‘24e (0.8x/4.0x based on FY25e) carried by the strong underlying mid-term prospects as well as the scalability of the capital light business model.
Reiterate BUY with an upgraded PT of € 22 (old: € 20) based on DCF.
You can download the research here:
http://www.more-ir.de/d/29091.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
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
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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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The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
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 |
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 |
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 |
02.07.2024 | 27.09.2024 | 23.05.2024 |
Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
-3,92% | -19,15% | +48,00% | +48,00% | -81,50% |
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