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
H1 prelims display strong yoy improvements; chg. Topic: VOQUZ Labs released preliminary H1 results, which show significant improvements in top- as well as bottom-line. In detail: H1 sales increased 24.9% yoy to € 2.3m (eNuW: € 2.1m), which should have been predominantly driven by a strong visoryQ business. In fact, H1 visoryQ revenues should have already reached the FY ’23 level of € 0.5m (eNuW), as the newly launched product, which is a comprehensive SAP-ERP business case builder, is meeting brisk demand at existing and new customers. Moreover, the company’s H1 EBITDA came in at € 0.3m (eNuW: € 0.3m), up from negative € 0.5m in the previous year, implying an EBITDA margin of 12.4%. Main drivers for the improved profitability were (1) cost saving measures which were already imposed in H2’23 as well as (2) a lower share of consulting orders, that were in fact compensated for by the higher margin visoryQ offering. Against this backdrop, management also confirmed the FY guidance of 10-20% top-line growth and an EBITDA margin of 15-20%. This implies only 9.7% sales growth and a 20.6% EBITDA margin (H2’23: 28.9%) at mid-point. Hence, we regard the outlook as reasonable and are even at the upper end of the sales guidance range, while we remain conservative regarding our profitability outlook. Future growth drivers. While the announced partnership for the remQ solutions with PwC Germany (further info here) should not have had an impact in H1, we expect first orders from it to come in the second half of the year. Mind you, the TAM for the compliance software in Germany alone should be in the range of € 25-30m, targeting mid- to enterprise-size customers. Moreover, management intends to launch a new product, combining samQ (license management) and visoryQ, which should be available for clients in early 2025 the latest. Besides new customers, who are seeking to kick-off the S/4 HANA transformation, the product should be especially interesting for existing samQ clients, opening up meaningful up-selling potential. Overall, the release fully underpins our view, that the company with its innovative product offering is on track to be one of the main beneficiaries of the pending transformation. Reiterate BUY with an unchanged € 22 PT based on DCF You can download the research here: http://www.more-ir.de/d/30495.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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1968441 15.08.2024 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 | 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
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INVESTOR-INFORMATION | ||||||
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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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