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
Final H1 in line with prelims; Guidance confirmed Topic: On Friday, VOQUZ Labs released its final H1 ’24 report, in line with the preliminary results published in August. Here are the key takeaways. H1 sales increased by 25% yoy to € 2.3m, which is in line with our estimate. A strong driver should have been the visoryQ business, which already gained traction in Q4 ’23. We expect H1 visoryQ revenues to have already reached the FY ’23 level of € 0.5m, as customer experience increasing time pressure regarding their SAP ERP strategy. Yet, according to management, buyers’ hesitance has not yet completely subsided, still leaving room for improvement going forward. EBITDA in H1 came in at € 0.3m (in line with eNuW), marking a significant improvement compared to last years H1 result of € -0.5m. Alongside cost saving measures bearing fruit, which were already implemented during H2 ’23, the company also benefited from an improved sales mix, i.e. a lower share of consulting orders. Those were in fact compensated by the higher margin visoryQ offering. Notably, FCF came in positive with € 0.1m, which compares to negative € 0.7m in last years period. On this basis, management confirmed the FY guidance of 10-20% top-line growth and an EBITDA margin of 15-20%. The mid-points only imply 9.7% sales growth and a 20.6% EBITDA margin in the second half of the year (H2 ’23: 28.9%). 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. Going forward, the pending S4/HANA transformation should be seen as one of the main growth drivers at VOQUZ. The company is currently developing a Finops manager for its visoryQ solution to further improve its offering, with an intended go-to-market in Q4. Moreover, the sales partnership with PwC Germany concerning VOQUZ’ remQ product should start bearing fruit in H2 (click here for more detail). According to our estimates, the TAM in Germany alone for the SAP compliance solution should be in the ballpark of € 20-25m, targeting mid- to enterprise-size customers. To conclude, the release fully underpins our positive view on the company’s prospect based on its innovative product offering. Reiterate BUY with an unchanged € 22 PT based on DCF. You can download the research here: http://www.more-ir.de/d/30963.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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
1997941 30.09.2024 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
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% |
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.