Original-Research: EV Digital Invest AG (von NuWays AG): Buy
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Original-Research: EV Digital Invest AG - from NuWays AG
Classification of NuWays AG to EV Digital Invest AG
Mixed H1 // Project defaults to burden business; chg. Topic: Last week, EVDI published unaudited H1´24 figures that came as a mixed bag: While topline showed slight improvements on low levels, the bottom remained soft, still burdened by project defaults. In detail: H1 sales came in at € 1.6m, which is above previous year´s figure of € 1.5m, but inflated by c. € 0.3m that are directly depreciated in other operating expenses as it is rather unlikely that the amount outstanding can be collected. The adjusted sales figure of € 1.3m is still above our estimates of € 1.1m, driven by higher financing volumes of € 13.7m (vs eNuW: € 13m) and higher avg sales per project of € 0.21m (vs eNuW: € 0.14m). EBITDA came in at negative € 2.2m (vs € -1.4m in H1´23), below expectations of € -1.9m, mainly due to high legal costs and decreasing but still high personnel expenses paired with low topline levels. Note that € 2.8m of the other operating expenses are expenses from write-offs of receivables that are offset by the c. 0.3m sales adjustment and the € 2.3m reduction of value adjustments of receivables in other operating income. Overall, the business of EVDI is still heavily burdened by the deteriorating real-estate market with project defaults and project delays, construction costs and real-estate prices normalizing slower than expected, and investors of the senior tranches (mostly banks) of new projects being more selective and reserved. All that should further burden the business at least for the remainder of FY24. EVDI hence confirmed its FY24 sales guidance of € 2.3-2.7m, which imply only € 1.0-1.4m adjusted sales in FY24 (vs eNuW: € 1.5m). Positively, we should have already seen the trough in the real-estate market and the recovery is already ongoing. Further, EVDI has diversified its business by offering new products that are rather contrary to real-estate investments such as deposit accounts, renewable energy projects, ETFs as well as holistic wealth management. This initiated diversification should reduce the dependency from the very cyclical real-estate project business, stabilizing the income and margins going forward. In light of the recent stock price weakness, we change to BUY with a reduced PT of € 1.80, based on DCF. You can download the research here: http://www.more-ir.de/d/31193.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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2023287 06.11.2024 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 | 0,66 | 1,73 | 3,12 | 4,37 | 5,20 | 4,14 | 2,55 | |
| EBITDA1,2 | -0,68 | -1,04 | -0,99 | 0,05 | -3,43 | -3,69 | -3,90 | |
| EBITDA-Margin3 | -103,03 | -60,12 | -31,73 | 1,14 | -65,96 | -89,13 | -152,94 | |
| EBIT1,4 | -0,82 | -1,06 | -1,02 | 0,03 | -3,45 | -3,70 | -3,80 | |
| EBIT-Margin5 | -124,24 | -61,27 | -32,69 | 0,69 | -66,35 | -89,37 | -149,02 | |
| Net Profit (Loss)1 | -0,70 | -1,23 | -1,20 | 0,04 | -3,32 | -3,69 | -4,40 | |
| Net-Margin6 | -106,06 | -71,10 | -38,46 | 0,92 | -63,85 | -89,13 | -172,55 | |
| Cashflow1,7 | -0,70 | -0,63 | -1,28 | -0,21 | -7,18 | -2,13 | 0,00 | |
| Earnings per share8 | -0,18 | -0,28 | -0,27 | 0,01 | -0,75 | -0,78 | -0,98 | |
| 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: Baker Tilly
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 | ||||||
| EV Digital Invest | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A3DD6W | DE000A3DD6W5 | AG | 3,80 Mio € | 03.05.2022 | 9F4MG83J+38 | |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 0,00 | 0,00 | 0,00 | -2,04 | 1,61 | -1,78 | 0,92 |
|
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 |
| 04.06.2024 | 31.10.2024 | 17.04.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -15,98% | -49,97% | -79,95% | -81,42% | -94,21% |
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