Original-Research: EV Digital Invest AG (von NuWays AG): Halten
Original-Research: EV Digital Invest AG - from NuWays AG
Classification of NuWays AG to EV Digital Invest AG
Company Name: EV Digital Invest AG
ISIN: DE000A3DD6W5
Reason for the research: Update
Recommendation: Halten
from: 04.06.2024
Target price: EUR 2.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Massive guidance cut amid clouded visibility; chg
Topic: EVDI slashed its FY24 guidance in order to reflect the “historically unprecedented real estate crisis” that lasts longer than previously expected. Further, the company issued two convertible bonds to secure the arising new capital requirements. In detail:
EVDI cut its income guidance to € 2.3-2.7m from previously € 4.9-5.8m. This is significantly below our estimate of € 5.6m and below previous year’s figure of € 4.5m. Accordingly, EBIT was reduced substantially to € -3.5 to -4.1m from € -1.9m before (vs. eNuW: € -2m vs € -3.9m in FY23). The reasons for the cut are manifold in our view: 1) Project defaults paired with the delayed payback of the mezzanine tranche of projects of financed projects deteriorating the trust of clients, which makes it more difficult to convince them in the future, 2) interest rate cuts are delayed and not as meaningful as initially anticipated 3) construction costs and real-estate prices normalized slower as expected. All that should further burden the number, avg. volume and margin of financed projects, which ultimatively should burden the topline – least for the remainder of FY24.
Positively, we should have already seen the through 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 (recently closed the first solar financing project with “Solarpark Eyendorf”, which was fully financed within a few minutes), 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.
On the back of the clouded outlook for FY24, EVDI identified additional capital requirements which will be covered by the majority shareholder via two convertible bonds with a total volume of € 2.5m (the first with € 1.1m already subscribed, the second to follow after the AGM). The term of the convertible bonds is two years and the conversion price € 3.25 per share. Covering the additional capital requirements during the challenging situation emphasize the commitment of the majority shareholder in our view.
In light of the massive, unexpected guidance cut and the depressing outlook for FY24 we cut our estimates and downgrade to HOLD with a reduced PT of € 2.00, based on DCF.
You can download the research here:
http://www.more-ir.de/d/29951.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.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
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 | 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% |
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.
Contact
