Original-Research: EV Digital Invest AG (von NuWays AG): Kaufen
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: Kaufen
from: 26.04.2024
Target price: EUR 3.60
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Better than feared FY23; New product launch; chg
Topic: EVDI reported better than feared final FY23 figures and published a guidance for FY24. Further, the company announced the launch of a new attractive call money product for both, existing and new clients. In detail:
Sales of € 4.1m (-20% yoy) stemming from 13 financed projects (vs eNuW: 14) with an aggregated financed volume of € 39m (vs eNuW: € 39m) is below previous years figure (FY22: € 5.2m) due to the overall weak industry, but better than expected (eNuW: € 3.5m). Positively, the number of projects and average volume per project improved significantly in H2 (vs H1) resulting in € 2.6m sales (vs € 1.5m in H1), clearly demonstrating the ability to deliver in challenging times.
EBITDA came in at negative € 3.9m (vs € -3.4m in FY22), slightly better than expected (eNuW: € -4.2m), thanks to the stronger than anticipated topline and lower personnel expenses, compensating for higher other operating expenses that were burdened by one-offs stemming from insolvencies and delays.
Attractive new product. Apart from FY23 figures, EVDI announced to have launched a new call money account for new and existing customers with a very attractive interest rate of 3.2% for up to € 5m per customer. This offering is by far better than the comparable offering of most online banks and brokers, especially for wealthy customers. Even better, we expect EVDI to earn 0.2-0.25% on the volume (eNuW). With the new product, the company is adding a low-risk alternative to its overall offering consisting of property and ETF investments as well as wealth management. Due to the attractiveness of the call-money offering, we expect significant customer and asset inflows within the next quarters, allowing for a promising cross-selling and conversion potential.
For FY24, management expects a revitalizing real-estate market mainly driven by the anticipated reduction of interest rates. Due to the uncertainty around that topic, management provides a rather conservative guidance of € 4.9-5.8m in op. income (vs eNuW old: € 6.3m) and up to € -1.9m EBITDA, (eNuW old: € -2m in EBITDA).
BUY (old: HOLD) on valuation with a reduced PT of € 3.60 (old: € 4.80), based on DCF.
You can download the research here:
http://www.more-ir.de/d/29533.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
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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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 1,73 | 3,12 | 4,37 | 5,20 | 4,14 | 2,55 | 0,00 | |
| EBITDA1,2 | -1,04 | -0,99 | 0,05 | -3,43 | -3,69 | -3,90 | 0,00 | |
| EBITDA-Margin3 | -60,12 | -31,73 | 1,14 | -65,96 | -89,13 | -152,94 | 0,00 | |
| EBIT1,4 | -1,06 | -1,02 | 0,03 | -3,45 | -3,70 | -3,80 | 0,00 | |
| EBIT-Margin5 | -61,27 | -32,69 | 0,69 | -66,35 | -89,37 | -149,02 | 0,00 | |
| Net Profit (Loss)1 | -1,23 | -1,20 | 0,04 | -3,32 | -3,69 | -4,40 | 0,00 | |
| Net-Margin6 | -71,10 | -38,46 | 0,92 | -63,85 | -89,13 | -172,55 | 0,00 | |
| Cashflow1,7 | -0,63 | -1,28 | -0,21 | -7,18 | -2,13 | 0,00 | 0,00 | |
| Earnings per share8 | -0,28 | -0,27 | 0,01 | -0,75 | -0,78 | -0,98 | -0,17 | |
| 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 | 3,66 Mio € | 03.05.2022 | 9F4MG83J+38 | |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 0,00 | 0,00 | 0,00 | -1,97 | 1,55 | -1,71 | 0,88 |
|
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 |
| -14,47% | -49,51% | -4,29% | -81,07% | -94,43% |
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