Original-Research: SYNBIOTIC SE (von NuWays AG): BUY
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Original-Research: SYNBIOTIC SE - from NuWays AG
Classification of NuWays AG to SYNBIOTIC SE
The new group continues to take shape; chg. est. Topic: While SYNBIOTICs largest holding WEECO performs notably ahead of expectations and the group added two new companies to its portfolio, it also decided to terminate the ongoing integration of CannaCare Health due to delays in the process on the back of missing financial information. WEECO Pharma exceeding expectations. Since the de-classification of medical cannabis as a narcotic drug at the beginning of April, the number of patients is seen to have doubled to some 0.5-0.6m, strongly impacting the overall demand, which in many cases outgrows supply. This is also visible in the ytd sales development of WEECO. With € 6.75m sales at the end of October, the company already surpassed its initial FY24 target of € 6m. Management now anticipates annual revenues exceeding € 8m (eNuW: € 8.2m), making WEECO the group’s largest contributor (eNuW: 54% in FY24e). While the integrations of WEECO and greensby are well on track, SYNBIOTIC has announced that the planned contribution of CannaCare Health GmbH into the group will not proceed. The decision stems from delays in finalizing the fairness opinion and CannaCare's inability to provide up-to-date financial information. Despite this, Frank Otto, CannaCare's principal shareholder, will retain his position on SYNBIOTIC's board of directors and as key shareholder. Positively, the lost sales of some € 2m in FY24e should largely be compensated for by the strong operational development of WEECO. New additions to the group. Through a capital increase, SYNBIOTIC now holds 15.1% of GOC NEXUS GmbH, which specializes in the decontamination of cannabis products using advanced cold plasma technology. The company is also developing international cannabis processing hubs. While this addition has no immediate (material) impact on the group’s P&L, the signed cooperation agreement ensures de-bottlenecking within the medical cannabis supply chain. Further, SYNBIOTIC acquired 50.2% of greensby, a central platform that connects patients, pharmacies, telemedicine providers and consumers and enables the comparison of cannabis products. Following its integration into SYNBIOTIC, greensby will expand its range to include hemp products and cultivation accessories for recreational cannabis, offering up to 4,000 products. While we expect only a marginal sales contribution for now, it fits well into the group’s strategic objective to grow along the value chain. We confirm our BUY rating with an unchanged € 12.40 PT based on DCF. You can download the research here: http://www.more-ir.de/d/31559.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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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2053367 18.12.2024 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 | 0,00 | 0,00 | 5,45 | 8,65 | 8,17 | 3,86 | 16,30 | |
| EBITDA1,2 | 0,00 | -0,01 | -0,71 | -4,83 | -7,41 | -7,19 | 2,00 | |
| EBITDA-Margin3 | 0,00 | 0,00 | -13,03 | -55,84 | -90,70 | -186,27 | 12,27 | |
| EBIT1,4 | 0,00 | -0,01 | -0,83 | -11,49 | -25,92 | -11,75 | -1,90 | |
| EBIT-Margin5 | 0,00 | 0,00 | -15,23 | -132,83 | -317,26 | -304,40 | -11,66 | |
| Net Profit (Loss)1 | 0,00 | -0,01 | -0,88 | -13,07 | -26,00 | -11,74 | -2,55 | |
| Net-Margin6 | 0,00 | 0,00 | -16,15 | -151,10 | -318,24 | -304,15 | -15,64 | |
| Cashflow1,7 | 0,00 | -0,01 | -1,26 | -5,14 | -6,99 | -2,92 | 0,00 | |
| Earnings per share8 | 0,00 | 0,00 | -0,56 | -4,15 | -5,97 | -2,25 | -0,43 | |
| 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: Forvis Mazars
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 | ||||||
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| SynBiotic | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A3E5A5 | DE000A3E5A59 | SE | 27,98 Mio € | 11.11.2019 | Halten | 9F387R32+8V |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 37,27 | 0,00 | 0,00 | -1,53 | 1,83 | -9,57 | 7,25 |
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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 |
| 20.09.2024 | 30.09.2024 | 14.08.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -28,93% | -44,78% | +38,98% | +34,43% | +318,71% |
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