Original-Research: ZEAL Network SE (von NuWays AG): BUY
Original-Research: ZEAL Network SE - von NuWays AG
Einstufung von NuWays AG zu ZEAL Network SE
Unternehmen: ZEAL Network SE
ISIN: DE000ZEAL241
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 10.11.2023
Kursziel: € 51,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch
Q3 review: superb Games kick-off, chg. est & PT
Topic: ZEAL released better than expected Q3 results with strong billings and sales driven by heightened jackpots and user activity. More importantly, the Games roll-out came in strong.
The first-time impact of Games came in much stronger than anticipated with € 16.7m in billings (vs eNuW: € 2.5m), showing that demand for the new product is high. This impact should further increase as Q4 Games billings are seen at € 19m (eNuWold: € 4.5m). Consequently, we also significantly raise our FY'24e billings estimate to € 80m (old: € 46m), but stay at a € 10m sales contribution due to a reduced gross margin estimate.
Billings from Lottery came in at € 221m, up 19% yoy (eNuW: € 213m; 9M: € 633m, +16% yoy) thanks to an increased user activity of 1.22m monthly active users (eNuW: 1.15m MAU) coupled with average monthly lottery revenues per user of € 7.44 (eNuW: € 7.99). The increase in user activity was driven by the strong Lotto 6aus49 in Q3, which peaked twice in a row.
Sales arrived at € 31m, +24% yoy (eNuW: € 29m; 9M: € 86m, +16% yoy) thanks to the strong Lottery billings as well as the stellar debut of Games (€ 1.2m, 7% gross margin; eNuW: € 0.6m, 22% gross margin). The lower than expected Games gross margin was due to the still small portfolio of only 28 games so far and is expected expand to 12.5% in FY24e thanks to the continuous addition of higher margin games (see p. 2 for details).
The EBITDA of € 9.4m, +68% yoy (eNuW: € 8.1m; 9M: € 23.1m, +5% yoy), came in much better than expected thanks to operating leverage as total OpEx (including personnel & marketing expenses) only rose by 11% yoy to € 22m (eNuW: € 21.5m).
Against this backdrop and given an average jackpot development in Q4, the FY23 guidance seems well in reach: Lottery billings of € 800-830m could even be exceeded (eNuW: € 841m), whereas sales of € 110-120m (eNuW: € 115m) and an EBITDA of € 30-35m (eNuW: € 33m) should be reached between mid-point and the upper end.
Hence, we reiterate our BUY recommendation for the structural outperformer with lots of growth potential in the German lottery market and raise our PT to € 51.00 (old: € 50.00) based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28215.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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 | 113,48 | 87,02 | 83,33 | 105,20 | 116,05 | 182,00 | 0,00 | |
| EBITDA1,2 | 17,91 | 17,33 | 27,73 | 31,66 | 32,91 | 58,00 | 0,00 | |
| EBITDA-Margin3 | 15,78 | 19,92 | 33,28 | 30,10 | 28,36 | 31,87 | 0,00 | |
| EBIT1,4 | 9,07 | 5,38 | 19,05 | 22,93 | 23,65 | 48,00 | 0,00 | |
| EBIT-Margin5 | 7,99 | 6,18 | 22,86 | 21,80 | 20,38 | 26,37 | 0,00 | |
| Net Profit (Loss)1 | 1,72 | 7,89 | 11,40 | 16,57 | 13,72 | 31,00 | 0,00 | |
| Net-Margin6 | 1,52 | 9,07 | 13,68 | 15,75 | 11,82 | 17,03 | 0,00 | |
| Cashflow1,7 | 5,30 | 5,37 | 26,16 | 28,49 | 25,57 | 0,00 | 0,00 | |
| Earnings per share8 | 0,09 | 0,37 | 0,48 | 0,72 | 0,59 | 1,43 | 1,16 | |
| Dividend per share8 | 0,80 | 0,90 | 2,10 | 3,60 | 1,10 | 1,10 | 1,30 | |
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: Ernst & Young
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 | ||||||
| ZEAL Network | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| ZEAL24 | DE000ZEAL241 | SE | 1.044,12 Mio € | 12.10.2005 | Halten | 9F5FHXJG+9R |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 41,55 | 21,92 | 1,92 | 50,42 | 4,44 | 40,84 | 9,18 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 3,60 | 1,10 | 1,10 | 2,26% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.05.2025 | 07.05.2025 | 06.08.2025 | 06.11.2024 | 26.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +13,19% | +29,10% | -2,60% | +54,36% | +137,56% |
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