Original-Research: ZEAL Network SE (von NuWays AG): Buy
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Original-Research: ZEAL Network SE - from NuWays AG
Classification of NuWays AG to ZEAL Network SE
Q3: improved KPIs and share buyback announced; chg. est Yesterday, ZEAL released final Q3 results, in line with preliminary sales and EBITDA figures, announced a € 25m share buyback offer and showed improved KPIs. Share repurchase at a premium: From 18th - 29th Nov.'24, ZEAL offers to buy back c. 568k shares at € 44 per share, which implies a solid 10% premium on yesterday's closing price. Through that, € 25m (i.e. 3% yield on Tuesday's market cap) are being returned to shareholders, which comes on top of dividends (€ 23.8m for FY'23; eNuW: € 26m for FY'24e), showing that management not only focuses on value creation but also on its distribution to shareholders. Reduction of shares: as of today, ZEAL owns 3.2% in treasury shares, which will be subsequently be canceled. Following the share buy back (assuming 568k shares are tendered), another 2.5% of future treasury shares are to be cancelled. In sum, this should reduce the share count by 5.7% to 21.09m (from now: 22.4m) by Nov. 29th (end of acceptance period), positively affecting EPS and DPS. Superb start of new product: Following the launch of 'Traumhausverlosung' (eng.: Dream House Raffle) in mid-Q3, 417k customers (334k cross-sold from Lotto24 & 83k new customers acquired via D2C) have spent some € 8.6m in billings on the first draw (ABPU: € 20), which ended on Nov. 4th. With a stellar billings margin of c. 43% (vs. 1517% in lottery brokerage), the first draw should have generated some € 3.7m in sales (eNuW, thereof c. 50% in Q3, i.e. € 1.9m). Mind you, the sales figure is seen as net sales, meaning after costs for prizes (c. € 1.3m this draw), charities (€ 1.7m, 20% of billings), lottery taxes (€ 1m, 11% of billings) and VAT (€ 0.43m; 5% of billings). Further improvement an all fronts: In Q3, MAU grew by 10% yoy to 1.33m MAU, while the ARPU climbed by a staggering 30% following the price increases in the lottery brokerage business, which was visible in a strong billings margin of 16.8% (+ 4.1pp yoy). Moreover, the strong user intake of H1 was largely maintained at 215k new registrations in Q3 (thereof c. 40-50k from 'Traumhausverlosung', eNuW), despite the absence of peak jackpots. This should stem from ZEAL's marketing shift towards brand awareness and reduces jackpot dependencies. (see p.2 for details) All in all, ZEAL clearly shows the positive effects of compounding and operating leverage. Therefore, we reiterate our BUY recommendation with unchanged PT of € 57.00, based on DCF. You can download the research here: http://www.more-ir.de/d/31201.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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2024403 07.11.2024 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 | 154,75 | 113,48 | 87,02 | 83,33 | 105,20 | 116,05 | 182,00 | |
| EBITDA1,2 | 38,31 | 17,91 | 17,33 | 27,73 | 31,66 | 32,91 | 58,00 | |
| EBITDA-Margin3 | 24,76 | 15,78 | 19,92 | 33,28 | 30,10 | 28,36 | 31,87 | |
| EBIT1,4 | 38,31 | 9,07 | 5,38 | 19,05 | 22,93 | 23,65 | 48,00 | |
| EBIT-Margin5 | 24,76 | 7,99 | 6,18 | 22,86 | 21,80 | 20,38 | 26,37 | |
| Net Profit (Loss)1 | 26,66 | 1,72 | 7,89 | 11,40 | 16,57 | 13,72 | 31,00 | |
| Net-Margin6 | 17,23 | 1,52 | 9,07 | 13,68 | 15,75 | 11,82 | 17,03 | |
| Cashflow1,7 | 38,20 | 5,30 | 5,37 | 26,16 | 28,49 | 25,57 | 0,00 | |
| Earnings per share8 | 3,18 | 0,09 | 0,37 | 0,48 | 0,72 | 0,59 | 1,43 | |
| Dividend per share8 | 1,00 | 0,80 | 0,90 | 2,10 | 3,60 | 1,10 | 1,10 | |
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 | ||||||
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| ZEAL Network | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| ZEAL24 | DE000ZEAL241 | SE | 1.039,79 Mio € | 12.10.2005 | Halten | 9F5FHXJG+9R |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 41,38 | 20,32 | 2,04 | 50,21 | 4,42 | 40,67 | 8,96 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 3,60 | 1,10 | 1,10 | 2,29% |
| 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 |
| +16,58% | +30,95% | +44,14% | +54,84% | +134,15% |
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