Original-Research: Global Fashion Group S.A. (von NuWays AG): BUY
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Original-Research: Global Fashion Group S.A. - from NuWays AG
Classification of NuWays AG to Global Fashion Group S.A.
Turnaround play in global fashion, Initiate GFG with BUY Emerging markets are poised for growth in online fashion, driven by a young, tech-savvy population that is growing at a rate faster than the global average. With GDP growth expected to outpace that of developed economies, an emerging middle class is gaining purchasing power, while online penetration, though still relatively low, is rapidly increasing. These dynamic trends set the stage for significant, midterm growth opportunities in the online fashion sector. Here, Global Fashion Group (GFG), a global fashion marketplace and retailer, connects global and local partner brands to more than 800m consumers. In doing so, GFG is the only pure online fashion-focussed platform of scale in its respective markets, combining the advantages of a global scale with deep local expertise and data-driven operations. It operates under its three well recognized local brands: “Dafiti” in LATAM, “ZALORA” in SEA and “THE ICONIC” in ANZ. The assortment reflects a combination of retail (61% of NMV) and the asset-light and growing marketplace business (39% of NMV), which serves as a flexible business model for partner brands and incurs no inventory risk and higher margins for GFG. Having been burdened by a lacklustre consumer sentiment over the past years, a turnaround is soon to materialize. The comfortable gross margin of 45% (FY'24) looks set to improve further thanks to an ongoing shift towards the asset-light Marketplace business model. Additionally, GFG continues to face underutilization of its fulfilment capacity (c. 57% in FY'24, eNuW). However, based on an optimistic consumer sentiment outlook in GFG's key regions, we anticipate growth to return as early as FY'26e. Thanks to operating leverage (due to high fixed costs in fulfilment and G&A), the adjusted EBITDA should improve significantly. As GFG's solid working capital management (neg. € 56m NWC in FY'24) comes with a negative 70 days cash conversion cycle, a return to growth should also lead to disproportionately improving cash generation. With € 156m of net cash (Y/E'24), the market currently values GFG with a negative EV of € 95m. In light of a materialising turnaround and positive cash generation visible on the horizon, we regard the stock as mispriced. Hence, we recommend to BUY and initiate GFG with a PT of € 0.80, based on DCF. You can download the research here: http://www.more-ir.de/d/32510.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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2132720 08.05.2025 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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 1.346,00 | 1.359,70 | 1.559,50 | 1.102,10 | 838,00 | 743,50 | 0,00 | |
| EBITDA1,2 | -63,50 | 1,50 | -33,90 | -68,70 | -121,00 | -24,00 | 0,00 | |
| EBITDA-Margin3 | -4,72 | 0,11 | -2,17 | -6,23 | -14,44 | -3,23 | 0,00 | |
| EBIT1,4 | -125,10 | -64,80 | -104,70 | -148,00 | -178,50 | -82,10 | 0,00 | |
| EBIT-Margin5 | -9,29 | -4,77 | -6,71 | -13,43 | -21,30 | -11,04 | 0,00 | |
| Net Profit (Loss)1 | -144,60 | -112,40 | -124,80 | -196,60 | -181,50 | -85,10 | 0,00 | |
| Net-Margin6 | -10,74 | -8,27 | -8,00 | -17,84 | -21,66 | -11,45 | 0,00 | |
| Cashflow1,7 | -68,90 | 54,30 | -19,40 | 92,60 | -37,50 | -15,00 | 0,00 | |
| Earnings per share8 | -1,00 | -0,50 | -0,60 | -0,80 | -0,80 | -0,40 | -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: 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 | ||||||
| Global Fashion Group | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2PLUG | LU2010095458 | SA | 60,13 Mio € | 02.07.2019 | 8FX8J6PC+C3 | |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| -5,26 | 0,00 | 0,00 | -0,24 | 0,28 | -4,01 | 0,08 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 12.06.2025 | 29.04.2025 | 14.08.2025 | 05.11.2025 | 05.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -11,80% | -13,63% | +22,27% | +16,20% | -94,02% |
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