Original-Research: Global Fashion Group S.A. (von NuWays AG): Buy
|
Original-Research: Global Fashion Group S.A. - from NuWays AG
Classification of NuWays AG to Global Fashion Group S.A.
GFG released Q2 results that were overall marked by further improvements in top line and margins. In detail: Q2 NMV came in flat yoy at € 249m in constant currency (-8% yoy after FX), highlighting the stabilization of demand across all regions. Particularly strong recovery was seen in LATAM (+10.2% yoy before FX) and ANZ (+5.8% yoy before FX) and could offset the ongoing decline in SEA (-22.5% yoy before FX), which still remains challenging for now. The stabilisation was the direct effect of (1) a stable user base (LTM active customers declined by only 2.5% yoy), particularly in ANZ and LATAM, where new & reactivated customers outpaced churn, coupled with (2) a stable average order value of € 61.40 (+2% yoy, -6% yoy after FX). Accordingly, Q2 sales declined slightly by 1.2% yoy (-8.4% after FX) to € 163m. Notably, the trend shift towards Marketplace and Platform services and away from Retail business model continued, with sales from Marketplace and Platform Services growing by 4% and Retail sales declining by 7% yoy in H1. This shift coupled with a 1.8pp higher gross margin on retail sales (eNuW) on the back of less aged inventory, has continued to positively affect the group’s gross margin by 2.9pp yoy to 47.7% in Q2. Further overhead reductions and a more cost efficient fulfilment (expense per order: -7% yoy), led to an overall adj. EBITDA margin improvement by 3.9pp yoy and a € 3m adj. EBITDA in Q2 (vs. € -3.7m in Q2’24). Consequently, GFG reiterated its FY’25e guidance of adj. EBITDA break even (eNuW: € 1.7m) and NMV ranging from € 1-1.1bn (eNuW: € 1.06bn). With that, GFG is also improving the cash generation picture. Although normalized FCF came in slightly worse than last year at € -62m per H1 (vs. -€ 57m in H1’24) and at only € -1.4m in Q2 (€ -1m in Q2’24), due to unfavorable WC swings (specifically trade payables) in H1, the cash generation should nevertheless improve overall in FY’25e. With operating cashflow to improve from € -36 last year to € -10m in FY’25e (eNuW) on the back of the visible profitability gains and with less CAPEX (€ 3m in Q2 vs. € 9m in Q2’24) expected throughout the year, we expect a drastically improved FY’25e FCF of € -25m (vs. € -42m in FY’24). With a solid pro-forma net cash position of € 97.2m, GFG has enough leeway to continue to drive the ongoing developments and restructurings. Especially the SEA turnaround (with a new CEO in place and other strategic measures in the pipeline), which could play a vital role in achieving a positive FCF over the next years, but this also depends on macro-economic developments.Against this backdrop, GFG remains undervalued. Especially with positive FCFs visible on the horizon while simultaneously trading at a negative EV, current valuation seems unjustified in our view. Therefore, we reiterate our BUY recommendation with an unchanged PT of € 0.80, based on DCF. You can download the research here: global-fashion-group-sa-2025-08-27-update-en-2ec97 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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||||
2189090 27.08.2025 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 |
|
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% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
