Original-Research: VOQUZ Labs AG (von NuWays AG): Kaufen
Source: EQSClassification of
Company
ISIN: DE000A3CSTW4
Reason for the research: Update
Recommendation: Kaufen
from:
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
Strong momentum as S/4HANA effect should become visible
We hosted a digital roadshow with
Current trading remains on a strong level after we already saw a pick-up in demand in H2 ’23 (+14% sales vs +3% in H1) as Mr. Kögel confirmed the company’s growth ambitions (10-20% yoy in ‘24e). The latter looks set to be mainly driven by further key account wins for the company’s flagship solution samQ, but also an improved contribution from visoryQ and remQ, which should be supported by the recently announced partnership with PwC (see our latest update).
visoryQ to drive growth and margins. The self-developed solution was first
launched in Q4 ’22 and already contributed c. € 0.5m sales in FY ’23
(eNuW). Mind you, visoryQ is an SAP-ERP business case builder, providing
in-depth scenario analyses for clients in order to optimize TCO. Especially
when it comes to the S/4HANA transformation, it offers valuable decision
support regarding the optimal strategy and should hence be in brisk demand
of yet to migrate customers given the economic significance of the
conversion. As the transformation is seen to accelerate in the coming
quarters,
M&A: With the acquisition of remedyne in 2023,
Considering the excellent growth prospects of the company as well as the high scalability of the business model, the stock looks undervalued trading on a mere 1.2x EV/Sales and 8.0x EV/EBITDA ‘24e (0.9x/ 4.5x based on FY25e) while providing attractive returns on the other hand.
We hence reiterate BUY with an unchanged PT of € 22.00 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29373.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148
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