Original-Research: Nynomic (von NuWays AG): Kaufen
Source: EQSClassification of
Company
ISIN: DE000A0MSN11
Reason for the research: Update
Recommendation: Kaufen
from:
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
Strong Q4 profitability // conservative initial FY24 guidance; chg.
Q4 sales increased by 5% yoy to € 34.6m (eNuW € 37.6m) as the company was
able to book several development projects towards the end of the year,
realized first revenues from larger plant phenotyping orders (Green Tech FY
segment sales +44% yoy to ~
The Q4 EBIT margin (seasonally strongest quarter) came in at 20.5% (+6.6pp yoy), meeting our and market estimates; FY23 EBIT margin grew 0.2pp yoy to 13.1%, in line with the guidance and consensus. The margin increase was despite further investments into future growth (R&D and personal expenses +5 and +13% yoy) mainly as a result of an improving product mix, visible in the strong gross margin improvement; +4.9pp yoy to 63.7%.
While the order backlog stood at only € 54m (FY23 book-to-bill ratio of 0.7x), it is important to note the lumpy (partially due to the sizes of individual orders) nature of the business. We hence see no structural headwinds implied in this figure. In fact, during the earnings call management pointed towards improving order intake during H1.
Management released a rather muted FY24 sales guidance (EBIT margin to further increase), expecting “at least single-digit percentage growth”, which already includes consolidation effects from last year’s acquisitions (eNuW 4% yoy growth). Yet, as highlighted during the earnings call, the initial guidance should be on the conservative side as the company should be able to tap several pockets of growth, including (1) unbroken demand from semi customers, (2) fulfilment precision farming orders, (3) TactiScan gaining traction and (4) a structurally growing medtech market.
Acquisitions to potentially add onto growth. As per its Buy & Build
strategy,
We confirm our BUY rating with a new € 52 PT (old: € 54).
You can download the research here:
http://www.more-ir.de/d/29275.pdf
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www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research.
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
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