Classification of
Company
ISIN: DE000A1MME74
Reason for the research: Update
Recommendation: Kaufen
from:
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
Final FY23 figures below prelims // Strong start into 2024; chg.
Topic:
FY23 gross sales came in at € 193m (+9% yoy vs prelims: € 197m), mainly driven by AuC that grew by 11% to € 23.8bn (eNuW: € 23.2bn). Thanks to material expenses that remained stable relatively to sales at 81% (vs 80.9% in FY22) net sales grew by 9% yoy to € 39.4m, above prelims of € 37m.
EBITDA of only € 4.9m (-24% yoy), came in below prelims (€ 6.2m), mainly due to two one-off effects to the tune of € 1.7m stemming from a cancelled software contract and from the at equity consolidation of two investments. Total OPEX of € 34.4m (+17% yoy) was hence higher than the anticipated € 30.8m. EBT came in at € 0.7m (vs € 2m in FY22, vs prelims: € 2.2m) resulting from € 3.6m D&A and a financial result of € 0.1m.
Looking into FY24,
Going forward, record AuC after Q1, paired with stock markets that reached new all-time highs in Q2, top- and bottom line should continue to grow in H2, even without new AuC inflows that we consider as very likely. Further, the Groups proprietary 360° finfire platform is seen to fuel consolidation of the insurance broker market that is, in contrary to the investment adviser market, still highly fragmented. Thanks to finfire, the selling and managing of insurance products is much easier unlocking enormous cross-selling potentials, as the already onboarded investment adviser can additionally offer a wide range of insurance products to its customers. finfire hence remains the company´s key mid- to long term growth and scalability driver.
In order to reflect strong Q1 results, the bright market outlook and the
enormous (cross-selling) potential
arising from finfire, we reiterate BUY with an unchanged PT of € 73.00
(old: € 73.00), based on DCF.
You can download the research here:
http://www.more-ir.de/d/29935.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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The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.