Original-Research: Netfonds AG - von NuWays AG Einstufung von NuWays AG zu Netfonds AG Unternehmen: Netfonds AG ISIN: DE000A1MME74 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 04.12.2023 Kursziel: EUR 70,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow FY23 guidance in reach after solid Q3 figures; chg Netfonds published solid Q3 figures with further sequential top and bottom line growth and confirmed its FY23 guidance.
04.12.2023 - 09:01:39Original-Research: Netfonds AG (von NuWays AG): BUY
Original-Research: Netfonds AG - von NuWays AG Einstufung von NuWays AG zu Netfonds AG Unternehmen: Netfonds AG ISIN: DE000A1MME74 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 04.12.2023 Kursziel: EUR 70,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow FY23 guidance in reach after solid Q3 figures; chg Netfonds published solid Q3 figures with further sequential top and bottom line growth and confirmed its FY23 guidance. In detail: Gross sales came in at EUR 48.4m (21% yoy, 4% qoq), broadly in line with our estimate of EUR 49.0m. The sequential improvement is mainly driven by the strong growth of high margin AuM in the wealth and asset management (c. EUR 3bn AuM in Q3 vs eNuW: EUR 2.8bn after Q2), while overall AuA stagnated on record levels of EUR 22.7bn. Importantly, AuA inflows compensated for weaker stock market performance. Due to higher material expenses (relative to sales), net sales of only EUR 8.5m (20% yoy, -11% qoq) came in below our estimate of EUR 9.7m. EBITDA remained rather stable on high levels of EUR 1.3m (vs EUR -0.2m in Q2Ž22, -13% qoq), but significantly below our estimate of EUR 2.3m, solely due to the weaker net sales. While personnel expenses should have been in line with our estimates (eNuW: EUR 5.0m), other operating expenses should have been below (EUR 2.2m vs eNuW: EUR 2.4m), despite further investments into the finfire platform. EBT of EUR 0.4m (vs EUR -0.6m in Q3Ž22) resulted from stable D&A of c. EUR 0.8m financial result of EUR -0.1m. On the back of the solid Q3 figures, the FY23 guidance of EUR 185-190m gross sales and EUR 35-37m net sales looks well achievable given that 1) Q4 was historically the strongest quarter of the year and 2) stock markets rose close to all-time highs in November, which should fuel AuA/AuM. A guidance beat is still in the cards. Apart from that, the proprietary, 360
finfire platform, which enablesonboarded advisors to offer a wide range of investment, insurance,financing and banking solutions to its customers via one holistic platform,remains the companyŽs key mid- to long-term growth and scalability driver.Netfonds leading market position in an oligopolistic market with high entrybarriers and long-term structural growth drivers (growing AuMŽs and numberof advisors, ongoing digitization of the financial sector, stricterregulation) should further support future growth.
In light of the growth prospects, the promising mid-term guidance and theundemanding valuation, we reiterate BUY with an unchanged PT of EUR 70.00,based on DCF.
Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28455.pdfDie Analyse oder weiterführende Informationen zu dieser können Sie hier downloadenwww.nuways-ag.com/research.
Kontakt für RückfragenNuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: 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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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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