Original-Research: Nynomic AG (von NuWays AG): Kaufen

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Original-Research: Nynomic AG - from NuWays AG

Classification of NuWays AG to Nynomic AG

Company Name: Nynomic AG

Reason for the research: Update
Recommendation: Kaufen
from: 15.04.2024
Target price: EUR 52.00
Target price on sight of: 12 Monaten
Last rating change: 
Analyst: Christian Sandherr

New product launched: Another building block for the mid-term
Nynomic announced that its subsidiary Spectral Engines and Kraemer
Elektronik, an expert for high quality testing systems of bulk solids for
the pharmaceutical, chemical and food industry, have jointly developed and
now presented a new product, the LabScanner Plus.
While Kraemer Elektronik provides the casing including the technology to
measure weight and shape, Nynomic's eight sensors (based on the NIRONE
scanner) quickly determine the composition of the tested pills. With this,
one can analyze and digitalize the results of large sample sizes quickly.
Originally intended to quickly build up the databases necessary to reliably
detect counterfeit pharmaceuticals with its handheld sensors, it should be
met with broad interest from quality assurance departments in the
pharmaceutical industry.
Following the successful certification from potential customers, Nynomic
should be able to generate first sales this year already, eNuW. While we
only expect a small sales contribution from LabScanner Plus in FY24e (~ EUR
1m, eNuW), it contributes another building block to management's mid- to
long-term strategy and should have the potential for a mid single-digit
annual sales contribution during the next few years.
FY24 growth to accelerate. Following last year's muted sales growth (1%)
largely due to the lumpy nature of parts of the group and customers'
inventory normalizations, FY24e looks set to show a notable acceleration.
We expect 12% yoy growth (8% organic) on the back of a number of drivers
including (1) unbroken demand from semi customers, (2) fulfilment precision
farming orders, (3) TactiScan gaining traction, (4) a structurally growing
medtech market and (5) new product launches such as LabScanner Plus.
Additional growth from acquisitions likely. As highlighted during the
recent earnings call and inline with the growth strategy, Nynomic should be
looking to add 1-2 additional companies during the next six months. Thanks
to its balance sheet strength, it could also consider larger targets with
up to EUR 20m sales. Trading below 11x EV/EBIT FY24e and in light of the
prospects reflected in the company's mid-term guidance of EUR 200m sales and
a 16-19% EBIT margin, shares look attractively priced. We confirm our BUY
rating with an unchanged EUR 52 PT based on DCF.

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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

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The result of this research does not constitute investment advice
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