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 ISIN: DE000A0MSN11 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. You can download the research here: http://www.more-ir.de/d/29415.pdf For additional information visit our website www.nuways-ag.com/research. 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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