Original-Research: Netfonds AG (von NuWays AG): Kaufen
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^ Original-Research: Netfonds AG - from NuWays AG Classification of NuWays AG to Netfonds AG Company Name: Netfonds AG ISIN: DE000A1MME74 Reason for the research: Update Recommendation: Kaufen from: 03.06.2024 Target price: EUR 73.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Final FY23 figures below prelims // Strong start into 2024; chg. Topic: Netfonds released final FY23 figures that fell short of prelims due to one-off effects. Further, the company reported record Q1 prelims above expectations, proofing that it is on track to reach its FY24 and mid-term guidance. In detail: FY23 gross sales came in at EUR 193m (+9% yoy vs prelims: EUR 197m), mainly driven by AuC that grew by 11% to EUR 23.8bn (eNuW: EUR 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 EUR 39.4m, above prelims of EUR 37m. EBITDA of only EUR 4.9m (-24% yoy), came in below prelims (EUR 6.2m), mainly due to two one-off effects to the tune of EUR 1.7m stemming from a cancelled software contract and from the at equity consolidation of two investments. Total OPEX of EUR 34.4m (+17% yoy) was hence higher than the anticipated EUR 30.8m. EBT came in at EUR 0.7m (vs EUR 2m in FY22, vs prelims: EUR 2.2m) resulting from EUR 3.6m D&A and a financial result of EUR 0.1m. Looking into FY24, Netfonds kicked-off the year with a record quarter. The company achieved gross sales of EUR 56m (20% yoy, 9% qoq), significantly above our estimates of EUR 50m carried by AuC that exceeded EUR 25.1bn (19% yoy vs EUR 23.8m in FY23). As material expenses should have remained rather stable yoy, net sales grew by 18% yoy to 9.5m. Thanks to scale effects that start to kick-in, EBITDA came in at EUR 0.9m (+125% yoy), bringing EBT into positive terrain with EUR 0.3m (vs EUR -0.4m in FY22). 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 EUR 73.00 (old: EUR 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 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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