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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 enables
onboarded 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 entry
barriers and long-term structural growth drivers (growing AuMŽs and number
of advisors, ongoing digitization of the financial sector, stricter
regulation) should further support future growth.
 
In light of the growth prospects, the promising mid-term guidance and the
undemanding 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.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.

Kontakt für Rückfragen
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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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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-------------------übermittelt durch die EQS Group AG.-------------------


Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. 
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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