COMMUNIQUÉ DE PRESSE
par Netfonds AG (isin : DE000A1MME74)
Original-Research: Netfonds AG (von NuWays AG): BUY
Original-Research: Netfonds AG - from NuWays AG
22.08.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Classification of NuWays AG to Netfonds AG
Company Name: | Netfonds AG |
ISIN: | DE000A1MME74 |
Reason for the research: | Update |
Recommendation: | BUY |
from: | 22.08.2024 |
Target price: | EUR 59.00 |
Last rating change: | |
Analyst: | Frederik Jarchow |
Solid Q2 preliminary figures above estimates
Topic: Yesterday, Netfonds reported strong preliminary Q2 figures above our estimates on both, top- and bottom line. The upper end of the guidance seems in reach. In detail:
- Gross Sales grew by 20% yoy to € 56.5m, above out estimates of € 56m. Main driver was the strong AuA and AuM development with new record levels of € 26.2bn (+10% YTD; 15% yoy) and € 3.3bn (20% YTD; 18% yoy), both well above our estimates of € 25.7bn and € 3.2bn (eNuW old). Consequently, Netfonds should reach our estimates for FY24 of € 27bn AuA and € 4.0bn AuM easily.
- EBITDA came in above estimates at € 2.0m (122% qoq, 37% yoy vs eNuW: € 1.6m), mainly driven by the topline growth paired with stable OPEX compared to Q1, showing the strong operating leverage of the business model
Consolidation of the insurance brokerage market in full swing. Apart from the strong operating performance, the Groups proprietary, 360° finfire platform is seen to fuel the market consolidation especially in 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. The expected strong organic growth momentum is expected to be accompanied by further value-accretive M&A deals that should come at very reasonable price.
Overall, we see Netfonds well on track to reach its mid-term target of € 59m net sales (vs eNuW: € 59m) and € 23m EBITDA (vs eNuW: € 20m) by FY26.
BUY with an unchanged PT of € 74.00, based on DCF.
You can download the research here: http://www.more-ir.de/d/30589.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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1972749 22.08.2024 CET/CEST