^
Original-Research: EV Digital Invest AG - von NuWays AG
Einstufung von NuWays AG zu EV Digital Invest AG
Unternehmen: EV Digital Invest AG
ISIN: DE000A3DD6W5
Anlass der Studie: Q3 Review
Empfehlung: HOLD
seit: 14.11.2023
Kursziel: EUR 5,20
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Strong 9M after soft H1 // Market remains challenging; chg.
Topic: Yesterday, EVDI published surprisingly strong indication for 9M
figures compensating for weak H1 figures published earlier this month. The
outlook however remains clouded.
Operating income came in at EUR 3.1m (-6% yoy), including c. EUR 2.8m sales, c.
EUR 0.2m financial income (mostly from associated companies) as well as c. EUR
0.1m other operating income (all eNuW). The strong topline figure compares
to EUR 1.5m in H1 and should be mainly due to higher margins on the financing
volume which decreased by 30% yoy to EUR 25.8m.
EBIT of EUR -1.3m remained stable vs H1 as cost cutting measures seem to bear
fruit paired with a sequentially improving topline.
With the strong indicative 9M figures in the books, management became more
optimistic with regards to the FY23 figures, now expecting to exceed our
old sales estimate (eNuW: EUR 2.8m) by 35-45% and reach an operating income
of EUR 4.3-5.0m.
As the situation in the German real estate market is seen to remain
depressed, driven by inflation and rising interest rates, which weigh heavy
on the whole industry, we are more cautious than management regarding FY23
as ramped-up financing costs and increased default risks should continue to
burden EVDIŽs operationsas both naturally reduce the number of attractive
projects for EVDI (in terms of risk-return).
Beyond 2023, the outlook is brighter: EVDI is facing a long-term growing
market, interest rate hikes seem to slow down and prices in the real-estate
market started to decrease. All that should drive the number of projects
and volumes again. Further, the takeover of wevest that unlocked bigger
transactions, new products and cross-selling potentials, and the regional
expansion should start to bear fruit.
Thanks to future topline growth paired with the scalable and diversified
platform business model, we see stable EBIT margin north of 20% in the mid-
to long-term (eNuW: FYŽ27e), which is in line with managements long-term
vision (20% EBIT-margin).
As the short term outlook is clouded and the uncertainty in the industry is
high, the stock remains a HOLD for the moment with a slightly increased PT
of EUR 5.20 (old: EUR 5.00) based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28249.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
++++++++++
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.
++++++++++
-------------------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.
°
