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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: Update

Empfehlung: BUY

seit: 19.01.2024

Kursziel: 71.00

Kursziel auf Sicht von: 12 Monaten

Letzte Ratingänderung:

Analyst: Frederik Jarchow

Strategic acquisition to improve profitability; chg

Yesterday, Netfonds announced to have acquired a majority stake in "Meine

Finanzkanzlei GmbH" ("MFK") through its fully owned subsidiary NVS Netfonds

Versicherungsservice AG. In detail:

We assume that Netfonds has acquired a stake of 65-85% (eNuW) at a low to

mid, single digit EV/EBITDA multiple (eNuW). As the network of advisors

from MFK has already been cooperating with NVS for many years, we do not

expect a significant increase of gross sales. Stand alone, MFK should

generate gross sales of c. EUR 1.5-2.0m (eNuW). Due to synergy effects, we

expect a positive EBITDA effect of some EUR 0.3-0.5m (eNuW).

Importantly, MFK is actively supporting NVS in customer advice for banks

that are affiliated with NVS. These services are increasingly important for

banks, hence providing a significant growth potential for Netfonds going

forward.

Overall, we consider the acquisition as highly value accretive. While the

price should have been absolutely reasonable, MFK is seen to strengthen the

insurance division of Netfonds and contributing to its profitability.

More positive newsflow comes from IGBCE Bonusagentur, which extended its

cooperation agreement with NVS in connection with the acquisition of MFK.

With that, NVS keeps its access to more than 3m potential CareFlex

customers. As a strategic partner of IGBCE, MFK should support NVS in the

distribution of CareFlex by advising selected private and corporate

customers.

Apart from the value accretive acquisition, Netfonds 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 and should start to lift off in FY24.

That, paired with 1) Netfonds market leading 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), 2) the likely guidance beat in FY23

and 3) the promising mid-term guidance makes the stock a clear BUY with a

new PT of EUR 71.00, based on DCF.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/28709.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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