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Original-Research: Nynomic AG - von NuWays AG
Einstufung von NuWays AG zu Nynomic AG
Unternehmen: Nynomic AG
ISIN: DE000A0MSN11
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 10.11.2023
Kursziel: EUR 54,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Solid Q3 prelims with disproportionally stronger Q4 expected
Preliminary Q3 sales came in at EUR 30.6m (eNuW: EUR 34.2m), a 3.4% yoy
increase (-2% qoq). The slow growth can be explained by several larger
projects/orders whose delivery/call-off had been scheduled for Q4 or has
even been pushed into 2024. While customers are generally more cautious,
overall demand for the company's solutions remains high. Preliminary EBIT
grew by 5.7% yoy to EUR 3.7m (12.1% margin), shy of our EUR 4.1m estimate due
to lower sales volumes, yet clearly above the first half's profitability of
8.7%.
FY guidance (single-digit yoy sales growth and EBIT margin improvement)
remains unchanged. As previously communicated, management expects a
disproportionally strong Q4 due to confirmed calloff dates of formerly
delayed orders, several new projects within structurally growing markets
(e.g. a plant phenotyping solutions worth EUR 5-6m and the handheld solutions
from Spectral Engines) and the order backlog of EUR 70m. Our new (slightly
trimmed FY23 estimates) imply Q4 sales of EUR 37.6m (+14% yoy) with an EBIT
margin of 19.7% (+5.8pp yoy).
What's more, Nynomic continues to drive its internationalization. As its US
business has significantly grown in importance during recent years (from EUR
17.8m in FY19 to EUR 38.2m in FY22) the company founded its 12th pillar
within the group, Photecture, which will (for now) focus on sales of the
group's subsidiaries without own sales structures in he US. In our view,
this should drive sales of the group's smaller pillars such as Spectral
Engines.
Additional acquisitions looming. As per its Buy & Build strategy,
management remains confident about signing at least one additional
acquisition until the end of the year. Following the EUR 18.9m capital
increase in May, Nynomic can resort to ample financial fire power of up to
EUR 60m (assuming a max. leverage of 2x EBITDA). With this, the company
should be able to also consider larger targets (> EUR 20m sales) that broaden
its technology offering.
Nynomic continues to look poised for attractive sales and margin growth in
the mid-term as reflected by the recently raised mid-term guidance (EUR 200m
sales and a 16-19% EBIT margin during the next 3-5 years). At a valuation
of 8.1x EV/EBIT 2024e, this does not seem adequately reflected in the share
price. BUY with a EUR 54 PT (old: EUR 57) based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28213.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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