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Original-Research: VOQUZ Labs AG - von NuWays AG
Einstufung von NuWays AG zu VOQUZ Labs AG
Unternehmen: VOQUZ Labs AG
ISIN: DE000A3CSTW4
Anlass der Studie: Update
Empfehlung: BUY
seit: 21.11.2023
Kursziel: EUR 20,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Outlook gets cloudier amid macro-headwinds; chg.
After VOQUZ has shown stellar top-line growth in the past (2019-'22 CAGR of
38%), the company reported a weak set of H1, clearly reflecting the
deteriorating macro environment.
Despite a 14% yoy increase in order intake, H1 sales only grew by 3% yoy to
EUR 1.9m (eNuW: EUR 2.5m) following prolonged sales cycles. Moreover, a higher
share of consulting orders, which in general have a longer revenue
recognition period, weighed on top-line development.
Following the uninspiring sales development, H1 EBITDA turned negative with
EUR -0.5m (vs EUR 0.1m at H1'22). The main reason for this were rapidly
increasing personnel expenses (+93% yoy to EUR 1.1m) which is due to the
incorporation of a subsidiary in Romania as well as increased sales and
marketing capacities. Following the intensified marketing efforts (e.g.
conferences in US, Australia) other operating
expenses also increased by 16% yoy to EUR 1.2m.
Although the seasonally strong H2 (especially Q4) is seen to show an
improved operating performance with a sequential growth acceleration (eNuW:
+7.5%) and a slightly positive EBITDA (eNuW: EUR 0.3m), VOQUZ looks set to
report negative FY EBITDA of EUR 0.2m.
However, the company's mid-term prospects remain intact, in our view.
Especially with regards to the still lagging SAP S/4HANA migration (33% as
of Q2'23). As adoption rates are seen to exponentially increase, VOQUZ
looks set to be one of the main beneficiaries with its new software
solution VisoryQ, which helps clients to set up an efficient ERP strategy.
On top of this, promising cross- and up-selling potentials are in the
books, which is becomes visibile in the high share of existing customers in
order intake. Against this backdrop, we expect dynamic top-line development
combined with steadily expanding margins going forward on the back of
economies of scale.
In light of the recent weakness as well as the strong underlying mid-term
trends combined with the scalability of the capital-light business model,
the stock looks undervalued trading at only 1.3x EV/Sales '23e.
Reiterate BUY with a reduced PT of EUR 20.00 (old: EUR 32.00) based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28349.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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