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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: 24.01.2024
Kursziel: 20.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Reassuring order intake and strong trading momentum
Yesterday, VOQUZ published reassuring 2023 order intake figures, pointing
towards improved operations in the second half of the year.
Total order intake increased by 11.5% yoy to EUR 5.5m with recurring orders
accounting for a solid 58% (EUR 3.2m). The share of product related sales
slightly declined to 73% (-6.1pp yoy), while the proportion of orders from
SAP license management stood at 85% (-4.3pp yoy) stemming from samQ (eNuW:
75%) and the companyŽs new product visoryQ (eNuW: 10%).
Overall, this indicates sequential improvements in H2Ž23 after a rather
lackluster operating performance in H1Ž23 with only 3% sales growth and
negative EBTIDA (EUR -0.5m). In fact, we expect an acceleration in top-line
growth to 6% on a FY basis as well as a containment of the EBTIDA loss to
only EUR -0.2m. Given the compelling order intake, these estimates could even
serve as conservative in the end. That said, we expect management to put
out preliminary FY23 figures in the course of Q1.
While 2023 has to be seen as a transition year, VOQUZ' compelling mid-term
prospects remain fully intact: On the one hand, the still lagging SAP
S/4HANA transition - only 1/3 of customer adapted the new ERP software so
far - should provide tailwinds going forward. Mind you, SAP-ERP customers
must switch from ECC to S/4HANA until 2027 when the mainstream maintenance
fades out, which should in turn lead to exponentially increasing adoption
rates in the coming quarters. Even though capacities are not unlimited,
VOQUZ looks set to be one of the main beneficiaries, especially thanks to
its new software visoryQ, which helps clients to set up an efficient ERP
strategy. According to management, the new product is perceived well by the
market, allowing for significant cross-selling with the company's legacy
software samQ, which gets visible in a continuously strong current trading.
Against this backdrop, the company should be well positioned to return to
double-digit top-line growth (eNuW: +14.5% yoy), positive EBITDA (EUR 0.6m)
as well as FCF generation (EUR 0.5m) in 2024e.
Given the recent weakness as well as the strong underlying mid-term trends
combined with the scalability of the capital-light business model,
valuation continues to look undemanding with shares trading at only 1.3x
EV/Sales '23e. We hence reiterate BUY with an unchanged PT of EUR 20.00 based
on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28731.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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