BUY
Original-Research: Nynomic AG - von NuWays AG
Einstufung von NuWays AG zu Nynomic AG
Unternehmen: Nynomic AG
ISIN: DE000A0MSN11
Anlass der Studie: Update
Empfehlung: BUY
seit: 18.12.2023
Kursziel: € 54
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Bolt-on acquisition with high synergy potential; chg.
Topic: Nynomic announced the 100% acquisition of art photonic (13th pillar of the Nynomic group), which should be highly value accretive during the coming years thanks to significant synergy potential.
In detail, art photonic is a Berlin-based expert in the development and production of highly specialized fiber optic cables used for optical measurement technology with a focus on mid-infrared (MIR) wavelength, making it highly compatible with the the recently acquired NLIR (early Oct.). Its products enable ultra-fast transmission of light to the measurement point and back to the sensor to process the received data. Both acquisitions support Nynomic's strategy to bring MIR in a scalable way into production processes integrated into stationary machines, production plants, commercial vehicles and similar, thus expanding Nynomic's future solution portfolio.
In 2023e, art photonics is seen to generate some € 4m sales with an EBIT margin of roughly 10% (eNuW). Thanks to significant cross-selling opportunities across Nynomic’s broad customer base, we expect art photonic’s annual sales growth potential to be at around 20% for the next three to four years. The resulting positive operating leverage should quickly enable EBIT margins of >15%, in our view. While the purchase price was not disclosed, we expect it to be in line with Nynomic’s recent acquisitions, i.e. ~1x EV/sales, or € 4m in the case of art photonics, making it a clearly value accretive deal.
Additional acquisitions to follow in H1 2024e. Carried by its inherently cash flow generating business model, the € 18.9m capital increase in May and in line with its buy and build strategy, Nynomic looks set to acquire 1-2, potentially also larger targets with up to € 20m sales during FY 2024e.
Further positive newsflow to stem from a strong Q4 and a continued strong momentum throughout 2024e. Following solid 9M results with € 83m sales and a 10% EBIT margin, Nynomic looks set to report a disproportionally strong Q4 due to confirmed call-off dates of formerly delayed orders, several new projects within structurally growing markets. Q4 sales should come in at € 37.6m (+14% yoy, eNuW) with an EBIT margin of 19.7% (eNuW). With several products (e.g. Spectral Engines) beginning to gain traction and structurally growing demand for existing solutions, organic sales growth during the next years should exceed 10% (eNuW).
BUY with an unchanged € 54 PT based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28555.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.
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.