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NFON AG · ISIN: DE000A0N4N52 · EQS - Analysts (50 News)
Country: Germany · Primary market: Germany · EQS NID: 18315
17 November 2023 09:06AM


Original-Research: NFON AG - von NuWays AG

Einstufung von NuWays AG zu NFON AG

Unternehmen: NFON AG
ISIN: DE000A0N4N52

Anlass der Studie: Q3 Preview
Empfehlung: BUY
seit: 17.11.2023
Kursziel: € 10,50
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald

Q3e: Cost savings continue to bear fruit ; chg.

NFON will release Q3 figures on November 23rd, which are seen to show steady top-line growth paired with sound profitability following the implementation of several cost-saving measures.

Q3 recurring revenues are expected to increase by 5.6% to € 19.4m based on an increased seat base (eNuW: +1.6% qoq to 650k) as well as a pickup in airtime. Overall sales are set to grow 3.5% yoy to € 21.0m, implying a recurring revenue ratio of 93% which allows for good visibility in light of the company’s high customer retention (churn rate € 4m).

Overall, the company appears to remain on track to grasp the growth potential in the still under penetrated European PBX market. On top of this, NFON is seen to significantly benefit from cross-selling thanks to well perceived premium products like CC Hub, which should allow for a continuous margin expansion going forward. While 2023e will still be a transitional year, the measures implemented by the new CEO Patrik Heider are seen to show full effect in 2024e as we estimate significantly improving profitability as well as a positive FCF generation (eNuW: € 1.7m) for the first time since the IPO.

With than in mind, the current valuation appears undemanding. Shares are trading on depressed levels of 1.2x EV/Sales 2023e (vs 2x historic average).

Reiterate our BUY recommendation with an unchanged PT of € 10.50 based on DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28315.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.

Visual performance / price development - NFON AG
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