Original-Research: THE NAGA GROUP AG - von NuWays AG
Einstufung von NuWays AG zu THE NAGA GROUP AG
Unternehmen: THE NAGA GROUP AG
ISIN: DE000A161NR7
Anlass der Studie: Updaate
Empfehlung: HOLD
seit: 17.11.2023
Kursziel: € 1,30
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
FY22 out // Short-term remains clouded; Restart with HOLD
Recently, NAGA finally reported its audited FY22 figures, which reflect a particularly challenging year for the company. In detail:
Sales stand at € 57.6m (+9% yoy), above our estimates of € 50.1m, as we have not considered NGC trading revenues of € 6.8m. While trading activity should have declined from 520 to 434 trades per active customer and the overall number of trades to 8.1m (-19% yoy), number of active customers should have remained largely stable (-3% yoy; 18.7k at YE). An increased avg. revenue per trade of € 7.10 (+34% yoy) compensated for the weaker customer activity resulting in a stable top line.
EBITDA came in strongly negative at € -13.9m (eNuW: € -10.6m), heavily burdened by marketing expenses of € 28.3m that were necessary to keep top line stable throughout a weak year in the overall brokerage space. Further, personnel expenses, R&D costs and other operating expenses (i.e. depreciations of NGC and receivables of € 4.9m), drove EBITDA into negative terrain. € 23m of D&A (€ 15.3m from devalued crypto assets on the balance sheet) burdened the group's EBIT further, which came in at € -36.9m.
In a nutshell, 2022 was terrible year for NAGA and all other players in the brokerage space as customer activity fell off the cliff and cryptos accross the board faced sharp corrections.
Looking forward, 2023 can be seen as a transition year for the company and NAGA should return to annual top line and bottom-line growth from FY24e onwards due to the strategic shift towards global growth across so far under-penetrated regions (sales split as of 9M´23: Europe: 90%; Other: 10%), new acquisitions, expansion of the license base paired with ongoing cost discipline, leaner operations and increasing efficiency (i.e. marketing).
While we see the potential of such a business model, the market environment is currently not favourable for CFD brokers: Trading activity stabilize on low levels and regulatory requirements are tightening, especially in Europe.
We remain cautious, yet restarting coverage with HOLD and a new PT of € 1.30 based on DCF. Once the strategic initiatives result in profitable topline growth, we can return to a more favourable vote.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28317.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.
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.
