Buy
|
Original-Research: Netfonds AG - from NuWays AG
Classification of NuWays AG to Netfonds AG
Kickstart into FY25 with new record AuA and AuM; chg Topic: Netfonds kicked off the year with strong positive newsflow i.e. a new record-AuA level of € 28.3bn and AuM exceeding € 4bn for the first time. Further, Netfonds will take over another fund initiator through its subsidiary GSR GmbH, as already announced at the end of last year. In detail: With the new AuA record of 28.3bn at the end of FY24, Netfonds significantly exceeded our estimates of € 27.bn while AuM of € 4.05bn came in as expected (eNuW: € 4.0bn). Nevertheless, both figures are quite impressive as we increased our estimates for both figures more than once throughout the year. Thanks to the strong AuA growth, the given guidance for FY24 of € 220-230m in gross sales and € 41.5-43m in net sales can hence be taken as granted (eNuW new: € 230m gross sales; € 44m net sales). Even better, the record AuA levels end of last year strongly indicating further strong top- and bottomline, as asset inflows materialize with a slight delay. That said, the value-accretive M&A transactions of the undisclosed fund initiator and others (i.e. MFK and Comfort Finance) should further fuel top- and bottom line growth in FY25 and beyond. For FY25, we expect 51m net sales (€ 260m gross sales) inline with management's new guidance of “dynamic double-digit yoy growth”. As the scale effects of the platform business kicking in, EBITDA should grow exponentially to € 17m (eNuW). On the back of 1) the strong ongoing operating performance, 2) Netfonds 360° finfire platform being the key mid- to long term growth and scalability driver and 3) further value accretive M&A transactions, we see Netfonds well on track to reach its mid-term target of € 59m net sales (vs eNuW: € 62m) and € 23m EBITDA (vs eNuW: € 22m) by FY26. Apart from that and in order to finance the takeover of a fund initiator through its subsidiary GSR (takeover price: mid single-digit million amount), but also further potential acquisitions, Netfonds successfully issued an unsecured bond with a volume € 15m million (coupon: 7.00% p.a.) end of last year. This acquisition is underlining once again that Netfonds is playing an active role in the market consolidation. We expect to see further acquisitions in FY25. BUY with new PT of € 78.00, based on DCF. You can download the research here: http://www.more-ir.de/d/31617.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed Contact for questions: 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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||||
2066831 14.01.2025 CET/CEST
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.