Buy
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Original-Research: Netfonds AG - from NuWays AG
Classification of NuWays AG to Netfonds AG
Strong start into FY25 // Guidance upgrade; chg Netfonds reported promising Q1 figures indicating that the com<pany is well on track to achieve its FY25 guidance. In detail: Gross sales came in at € 64.5m (+15% yoy), above our estimate of € 62,9m. Key driver was again the AuA growth that stood at € 28.5bn after Q1 (vs € 28.3bn in FY24) in line with our estimates (eNuW: € 28.5bn). Thanks to scale effects, material expenses should have declined relatively to sales to 81.4% (vs 83.1% in Q1´24) resulting in net sales of € 12.0m (26% yoy vs eNuW: € 11.6m). EBITDA stood at € 2.8m (211% yoy), above our estimates of € 2.4m, mainly driven by the sound topline development. OPEX should have come in as expected (eNuW: € 6.0m personnel expenses and € 3.2m other OPEX. EBT came in at € 1.4m (vs € -0.4 in Q1´24y vs eNuW: € 1.1m) as a result of stable D&A (eNuW: € 1.0m) and a financial result that is burdened by the interest for the bond (eNuW: € -0.4m). Overall, Q1 figures mark a strong start into the year. On the back of € 28.5bn AuA in Q1´24, topline should continue to grow in Q2 as AuA growth usually materializes with a delay of one quarter. Even better, Netfonds announced that AuA reached a new record level of € 29.3bn, which gives us already visibility into Q3. As we expect the more profitable AuM to grow more dynamically, this alone should expand EBITDA margins. As the anticipated growth should be strongly supported by Netfonds proprietary 360° finfire platform, Netfonds should enjoy the typical scale effects of a growing platform business. Moreover, finfire is seen to fuel the consolidation of the insurance broker market that is, in contrary to the investment adviser market, still highly fragmented. Consequently, we continue to consider finfire to remain the Groups key mid- to long-term growth and scalability driver. For FY25 we still expect € 263m gross sales, € 54.7m net sales and an EBITDA of € 16.2m. While the renewed topline guidance of € 260-270m gross sales and € 52.5-54m net sales is broadly in line we consider the EBITDA guidance of € 12-13.5m that is not meeting our expectation, as rather conservative with room for an update until eoy. BUY with an unchanged PT of € 78.00, based on DCF. You can download the research here: http://www.more-ir.de/d/32902.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. ++++++++++
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2159332 24.06.2025 CET/CEST
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