BUY
Original-Research: SMARTBROKER Holding AG - von NuWays AG
Einstufung von NuWays AG zu SMARTBROKER Holding AG
Unternehmen: SMARTBROKER Holding AG
ISIN: DE000A2GS609
Anlass der Studie: Update
Empfehlung: BUY
seit: 20.11.2023
Kursziel: € 15,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Migration well progressed // New arrangement with DAB
Smartbroker announced to have made significant progress regarding the migration of customers, transactions and AuC´s from SB1 (old Smartbroker) to Smartbroker+:
65% of active SB1 customers successfully migrated. This translates into 90k of the former 228k customers (excl. 44k FondDiscount customers that were not part of the migration), while 79k inactive customers (c. 1/3 = industry average) were deleted and 44k were not yet migrated. Importantly, the migrated customers executed 2.4m of the 3.6m annual transactions (66%; not including 0.6m from FD).
76% of AuC´s already transferred. € 5.4bn of the € 7.1bn AuC´s are now at accounts of the new partner Baader Bank, while the remaining € 1.7bn are custodied by DAB. The additional € 2.3bn from FondDiscount are not considered in these figures.
With that, the migration targets are largely met. Importantly, Smartbroker
announced to have renewed the agreement with DAB. Hence, active customers
that have not yet migrated can stay with DAB (serviced by Smartbroker) as
long as they wish to. Consequently, Smartbroker should not loose any
active customer because of the migration. This is good news as it was
unclear what happened with
these customers and the market partially expected the loss of these
customers.
Given the current market situation, paired with additional development
costs for Smartbroker+, we consider 2023 as transition year, expecting €
50.4m in sales and € 0.3m in EBITDA, in line with management's guidance.
Looking into 2024, Smartbroker is seen to be the growth driver of the
Group, as Smartbroker+ is offering a unique combination of the service
range of an established full-service
broker at a neobroker pricing that should drive customer inflows and
transactions.
Once marketing spending kicks in (eNuW: € 11.1m in 2024) the synergy
effects between the Media segment and the Smartbroker should fuel both
segments: While CAC of Smartbroker should decline, thanks to the reach of
the media portals, new customer of Smartbroker are expected to mainly use
the embedded media portals within the app, increasing page views and
interactions and making the portals
more attractive for advertisers.
The investment case remains fully intact. BUY with unchanged PT of € 15, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28339.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
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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.
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