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: 09.02.2024
Kursziel: 10.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Another difficult year ahead; chg
For the first time, Smartbroker Holding (SBH) reported monthly trading stats which can be seen as starting point of the future of the Smartbroker. Further, the longstanding Group CFO Roland Nicklaus will leave the company in April. In detail:
The number of customers declined to 175k (-3% mom, excluding 79k deleted, inactive customers, including c. 44k FondDiscount customers), which is clearly a negative read considering the growth ambition. Positively, after the deletion of inactive customers, the share of active customers should be close to 100%, far above the industry average of 20-40% (eNuW), visible in strong 25 trades p.a. per customer.
Only 0.36m executed transactions in January. While this is fully in line with the avg number of monthly transactions throughout 2023, it is disappointing given that January is usually one of the strongest months of the year.
AuC declined to € 8.9bn (-5% mom, incl. c. € 0.6bn AuC at FondsDiscount), despite the overall solid capital market performance in January, indicating significant outflows. Positively, AuC per customer of € 51k is above levels of neobrokers (c. € 7-10k).
Promising KPI´s from the Media segment. In contrary to the Transaction segment, the KPI development in the Media segment was sound: Site visits increased by 7% mom to 227m and the number of unique users grew substantially to 3.8m (26% mom).
CFO on the leave. SBH announced that Roland Nicklaus will leave the company end of March after being with the company for 15 years. As he will remain shareholder of SBH, member of the supervisory Board of the Smartbroker AG and external advisor of the company, the effects should be limited.
Overall, the Smartbroker is still 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, fueled by the reach of the proprietary media portals. For FY24e we now expect € 50m in sales and € 1.5m in EBITDA.
As the investment case remains intact, we reiterate our BUY with a reduced PT of € 10, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28851.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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.
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.
