Original-Research: elumeo SE (von NuWays AG): BUY
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Original-Research: elumeo SE - von NuWays AG
Einstufung von NuWays AG zu elumeo SE
Unternehmen: elumeo SE
ISIN: DE000A11Q059
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 13.11.2023
Kursziel: EUR 5,50
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Weak Q3 // Consumer sentiment weighs on sales, chg
elumeo published weaker than expected Q3 figures that are driven by the
overall weaker consumer sentiment. Here is what is important:
Sales came in at only EUR 11.0m (vs eNuW: EUR 11.7m; -5% qoq, 1% yoy), mainly
due to a lower avg sales price of only EUR 68 (-13% qoq, -14% yoy vs eNuW: EUR
79) resulting from the overall more restricted spending of its customer
group. The increased number of active customers (39k, 18% yoy) and rising
no. of items sold (162k, 9% qoq, 17% yoy), only partially compensated for
the lower avg sales price.
EBIT turned negative again to EUR -0.3m (vs EUR -0.8m in Q1) in contrast to our
positive expectation of EUR 0.1m. While the bottom line decline is purely
caused by the weak topline, the cost cutting program that is bearing fruit
and the other operating income, cushioned it a bit.
Positively, elumeo was able to keep its sales level rather stable - against
the general trend in the overall online jewelry & watches market as well as
the multichannel market, (-14% yoy and -19% yoy). Worth highlighting is
that the web shop, which grew by 15% in revenues and achieved a new record
daily revenue on November, 1st when Black Friday season kicked-off.
Further, the "rising star" of the group, jooli launched of joolipay, which
is marking the starting point for the monetization of jooli that should
further fuel Group revenues. First KPIŽs are promising but not yet
meaningful.
Apart from that, management unveil further building blocks of its growth
program #juwelo100 with the goal to grow the core business at 10% CAGR to EUR
100m by FY30 (vs eNuW: 11% p.a to 71.5m by FY26e): A new interactive mobile
jewelry shopping app and automatically AI translated shopping shows are
expected to contribute together c. EUR 30m by FY30. The positive sales
development paired with declining OPEX relative to sales, should increase
EBIT margin to 5% in FY26e (eNuW).
While the challenging macro picture and the weak consumer sentiment should
continue to burden the business in the short term, the outlook for the mid
to long term remains bright: The growth program #juwelo100 with several
initiatives, as well as jooli should fuel the topline from FY24e onwards.
BUY with a new PT of EUR 5.50 (old: EUR 5.70) based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28233.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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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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-------------------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.
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