Original-Research: NFON AG (von NuWays AG): BUY
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Original-Research: NFON AG - von NuWays AG
Einstufung von NuWays AG zu NFON AG
Unternehmen: NFON AG
ISIN: DE000A0N4N52
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 24.11.2023
Kursziel: EUR 11,30 (old: EUR 10,50)
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Strong Q3 bottom-line leads to another upgrade; chg.
Yesterday, NFON released a strong set of Q3 results. While recurring
revenues were in line with our estimates, the company provided a
significant beat on the bottom line.
Q3 recurring revenues came in at EUR 19.4m, up 5.3% yoy (eNuW: EUR 19.4m) based
on a slightly increased seat base of 646k (+3.7% yoy; eNuW: 650k) following
successful key customer gains as well as the cross- and up-selling of
premium solutions to both, new and existing customers. Total sales
increased 1.1% yoy to EUR 20.5m (eNuW: EUR 21m), implying a strong recurring
revenue ratio of 94.4% (+3.8pp
yoy).
Adj. EBITDA increased substantially by 274% yoy to EUR 2.6m, which is a
strong beat on our estimate of EUR 1.5m. Main drivers of the significant
profitability improvements were an improved gross margin of 84.5% (+2.2pp
yoy) as well as the imposed efficiency measures, which gained traction
quicker than anticipated. In detail: Personnel costs decreased 10% yoy
following a 14% staff reduction. Moreover, marketing costs significantly
declined by 51% yoy as the new management is focusing on more efficient
marketing
measures (e.g. channel marketing).
Against this backdrop, management is lifting its adj. EBITDA guidance for
the second time this year to now EUR 7.8-8.3m (prior: EUR 6-7m). We regard the
upgrade as sensible and the new outlook as achievable, given the strong Q3
release, and position ourselves at the mid-point (eNuW: EUR 8.0m). The ARR
guidance (3-9% yoy growth & >88% ratio) was confirmed.
New CTO announced. Starting January 1st, Andreas Wesselmann will take over
as CTO to lead NFON's path toward a data driven organization, which should
in turn enhance the scalability of the platform. Previously, Wesselmann was
part part of SAP's Global Leadership Team where he has proven his ability
to expand and improve existing cloud solutions in a cost efficient manner.
In our view, the release fully confirms that the turnaround remains in full
swing as NFON is seen to continuously grow profitably based in the still
underpenetrated European PBX market.
We confirm our BUY recommendation with an increased PT of EUR 11.30 (old: EUR
10.50) based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28397.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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