Original-Research: LION E-Mobility AG (von NuWays AG): BUY
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Original-Research: LION E-Mobility AG - von NuWays AG
Einstufung von NuWays AG zu LION E-Mobility AG
Unternehmen: LION E-Mobility AG
ISIN: CH0560888270
Anlass der Studie: Update
Empfehlung: BUY
seit: 19.12.2023
Kursziel: EUR 10,50
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Preparing for growth following 2023 as transition year
Topcic: LION published its solid 9M figures, which should be followed by a
2024 marked by strong growth and op. improvements. The recent share price
weakness provides a good risk/reward opportunity, in our view.
Solid 9M performance amid significant operational changes. Throughout H1
'23, LION was moving a highly automatized production for EV battery packs
(purchased from BMW) to its new site. With completion at the end of Q2, the
company has begun selling packs produced on this line on top of remaining
inventory to bride the moving time for customers. 9M sales came in at EUR
29.8m (Q3: EUR 10.5m). Positively, and despite significant ramp-up costs, the
9M EBITDA came in positive at EUR 0.1m. Further, the 9M op. cashflow came in
at EUR 1.1m as the company sold down pre produced battery packs.
Strong Q4 in the books. With two weeks remaining in Q4, LION recorded Q4
sales of EUR 20m with another at least EUR 5m to be booked in the remaining two
weeks. With around EUR 25m of sales, the fourth quarter will show significant
sequential and yoy growth underpinning the plant's revenue potential. With
this, the FY '23 sales guidance of more than EUR 55m remains unchanged and in
reach, eNuW.
SVOLT partnership to unlock energy storage growth. Thanks to the
partnership with SVOLT, the company will produce higher energy density (20%
more vs currently used cells) NMC and LFP battery packs from H2 '24
onwards. Especially the latter is set to turn into a notable tailwind as it
should allow LION to fully break into the thriving energy storage market,
which prefers LFP over NMC cells.
LIGHT Battery project progressing. A LIGHT Battery prototype (immersion
cooled battery pack for ultra- fast charging and discharging) has been
delivered to an OEM and is going through a so far successful testing phase.
Following 2023, a major transition year, one should expect FY '24e to be
marked by (1) strong sales growth (eNuW: 44% yoy) thanks to a running
production and an increased sales force, (2) LION turning at least EBITDA
breakeven thanks to operating leverage, (3) the launch of LFP battery packs
and (4) further progress on the LIGHT battery. With shares trading at a
mere 0.4x EV/sales 2024e, this is not adequately reflected in the current
share price. BUY with an unchanged EUR 10.5 PT based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28567.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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