Original-Research: creditshelf AG (von NuWays AG): HOLD
^
Original-Research: creditshelf AG - von NuWays AG
Einstufung von NuWays AG zu creditshelf AG
Unternehmen: creditshelf AG
ISIN: DE000A2LQUA5
Anlass der Studie: Update
Empfehlung: HOLD
seit: 15.01.2024
Kursziel: 4.10
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Light at the end of the tunnel
Topic: Yesterday, the company announced that the Supervisory Board of
creditshelf elected Rolf Hentschel as Chairman and Prof. Dr. Dirk Schiereck
as Deputy Chairman of the Supervisory Board with immediate effect.
The former Chairman of the Supervisory Board and patron of creditshelf,
Rolf Elgeti has resigned from his position as member of the Supervisory
Board already at end of last week for personal reasons. His successor Rolf
Hentschel - an independent auditor, tax advisor and lawyer - was already
member and deputy chairman of the supervisory board since 2018. Just like
Prof. Dr. Dirk Schiereck - the Head of the Corporate Finance Chair at the
University of Darmstadt - who became the new deputy chairman of the
Supervisory Board.
The change in the Supervisory Board is of course not turning the whole
situation of creditshelf per se, but a Supervisory Board that has no
conflicts of interest and can act independently could potentially take the
right measures to manoeuvrer the company out of the situation. We see the
resignation of Mr. Elgeti as Chairman of the Supervisory Board as the first
step for creditshelf on the way to become independent from Mr. Elgeti.
Going forward, we further expect a significant reduction of his stake in
the stock as soon as new strategic investors have been found. In our view,
the change in the Supervisory Board additionally unlocks new options on the
funding side. Still, it will likely take time until these options can
materialize in increasing refinancing volumes and sales.
Consequently, we expect a weak Q4 as closing point of a bad year as well as
a soft start into 2024 for creditshelf. For FY23 we expect sales of EUR 4.2m
and EBIT of EUR -1.8m, which is in line with the management guidance of EUR
4.0-5.0m sales and EUR -2m to EUR -1m EBIT.
Despite the depressing current situation, we believe that 1) brokered
volumes should lift-off as soon as the funding issue is solved (demand for
SME loans was 25x higher than supply in H1) and 2) creditshelf is still
good address for German SMEŽs. Still, we do not expect the company to
survive another year without new refinancing sources.
On the back of the promising changes in the Supervisory Board that we
interpret as first step to become independent from Mr. Elgeti, we reiterate
HOLD with a slightly reduced PT of EUR 4.1, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28663.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
++++++++++
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.
°