Original-Research: Netfonds AG (von NuWays AG): BUY
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Original-Research: Netfonds AG - von NuWays AG
Einstufung von NuWays AG zu Netfonds AG
Unternehmen: Netfonds AG
ISIN: DE000A1MME74
Anlass der Studie: Update
Empfehlung: BUY
seit: 19.01.2024
Kursziel: 71.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Strategic acquisition to improve profitability; chg
Yesterday, Netfonds announced to have acquired a majority stake in "Meine
Finanzkanzlei GmbH" ("MFK") through its fully owned subsidiary NVS Netfonds
Versicherungsservice AG. In detail:
We assume that Netfonds has acquired a stake of 65-85% (eNuW) at a low to
mid, single digit EV/EBITDA multiple (eNuW). As the network of advisors
from MFK has already been cooperating with NVS for many years, we do not
expect a significant increase of gross sales. Stand alone, MFK should
generate gross sales of c. EUR 1.5-2.0m (eNuW). Due to synergy effects, we
expect a positive EBITDA effect of some EUR 0.3-0.5m (eNuW).
Importantly, MFK is actively supporting NVS in customer advice for banks
that are affiliated with NVS. These services are increasingly important for
banks, hence providing a significant growth potential for Netfonds going
forward.
Overall, we consider the acquisition as highly value accretive. While the
price should have been absolutely reasonable, MFK is seen to strengthen the
insurance division of Netfonds and contributing to its profitability.
More positive newsflow comes from IGBCE Bonusagentur, which extended its
cooperation agreement with NVS in connection with the acquisition of MFK.
With that, NVS keeps its access to more than 3m potential CareFlex
customers. As a strategic partner of IGBCE, MFK should support NVS in the
distribution of CareFlex by advising selected private and corporate
customers.
Apart from the value accretive acquisition, Netfonds proprietary, 360°
finfire platform, which enables onboarded advisors to offer a wide range of
investment, insurance, financing and banking solutions to its customers via
one holistic platform, remains the companyŽs key mid- to long-term growth
and scalability driver and should start to lift off in FY24.
That, paired with 1) Netfonds market leading position in an oligopolistic
market with high entry barriers and long-term structural growth drivers
(growing AuMŽs and number of advisors, ongoing digitization of the
financial sector, stricter regulation), 2) the likely guidance beat in FY23
and 3) the promising mid-term guidance makes the stock a clear BUY with a
new PT of EUR 71.00, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28709.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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