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: 22.01.2024
Kursziel: 10.50
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
A new CEO to kick off the year
Topic: LION announced to have a singed a highly qualified successor for the
current CEO, which is leaving at the end of January. Following LION's major
transformation last year, the company looks poised for strong growth.
At the end of November, LION announced the departure of its CEO Winfried
Buss end of January due to personal reasons. The company has already been
able to find a successor, namely Dr. Joachim Damasky. Dr. Damasky has
recently worked as Senior Advisor to BMW and ran the German Automotive
Association. Until 2015, he was part of Webasto's Management Board. This
bolsters well with hire of Dr. Urlich Eichhorn, former CTO of Volkswagen,
as Chairman of its newly established Global Technical Advisory Committee at
the beginning of November. Both hires, alongside an increased salesforce
should allow for a continuation of the positive trends witnessed in Q4.
Mind you, during the Q3 earnings call in December, management highlighted EUR
25m of sales (vs. 9M of EUR 29m) from battery packs out of its own production
in Q4 alone. With that, LION produced roughly 4.5k battery packs during
FY23, significantly below the factory's annual capacity of 45k. Over the
next few years, we expect the utilization to gradually increase, partially
carried by the introduction of its gen 2 battery packs during the second
half of this year.
Thanks to the partnership with SVOLT, the company will produce higher
energy density (20% more vs currently used cells) NMC and LFP battery
packs. 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. Energy storage customers already account
for roughly 50% of sales.
Coupled with customer wins in the mobility segment, the company looks set
to strongly grow sales in the short- to mid-term (33% 2022-25e CAGR).
During the same time, the EBITDA margin is seen to significantly increase
to 4.6% by 2025e as the plant's operating leverage should kick in.
Valuation remains attractive. While LION has gone through a full
transformation during 2023, the company should now be ready to reap the
rewards of the hard work. Yet, this is still under-appreciated by the share
price, which implies a valuation of only 0.6x/0.4x EV/sales FY2023/24e.
LION remains a BUY with an unchanged EUR 10.50 PT based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28719.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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