Original-Research: Westwing Group AG (von NuWays AG): BUY
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Original-Research: Westwing Group AG - von NuWays AG
Einstufung von NuWays AG zu Westwing Group AG
Unternehmen: Westwing Group AG
ISIN: DE000A2N4H07
Anlass der Studie: Review
Empfehlung: BUY
seit: 31.01.2024
Kursziel: EUR 19,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Mark-Hendrik Schüssler
Q4 prelims: Upper end of FY guidance reached; est. chg.
Westwing released solid preliminary Q4'23 results, indicating that Q4 GMV
was up 4% yoy to EUR 147m (+37.4% qoq), implying a robust FY'23 GMV of EUR 481m
(flat yoy). As in the past, revenue development will be slightly below GMV
development and should increase by 0.4% yoy to EUR 129m for Q4'23 and
slightly decrease (-1% yoy) to EUR 427m for FY'23 (eNuW: EUR 438m, eCons: EUR
433m). Importantly, for the second consecutive quarter, the number of
active customers has grown: +1% qoq to 1.28m with a healthy average GMV per
customer of EUR 377 (+4% yoy) for the full year.
The company is on track to deliver its fifth profitable quarter in a row as
management expects to have reached the upper end of the already raised adj.
EBITDA guidance of EUR 13m to EUR 19m (eNuW: EUR 20m, eCons: EUR 14.2m. Above all,
this should have been carried by the continued strong expansion
of its private label share: +6pps yoy to 47% of GMV The adjusted EBITDA
margin is seen to have risen by 4-5.5pps to 3-4.5%, respectively (eNuW:
4.7%,
eCons: 3.3%). Aided by a strong adj. EBITDA development as well as lower
inventory levels, Westwing is on track to generate positive free cash flow
in both Q4'23 and FY'23, further increasing its considerable net cash
position to EUR ~75m (eNuW), which should protect the stock's downside.
Importantly, this preliminary release underpins that the company has been
able to return to sustainable top and bottom line growth in H2'23 despite a
very challenging macroeconomic environment for the Home & Living market.
Moreover, the continued growth in the number of active customers and a
healthy basket size development indicate that a positive inflection point
has been reached. Given that efficiency measures have been successfully
implemented along with a rising private label share, the company is not
only seen to deliver its full year 2023 guidance, but also offers a
compelling mix of growth and value as we head into 2024, in our view.
Trading at only ~0.2x EV/Sales FY23e (~60% discount to e-commerce peers),
we reiterate our BUY rating
with an unchanged PT EUR 19.00, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28769.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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