Original-Research: SMARTBROKER Holding AG (von NuWays AG): BUY
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Original-Research: SMARTBROKER Holding AG - von NuWays AG
Einstufung von NuWays AG zu SMARTBROKER Holding AG
Unternehmen: SMARTBROKER Holding AG
ISIN: DE000A2GS609
Anlass der Studie: Update
Empfehlung: BUY
seit: 09.02.2024
Kursziel: 10.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Another difficult year ahead; chg
For the first time, Smartbroker Holding (SBH) reported monthly trading
stats which can be seen as starting point of the future of the Smartbroker.
Further, the longstanding Group CFO Roland Nicklaus will leave the company
in April. In detail:
The number of customers declined to 175k (-3% mom, excluding 79k deleted,
inactive customers, including c. 44k FondDiscount customers), which is
clearly a negative read considering the growth ambition. Positively, after
the deletion of inactive customers, the share of active customers should be
close to 100%, far above the industry average of 20-40% (eNuW), visible in
strong 25 trades p.a. per customer.
Only 0.36m executed transactions in January. While this is fully in line
with the avg number of monthly transactions throughout 2023, it is
disappointing given that January is usually one of the strongest months of
the year.
AuC declined to EUR 8.9bn (-5% mom, incl. c. EUR 0.6bn AuC at FondsDiscount),
despite the overall solid capital market performance in January, indicating
significant outflows. Positively, AuC per customer of EUR 51k is above levels
of neobrokers (c. EUR 7-10k).
Promising KPIŽs from the Media segment. In contrary to the Transaction
segment, the KPI development in the Media segment was sound: Site visits
increased by 7% mom to 227m and the number of unique users grew
substantially to 3.8m (26% mom).
CFO on the leave. SBH announced that Roland Nicklaus will leave the company
end of March after being with the company for 15 years. As he will remain
shareholder of SBH, member of the supervisory Board of the Smartbroker AG
and external advisor of the company, the effects should be limited.
Overall, the Smartbroker is still seen to be the growth driver of the
Group, as Smartbroker+ is offering a unique combination of the service
range of an established full-service broker at a neobroker pricing that
should drive customer inflows and transactions, fueled by the reach of the
proprietary media portals. For FY24e we now expect EUR 50m in sales and EUR
1.5m in EBITDA.
As the investment case remains intact, we reiterate our BUY with a reduced
PT of EUR 10, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28851.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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