Original-Research: NFON AG - von NuWays AG Einstufung von NuWays AG zu NFON AG Unternehmen: NFON AG ISIN: DE000A0N4N52 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 24.11.2023 Kursziel: EUR 11,30 (old: EUR 10,50) Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Strong Q3 bottom-line leads to another upgrade; chg.
24.11.2023 - 09:27:41Original-Research: NFON AG (von NuWays AG): BUY
Original-Research: NFON AG - von NuWays AG Einstufung von NuWays AG zu NFON AG Unternehmen: NFON AG ISIN: DE000A0N4N52 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 24.11.2023 Kursziel: EUR 11,30 (old: EUR 10,50) Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald Strong Q3 bottom-line leads to another upgrade; chg. Yesterday, NFON released a strong set of Q3 results. While recurring revenues were in line with our estimates, the company provided a significant beat on the bottom line. Q3 recurring revenues came in at EUR 19.4m, up 5.3% yoy (eNuW: EUR 19.4m) based on a slightly increased seat base of 646k (+3.7% yoy; eNuW: 650k) following successful key customer gains as well as the cross- and up-selling of premium solutions to both, new and existing customers. Total sales increased 1.1% yoy to EUR 20.5m (eNuW: EUR 21m), implying a strong recurring revenue ratio of 94.4% (+3.8pp yoy). Adj. EBITDA increased substantially by 274% yoy to EUR 2.6m, which is a strong beat on our estimate of EUR 1.5m. Main drivers of the significant profitability improvements were an improved gross margin of 84.5% (+2.2pp yoy) as well as the imposed efficiency measures, which gained traction quicker than anticipated. In detail: Personnel costs decreased 10% yoy following a 14% staff reduction. Moreover, marketing costs significantly declined by 51% yoy as the new management is focusing on more efficient marketing measures (e.g. channel marketing). Against this backdrop, management is lifting its adj. EBITDA guidance for the second time this year to now EUR 7.8-8.3m (prior: EUR 6-7m). We regard the upgrade as sensible and the new outlook as achievable, given the strong Q3 release, and position ourselves at the mid-point (eNuW: EUR 8.0m). The ARR guidance (3-9% yoy growth & >88% ratio) was confirmed. New CTO announced. Starting January 1st, Andreas Wesselmann will take over as CTO to lead NFON's path toward a data driven organization, which should in turn enhance the scalability of the platform. Previously, Wesselmann was part part of SAP's Global Leadership Team where he has proven his ability to expand and improve existing cloud solutions in a cost efficient manner. In our view, the release fully confirms that the turnaround remains in full swing as NFON is seen to continuously grow profitably based in the still underpenetrated European PBX market. We confirm our BUY recommendation with an increased PT of EUR 11.30 (old: EUR 10.50) based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28397.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.
