Top-News
Quelle: - pixabay.com:
NuWays |
Aufrufe: 163
Strong FY24p highlighted by superb FCF; chg.
FY24 sales increased 6.1% yoy to € 87.3m (eNuW: € 86.1m; eCons: € 86.5m) driven by moderate seat growth (+1.4% to 665k) as well as premium solutions. Notably, non-recurring sales were up 95% yoy in Q4, indicating a strong effect from botarios project business and also a strong growth in Q4 as well as FY24 by the newly acquired subsidiary (consolidated since 09/24). According to CEO Heider, the company exceeded expectations and thus made a strong contribution to the FY result. Importantly, recurring revenues grew 5.1% yoy to € 81.1m (in line with eNuW), implying a recurring revenue ratio of 92.9%.
FY24 adj. EBITDA improved disproportionately by 48% yoy to € 12.3m (eNuW: € 12.0m; eCons: € 11.3m), implying a margin of 14.1% (+3.9pp yoy). The improved profitability was mainly driven by an improved product mix (i.e. premium solutions), the imposed efficiency measures as well as the margin-accretive acquisition of botario (c. 30% EBITDA margin). Reported EBITDA was in line with our estimates at € 10.8m.
The clear highlight of the release however was the FCF, which improved strongly from € 1.0m in FY23 to € 6.5m in FY24 and was substantially ahead of our estimate (eNuW: € 3.8m). The strong increase was mainly driven by the improved profitabilty as well as lower CapEx (eNuW).
New guidance. For FY25e, management targets sales to grow by 8-10% (eNuW new: +10.4%) and an adj. EBITDA of € 13.5-15.5m (eNuW new: € 15.8m). In our view, both should be well achievable even at the upper end of the range. This should be driven by (1) the continuous efficiency gains, (2) a further improvin product mix as well as (3) the introduction of new solutions like NFON Intelligent Assistent or voice mail transcription.
Despite the recent share price jump (+45% YTD), this is still not adequately reflected in the share price, in our view, given a valuation of 7.3x EV/EBITDA FY25e (5.5x FY26e).
We hence reiterate BUY with an increased€ 12.30 PT (old: € 11.70) based on DCF. The stock remains part of our NuWays Alpha List.
Für dich aus unserer Redaktion zusammengestellt
Dein Kommentar zum Artikel im Forum
Jetzt anmelden und diskutieren
Registrieren
Login
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.