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: € 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 € 147m (+37.4% qoq), implying a robust FY’23 GMV of € 481m (flat yoy). As in the past, revenue development will be slightly below GMV development and should increase by 0.4% yoy to € 129m for Q4’23 and slightly decrease (-1% yoy) to € 427m for FY’23 (eNuW: € 438m, eCons: € 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 € 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 € 13m to € 19m (eNuW: € 20m, eCons: € 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 € ~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 € 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 ++++++++++ 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.
