Original-Research: LAIQON AG (von NuWays AG): Buy

Original-Research: LAIQON AG - from NuWays AG

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13.03.2025 / 09:02 CET/CEST

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Classification of NuWays AG to LAIQON AG

Company Name: LAIQON AG

ISIN: DE000A12UP29

Reason for the research: Update

Recommendation: Buy

from: 13.03.2025

Target price: EUR 7.40

Target price on sight of: 12 months

Last rating change:

Analyst: Henry Wendisch

Prelims show solid underlying growth; all eyes on scaling AuM

LAIQON released FY'24 sales and EBITDA prelims, which not only showed a

solid underlying growth, but also came in slightly ahead of expectations

thanks to performance fees. Here's our key takeaway:

Solid underlying sales growth. During FY'24p, LAIQON expanded sales

organically by 9.5%, driven by its core business segments Wealth Management

(+15% yoy) and Digital Wealth (+77% yoy), whereas the cash-cow segment Asset

Management grew only slightly (+3% yoy) due to challenging capital markets.

The divestment of a non-core legacy business (LLOYD FONDS Real Assets) in

Dec'23 and the subsequent absence of its sales (c. EUR 2.4m; part of the Group

segment) burdened reported group sales, which only grew by 1% to EUR 31m, but

nevertheless slightly better than expected (eNuW: EUR 30.5m) thanks to higher

performance fees of EUR 2.3m (vs. eNuW: EUR 1.7m). - see p. 2 for details

On group level, AuMs grew by 8% to EUR 6.6bn (as of 28th Feb'25), which is in

line with capital markets (DAX: +23%, SDAX: - 3%); an AuM split over the

segments was not disclosed, but given the steep sales increase in the

Digital Wealth segment, we expect AuMs in Digital Wealth to have grown

accordingly.

Profitability improvements ongoing. Although the prelims did not gave

insight into the cost mix, FY'24p EBITDA came in better than expected at EUR

-4m (vs. eNuW: EUR -5.9m; i.e. overestimated OPEX of c. EUR 1.5m), despite some

EUR 0.7m one-off expenses in H2, implying an almost break-even H2'24 adj.

EBITDA of EUR -0.4m. In our view, this shows that LAIQON is on track to

improve profitability thanks to a mix of slight growth and OPEX reduction.

Outlook 2025e - All eyes on AuM growth. Following further additions to the

sales team and based on the recent product launch 'WertAnlage' with Union

Investment (whose upfront set-up costs should have been mainly incurred in

FY'24e), we expect AuM to expand significantly to EUR 8bn by FY'25e (guidance:

EUR 8-10bn), which implies a 21% yoy AuM growth. With that, we expect rising

sales (+ 15% yoy) and thus an improving fix cost coverage, which should lead

to a positive EBITDA of EUR 2.8m for FY'25e.

In sum, LAIQON looks set to expand AuMs, sales and profitability

significantly in FY'25e and beyond, thanks to strategic steps taken over the

last years. Against this backdrop, we reiterate our BUY recommendation with

a new PT of EUR 7.40 (old: EUR 6.80), based on DCF.

You can download the research here: http://www.more-ir.de/d/31960.pdf

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: [email protected]

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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2099830 13.03.2025 CET/CEST

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Quelle: dpa-AFX