Netfonds AG Aktie
WKN: A1MME7
ISIN: DE000A1MME74
Land: Deutschland
Branche: Sonstiges
Sektor: Sonstiges
aktueller Kurs:
43,20 EUR
Veränderung:
0,00 EUR
Veränderung in %:
0,00 %
Komplette Navigation anzeigen

Original-Research: Netfonds AG (von NuWays AG): Kaufen

Dienstag, 09.07.24 09:12
Original-Research: Netfonds AG (von NuWays AG): Kaufen
Bildquelle: Adobe Stock


Original-Research: Netfonds AG - from NuWays AG

Classification of NuWays AG to Netfonds AG

Company Name: Netfonds AG

ISIN: DE000A1MME74

Reason for the research: Update

Recommendation: Kaufen

from: 09.07.2024

Target price: EUR 74.00

Target price on sight of: 12 Monaten

Last rating change:

Analyst: Frederik Jarchow

Reassuring roundtable call & value-accretive transaction; chg

Topic: During last week's digital roundtable, hosted by us, the CFO Peer

Reichelt provided a business update as well as with a promising outlook for

the remainder of the year and beyond. Key takeaways:

Value-accretive M&A transaction. The fund initiator GSR GmbH, a subsidiary

of Netfonds, acquired 80% of the outstanding shares of another, not named

fund initiator, increasing GSRŽs AuM by EUR 140m to EUR 330m. The acquired fund

initiator should have a positive effect on the Groups EBITDA to the tune of

c. 300-600k (eNuW) in 2024e. We expect that Netfonds paid some EUR 2-3m

(eNuW), making it an attractive acquisition. With the value-accretive deal,

Netfonds continued its growth and scale-path.

Strong H1 figures ahead: After the record Q1 figures with AuC of EUR 25.1bn

and gross sales of EUR 56m, stock markets have reached new all-time highs in

Q2, providing confidence that Netfonds should have continued organic growth

also in Q2. That, paired with 1) value accretive smaller transactions (i.e.

MFK and Comfort Finance) for very reasonable prices (eNuW: 4-8x EBITDA) for

its advisor network VB-Select, 2) the initiation of an own money market

fund and 3) the acquisition of and umbrella in Luxembourg, should have

further driven top-line and bottom-line (thanks to cross-selling and

synergy effects).

Consolidation of the insurance brokerage market in full swing. The Groups

proprietary, 360° finfire platform is seen to fuel consolidation of the

insurance broker market that is, in contrary to the investment adviser

market, still highly fragmented. Thanks to finfire, the selling and

managing of insurance products is much easier unlocking enormous

cross-selling potentials, as the already onboarded investment adviser can

additionally offer a wide range of insurance products to its customers.

finfire hence remains the companyŽs key mid- to long term growth and

scalability driver. The expected strong organic growth momentum is expected

to be accompanied by further value-accretive M&A deals that has to come at

reasonable price, as management underlined during the virtual roundtable.

Overall, we see Netfonds well on track to reach its mid-term target of EUR

59m net sales (vs eNuW: EUR 59m) and EUR 23m EBITDA (vs eNuW: EUR 20m) by FY26.

BUY with a new PT of EUR 74.00 (old: EUR 73.00), based on DCF.

You can download the research here:

http://www.more-ir.de/d/30169.pdf

For additional information visit our website

www.nuways-ag.com/research.

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

++++++++++

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.

++++++++++

transmitted by EQS Group AG.

The issuer is solely responsible for the content of this research.

The result of this research does not constitute investment advice

or an invitation to conclude certain stock exchange transactions.

°

Quelle: dpa-AFX

boerse.de-Aktienbrief

Investieren in die besten Aktien der Welt

Der Grundstein für den langfristigen Börsen-Erfolg wird durch die Wahl der richtigen Aktien gelegt! Dabei gilt es aus den weltweit zigtausend börsennotierten Werten jene herauszufiltern, die das investierte Kapital dauerhaft vermehren. Der boerse.de-Aktienbrief identifiziert genau diese Aktien und gibt dazu konkrete Kaufempfehlungen. Überzeugen Sie sich selbst mit zwei unverbindlichen und kostenlosen Ausgaben!