Original-Research: mVISE AG (von NuWays AG): BUY

Original-Research: mVISE AG - from NuWays AG

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26.03.2025 / 09:02 CET/CEST

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Classification of NuWays AG to mVISE AG

Company Name: mVISE AG

ISIN: DE0006204589

Reason for the research: Update

Recommendation: BUY

from: 26.03.2025

Target price: EUR 1.30

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

FY24 in line as profitabilty strongly increases; chg.

Topic: mVISE released a sound set of FY24 figures, were sales declined as

expected but EBITDA increased thanks to the imposed efficiency measures. In

detail:

FY24 sales decreased by 33% yoy to EUR 9.3m (eNuW: EUR 9.4m). The reduction in

sales was mainly due to the restructuring process and the continued

reorganization of the business model. In this context, the company actively

reduced the number of employees further. Positively, the gross margin

improved by 1pp yoy to 63.9%, implying a gross profit of EUR 6.0m.

Contrary to the top-line development, mVISE was able to improve EBITDA by

2.8% yoy to EUR 1.1m, implying a strong EBITDA margin improvement to 12.1%

(+4.3pp yoy). This figures represents the adjusted EBITDA, where the

derecognition of the at-equity investment elastic.io is not considered.

Taking this into account, reported EBITDA stood at EUR 1.5m. The main reason

for the strong profitabilty improvement was again the staff reduction, which

becomes visible in significantly reduced personnel expenses (-39% yoy;

-2.8pp sales ratio).

In our view, this fully underpins that the change in strategy, which also

includes the the discontinuation of low-margin projects in connection with

the corresponding personnel measures, is clearly bearing fruit.

FY25 guidance. Next to the release, management put out a new guidance for

FY25, targeting an EBITDA of at least EUR 1.3m, thus implying a 15% yoy

increase. Yet, this is significantly below our old estimate of EUR 2.1m, which

is why we regard the outlook as conservative. On the other hand, sales

should continue to decline in FY25e in the context of the ongoing

restrucuring, before we will see a top-line expansion again in FY26e.

Despite the rather muted FY25 outlook, the company remains fully on track

with its transformation, which should become visible in continuously

improving margins and returns.

As this is not fully relfected in the share price in our view (i.e. FY25e

EV/EBITDA of 11.3x; FY26e: 8.3x), we reiterate our BUY recommendation with a

new PT of EUR 1.30 (old: EUR 1.40) based on DCF.

You can download the research here: http://www.more-ir.de/d/32060.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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bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2106408 26.03.2025 CET/CEST

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Quelle: dpa-AFX