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

Original-Research: mVISE AG - from NuWays AG

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29.04.2025 / 09:00 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: 29.04.2025

Target price: EUR 1.30

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Strong preliminary Q1 displays succesful restructuring

Topic: mVISE released preliminary Q1 results, showing a significant

profitability improvement. In detail:

Q1 sales came in at EUR 1.8m, which should have been slightly below the Q1'24

figure (no prior year figure available), caused by the ongoing restructuring

process and the reorganization of the business model. Mind you, the company

was reducing its workforce in order to achieve improved utilization rates as

well as actively discontinuing low-margin projects.

On the contrary, mVISE was able to further improve EBITDA to EUR 0.3m,

implying a 17.2% margin. This also marks a substantial margin expansion of

11.9pp yoy, which should have been predominantly driven by the

aforementioned efficiency measures. Importantly, this figure does not

include the one-off positive effect in connection with the debt waiver that

took effect in February (EUR 0.3m). Overall, the Q1 EBITDA already equals the

total H1'24 EBITDA figure.

Guidance confirmed. Against this backdrop, management confirmed the FY25e

outlook, targeting an organic EBITDA of EUR 1.3m, implying a 15% yoy increase.

We continue to regard this as conservative, as we forecast an EBITDA of EUR

1.6m. On the other hand, sales should continue to decline to EUR 8.7m (eNuW)

given the continuous restructuring, before we are set to see an expanding

top-line again in FY26e (eNuW: +6.1%).

Overall, the release of the preliminary Q1 figures once again underscores

the successful transformation of the business, which should become even more

visible with EBITDA margins north of 20% from FY26e onwards.

In our view, this is still not reflected at all in the share price given an

11.5x EV/EBITDA FY25e (8.5x FY26e. We hence reiterate BUY with an unchanged

EUR 1.30 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/32366.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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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2125962 29.04.2025 CET/CEST

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Quelle: dpa-AFX