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Original-Research: creditshelf AG - von NuWays AG

Einstufung von NuWays AG zu creditshelf AG

Unternehmen: creditshelf AG ISIN: DE000A2LQUA5

Anlass der Studie: Q3 Review Empfehlung: HOLD seit: 13.11.2023 Kursziel: EUR 4,10 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow

Weak Q3 // No sales without refinancing; chg Topic: Last week, creditshelf announced Q3 figures that came in as weak as anticipated as the refinancing issue remained unsolved. In detail: Sales stand at EUR 0.7m (-43% yoy; -50% qoq), in line with prelims, published already last week. While brokered volume of only EUR 7.5m (-75% yoy, -65% qoq) literally fell of the cliff and came in even lower than already reflected in our reduced estimates (eNuW: EUR 11m), margins on the borrower side slightly increased to 4.6% (vs 3.3% in Q3Ž22 vs 4.0% in Q2), but do no change the overall picture. Revenues from service and advisory fees to the tune of EUR 0.5m partially compensated for the absence of significant commissions from loan brokerage (EUR 0.3m, -66% yoy). EBIT came in at EUR -0.1m (vs EUR -0.9m in Q3Ž22 vs EUR -0.4m in Q2) better than expected (eNuW: EUR -0.2m). Importantly, the lower topline, mostly equalized by other operating revenues (EUR 1.2m) stemming from a debt waiver by the companyŽs patron, the reversal of provisions for virtual participation shares and refunds of legal costs. The weak Q3 results are fully due to the still unsolved refinancing issue that prevent creditshelf from serving the high demand for alternative funding. Consequently, management has reduced its sales guidance for FY23 already a week earlier to EUR 4.0-5.0m sales, while the EBIT guidance of EUR -2m to EUR -1m remained untouched. Assuming that the financing issue last at least until year end, our estimates of EUR 4.2m are at the lower end of the rather unspecific guidance range. While we still believe that 1) brokered volumes should lift-off as soon as the funding issue is solved (demand for SME loans was 25x higher than supply in H1) and 2) creditshelf is still good address for German SMEŽs, we do not expect the company to survive another year without new refinancing sources, as Obotritia is either not able or not willing to pay the junior tranche that would unlock the senior tranche of Goldman Sachs (c. EUR 100m). In order to reflect 1) the very weak Q3 and the clouded outlook without a quick solution on the funding side on the one hand and 2) the potential of the company that should materialize as soon as the refinancing issue is solved on the other hand, we reiterate HOLD with a slightly reduced PT of EUR 4.1, based on DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28231.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.

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Quelle: dpa-Afx