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Original-Research: Netfonds AG - von NuWays AG

Einstufung von NuWays AG zu Netfonds AG

Unternehmen: Netfonds AG ISIN: DE000A1MME74

Anlass der Studie: Update Empfehlung: BUY seit: 19.01.2024 Kursziel: 71.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow

Strategic acquisition to improve profitability; chg Yesterday, Netfonds announced to have acquired a majority stake in "Meine Finanzkanzlei GmbH" ("MFK") through its fully owned subsidiary NVS Netfonds Versicherungsservice AG. In detail: We assume that Netfonds has acquired a stake of 65-85% (eNuW) at a low to mid, single digit EV/EBITDA multiple (eNuW). As the network of advisors from MFK has already been cooperating with NVS for many years, we do not expect a significant increase of gross sales. Stand alone, MFK should generate gross sales of c. EUR 1.5-2.0m (eNuW). Due to synergy effects, we expect a positive EBITDA effect of some EUR 0.3-0.5m (eNuW). Importantly, MFK is actively supporting NVS in customer advice for banks that are affiliated with NVS. These services are increasingly important for banks, hence providing a significant growth potential for Netfonds going forward. Overall, we consider the acquisition as highly value accretive. While the price should have been absolutely reasonable, MFK is seen to strengthen the insurance division of Netfonds and contributing to its profitability. More positive newsflow comes from IGBCE Bonusagentur, which extended its cooperation agreement with NVS in connection with the acquisition of MFK. With that, NVS keeps its access to more than 3m potential CareFlex customers. As a strategic partner of IGBCE, MFK should support NVS in the distribution of CareFlex by advising selected private and corporate customers. Apart from the value accretive acquisition, Netfonds proprietary, 360° finfire platform, which enables onboarded advisors to offer a wide range of investment, insurance, financing and banking solutions to its customers via one holistic platform, remains the companyŽs key mid- to long-term growth and scalability driver and should start to lift off in FY24. That, paired with 1) Netfonds market leading position in an oligopolistic market with high entry barriers and long-term structural growth drivers (growing AuMŽs and number of advisors, ongoing digitization of the financial sector, stricter regulation), 2) the likely guidance beat in FY23 and 3) the promising mid-term guidance makes the stock a clear BUY with a new PT of EUR 71.00, based on DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28709.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