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Original-Research: SMARTBROKER Holding AG - von NuWays AG

Einstufung von NuWays AG zu SMARTBROKER Holding AG

Unternehmen: SMARTBROKER Holding AG ISIN: DE000A2GS609

Anlass der Studie: Update Empfehlung: BUY seit: 20.11.2023 Kursziel: EUR 15,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow

Migration well progressed // New arrangement with DAB Smartbroker announced to have made significant progress regarding the migration of customers, transactions and AuCŽs from SB1 (old Smartbroker) to Smartbroker+: 65% of active SB1 customers successfully migrated. This translates into 90k of the former 228k customers (excl. 44k FondDiscount customers that were not part of the migration), while 79k inactive customers (c. 1/3 = industry average) were deleted and 44k were not yet migrated. Importantly, the migrated customers executed 2.4m of the 3.6m annual transactions (66%; not including 0.6m from FD). 76% of AuCŽs already transferred. EUR 5.4bn of the EUR 7.1bn AuCŽs are now at accounts of the new partner Baader Bank, while the remaining EUR 1.7bn are custodied by DAB. The additional EUR 2.3bn from FondDiscount are not considered in these figures. With that, the migration targets are largely met. Importantly, Smartbroker announced to have renewed the agreement with DAB. Hence, active customers that have not yet migrated can stay with DAB (serviced by Smartbroker) as long as they wish to. Consequently, Smartbroker should not loose any active customer because of the migration. This is good news as it was unclear what happened with these customers and the market partially expected the loss of these customers. Given the current market situation, paired with additional development costs for Smartbroker+, we consider 2023 as transition year, expecting EUR 50.4m in sales and EUR 0.3m in EBITDA, in line with management's guidance. Looking into 2024, Smartbroker is seen to be the growth driver of the Group, as Smartbroker+ is offering a unique combination of the service range of an established full-service broker at a neobroker pricing that should drive customer inflows and transactions. Once marketing spending kicks in (eNuW: EUR 11.1m in 2024) the synergy effects between the Media segment and the Smartbroker should fuel both segments: While CAC of Smartbroker should decline, thanks to the reach of the media portals, new customer of Smartbroker are expected to mainly use the embedded media portals within the app, increasing page views and interactions and making the portals more attractive for advertisers. The investment case remains fully intact. BUY with unchanged PT of EUR 15, based on DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28339.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