Original-Research: VOQUZ Labs AG (von NuWays AG): BUY
Source: EQS
Classification of
H1 prelims display strong yoy improvements; chg. Topic: H1 EBITDA came in at € 0.3m (eNuW: € 0.3m), up from negative € 0.5m in the previous year, implying an EBITDA margin of 12.4%. Main drivers for the improved profitability were (1) cost saving measures which were already imposed in H2’23 as well as (2) a lower share of consulting orders, that were in fact compensated for by the higher margin visoryQ offering. Against this backdrop, management also confirmed the FY guidance of 10-20% top-line growth and an EBITDA margin of 15-20%. This implies only 9.7% sales growth and a 20.6% EBITDA margin (H2’23: 28.9%) at mid-point. Hence, we regard the outlook as reasonable and are even at the upper end of the sales guidance range, while we remain conservative regarding our profitability outlook. Future growth drivers. While the announced partnership for the remQ solutions with PwC Germany (further info here) should not have had an impact in H1, we expect first orders from it to come in the second half of the year. Mind you, the TAM for the compliance software in Overall, the release fully underpins our view, that the company with its innovative product offering is on track to be one of the main beneficiaries of the pending transformation. Reiterate BUY with an unchanged € 22 PT based on DCF You can download the research here: http://www.more-ir.de/d/30495.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 ++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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