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21.08.2024 09:01 Original-Research: Nynomic AG (von NuWays AG): BUY ^ Original-Research: Nynomic AG - from NuWays AG 21.08.2024 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. --------------------------------------------------------------------------- Classification of NuWays AG to Nynomic AG Company Name: Nynomic AG ISIN: DE000A0MSN11 Reason for the research: Update Recommendation: BUY from: 21.08.2024 Target price: EUR 50.00 Last rating change: Analyst: Christian Sandherr Q2 prelims: Improving margins despite weak top-line; chg. Topic: While Q2 sales was burdened by the challenging macro environment, Nynomic managed to improve its profitability. Following a transitional FY24, the company should return to growth in FY25. While Q2 sales grew 7.4% qoq to EUR 24.7m, the yoy comparison reveals a notable decline of 21% (H1 sales are down 9.7% yoy) due to a high comparable base (Q2 '23 grew 20% yoy due to catch up effect from order postponements). In addition, revenue growth was burdened by a general order reluctance across the group's segments as visible in the weak order momentum during last year's H2, which was down roughly 47% at EUR 38m, burdened growth. Importantly, the tide has begun turning with order intake in Q1 up 25% and Q2 up 15% yoy. The order backlog at the end of H1 stands at almost EUR 60m. Favourable margin development. Despite the weak sales development, the EBIT margin in Q2 improved by 60bps yoy to 10.5% (H1 '24 +10bps), which should predominantly be an improving product mix and an increased focus on higher margin projects. Improving momentum in H2. Similar to last year, 2024 is also seen to be back-end loaded (eNuW: H2 with 60% of FY24 sales). This is also reflected by the confirmed FY24 guidance of single-digit yoy sales growth and a margin improvement. Yet, we now see growth rather at the lower end (eNuW: 2%), implying 11.5% yoy growth for the second half of the year (driven by a significant demand increase within Clean Tech) with an EBIT margin of 16.1% (-50bps yoy). Accelerating growth from FY25 onwards. During the mid-term, we expect Nynomic to return to double-digit organic growth rates supported by recent product launches, re-vitalized demand from several end markets (e.g. medical and pharmaceutical applications) and several other products gaining traction (e.g. TactiScan). With this, EBIT margins are also seen to strongly improve (FY26e: 15.7%). Valuation remains attractive following the recent share price weakness. Taking into account our reduced estimates, Nynomic trades on 9/6.5x EV/EBIT (FY24/25e), which we regard as justified in light of the underlying growth prospects during the next few years. We reiterate our BUY rating but trim our price target to EUR 50 (old: EUR 52), based on DCF. You can download the research here: http://www.more-ir.de/d/30579.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: 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. ++++++++++ --------------------------------------------------------------------------- The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com --------------------------------------------------------------------------- 1971883 21.08.2024 CET/CEST ° Weitere Nachrichten |
Name | Kurs | Währung | Datum | Zeit | Handelsplatz |
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NYNOMIC AG | 20,400 | EUR | 23.08.24 | 12:05 | Xetra |
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