Märkte & Kurse

^ Original-Research: Nynomic AG - from NuWays AG 09.10.2024 / 09:02 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: 09.10.2024 Target price: EUR 44.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr H2 marked by postponements, bright mid-term prospects; chg Topic: Nynomic cut its FY24 guidance due to delayed order intakes and project postponements but should return to strong growth from FY25 onwards as reflected by the confirmed mid-term guidance. Recent years underpin the importance of the second half of years for Nynomic (FY23: 60% of sales, 70% of EBIT). Due to revenue shifts into FY25 as a result of delayed order intakes and project postponements from customers, management cut its FY24 guidance to EUR 100-110m sales (old: slight yoy increase vs EUR 118m; eCons: EUR 120m) and a 7-9% EBIT margin (old: yoy margin increase vs 13.1%; eCons: 13.7%). For the first time in several years, all three segments are experiencing headwinds. For instance, within Green Tech, end customers are reluctant to purchasing high-end vehicles (e.g. combine harvesters) and systems. Within Clean Tech, customers in traditional silicon-based sectors are experiencing delays in new projects, as well as upgrades to existing systems, due to changes in the AI and memory markets. Importantly, the absence of order cancellations, strong underlying demand, and the continued development of customer projects provide reassurance that these issues are temporary. In fact, we expect EUR 11m of orders, intially planned for H2 this year to be recognized in H1 2025. Looking beyond FY24, Nynomic should return to strong growth. Until FY26e, we expect sales to increase to EUR 141m with an EBIT margin of above 15%, carried by (1) the revenue recognition of delayed orders to the tune of EUR 11m (eNuW), (2) recent product launches ramping up/gaining traction (e.g. TactiScan, LabScanner Plus and FETTE's tablet press), (3) generally revitalizing end markets such as semiconductors and medical and pharmaceutical applications and (4) new product launches. Unchanged mid-term guidance. Management continues to regard the mid-term-guidance (3-5 year time horizon), which was issed last year as intact, expecting sales to reach EUR 200m with a 16-19% EBIT margin, driven by a combination of strong organic growth and add-on acquisitions. Conclusion: While short-term headwinds necessitate a modest downgrade to the 2024 forecast, the core fundamentals and growth trajectory for Nynomic remains compelling. Investors should focus on the expected rebound in 2025, carried by the recognition of delayed orders and the strong pipeline of new projects. We confirm our BUY rating with a new EUR 44 PT (old: EUR 50) based on DCF. You can download the research here: http://www.more-ir.de/d/31013.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 --------------------------------------------------------------------------- 2004653 09.10.2024 CET/CEST °