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Di, 27. Februar 2024, 23:17 Uhr

Nynomic AG

WKN: A0MSN1 / ISIN: DE000A0MSN11

Original-Research: Nynomic AG (von NuWays AG): BUY


10.11.23 10:12
dpa-AFX

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Original-Research: Nynomic AG - von NuWays AG



Einstufung von NuWays AG zu Nynomic AG



Unternehmen: Nynomic AG


ISIN: DE000A0MSN11



Anlass der Studie: Q3 Review


Empfehlung: BUY


seit: 10.11.2023


Kursziel: EUR 54,00


Kursziel auf Sicht von: 12 Monaten


Letzte Ratingänderung:


Analyst: Christian Sandherr



Solid Q3 prelims with disproportionally stronger Q4 expected



Preliminary Q3 sales came in at EUR 30.6m (eNuW: EUR 34.2m), a 3.4% yoy


increase (-2% qoq). The slow growth can be explained by several larger


projects/orders whose delivery/call-off had been scheduled for Q4 or has


even been pushed into 2024. While customers are generally more cautious,


overall demand for the company's solutions remains high.

Preliminary EBIT


grew by 5.7% yoy to EUR 3.7m (12.1% margin), shy of our EUR 4.1m estimate due


to lower sales volumes, yet clearly above the first half's profitability of


8.7%.



FY guidance (single-digit yoy sales growth and EBIT margin improvement)


remains unchanged. As previously communicated, management expects a


disproportionally strong Q4 due to confirmed calloff dates of formerly


delayed orders, several new projects within structurally growing markets


(e.g. a plant phenotyping solutions worth EUR 5-6m and the handheld solutions


from Spectral Engines) and the order backlog of EUR 70m. Our new (slightly


trimmed FY23 estimates) imply Q4 sales of EUR 37.6m (+14% yoy) with an EBIT


margin of 19.7% (+5.8pp yoy).



What's more, Nynomic continues to drive its internationalization. As its US


business has significantly grown in importance during recent years (from EUR


17.8m in FY19 to EUR 38.2m in FY22) the company founded its 12th pillar


within the group, Photecture, which will (for now) focus on sales of the


group's subsidiaries without own sales structures in he US. In our view,


this should drive sales of the group's smaller pillars such as Spectral


Engines.



Additional acquisitions looming. As per its Buy & Build strategy,


management remains confident about signing at least one additional


acquisition until the end of the year. Following the EUR 18.9m capital


increase in May, Nynomic can resort to ample financial fire power of up to


EUR 60m (assuming a max. leverage of 2x EBITDA). With this, the company


should be able to also consider larger targets (> EUR 20m sales) that broaden


its technology offering.



Nynomic continues to look poised for attractive sales and margin growth in


the mid-term as reflected by the recently raised mid-term guidance (EUR 200m


sales and a 16-19% EBIT margin during the next 3-5 years). At a valuation


of 8.1x EV/EBIT 2024e, this does not seem adequately reflected in the share


price. BUY with a EUR 54 PT (old: EUR 57) based on DCF.



Die vollständige Analyse können Sie hier downloaden:


http://www.more-ir.de/d/28213.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


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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.


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-------------------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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