Di, 27. Februar 2024, 23:17 Uhr

Nynomic AG


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

10.11.23 10:12


Original-Research: Nynomic AG - von NuWays AG

Einstufung von NuWays AG zu Nynomic AG

Unternehmen: Nynomic AG


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


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


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:

Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden

Kontakt für Rückfragen

NuWays AG - Equity Research




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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