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

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Original-Research: Netfonds AG - von NuWays AG

Einstufung von NuWays AG zu Netfonds AG

Unternehmen: Netfonds AG
ISIN: DE000A1MME74

Anlass der Studie: Update
Empfehlung: BUY
seit: 09.02.2024
Kursziel: 71.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow

Favorable trends to materialize in 2024

Netfonds should strongly benefit from several favorable macroeconomic and
structural trends in 2024:

Strong dollar and equity capital markets close to all-time highs. With c. EUR
23.2bn AuC in FY23e (eNuW), Netfonds topline is obviously correlated to the
overall capital markets development. The recent solid performance of major
indices should result in performance related AuC growth, which in turn
should increase revenues, even without new AuC inflows (which are likely).
As a significant share of overall AuC is invested in funds traded in USD,
the strong USD should further fuel revenues.

Inflows into highly profitable wealth management (Hamburger Vermögen).
Wealth management should have shown the strongest growth momentum in FY23
(eNuW: 25% to > EUR 3bn) that is expected to continue. As margins in wealth
management are higher than in wholesale, the overall margins on AuC should
hence grow substantially.

Renaissance of money market funds should bode well for NFS Capital.
Netfonds recently set up an own money market fund that faces significant
inflows. Indeed, the money market was the asset class with the highest
inflows in the last quarters, currently experiencing a kind of renaissance
after years of low interest environment.

Finfire to fuel consolidation of the insurance broker market. After having
optimized finfire according to the needs of investment advisors, the focus
of the inhouse development teams is now on insurance. Other than the
investment adviser market, the insurance broker market is still highly
fragmented, but on the move. Netfonds should be one of the few major
beneficiaries of the coming consolidation.

Enormous cross-selling potential. The development of new, additional
features that should ease the selling and managing of insurance products,
unlocks huge cross-selling potentials, as the already onboarded investment
adviser can additionally offer a wide range of insurance products to its
customers via Netfonds proprietary, 360° finfire platform that remains the
companyŽs key mid- to long term growth and scalability driver.

Overall, we expect EUR 204.4m gross sales, EUR 43.9m net sales and an EBITDA of
EUR 12.5m for FY24e.

BUY with an unchanged PT of EUR 71.00, based on DCF.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28849.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.

Kontakt für Rückfragen
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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Quelle: dpa-AFX