23.02.2024 SMARTBROKER Holding AG  DE000A2GS609

Original-Research: SMARTBROKER Holding AG (von NuWays AG): BUY


 

Original-Research: SMARTBROKER Holding AG - from NuWays AG

Classification of NuWays AG to SMARTBROKER Holding AG

Company Name: SMARTBROKER Holding AG
ISIN: DE000A2GS609

Reason for the research: Update
Recommendation: BUY
from: 23.02.2024
Target price: 9.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow

Mixed FY23 prelims // transition year ahead; chg

Topic: Yesterday, Smartbroker Holding reported FY23 prelims that came in as a mixed bag as well as a conservative outlook into FY24 that is underlined by soft monthly trading stats. In detail:

FY23 sales of € 46.3m (-12% yoy) are 8% below our estimates of € 50.4m, driven by both, weaker Media sales of only € 28.1m (-18% yoy vs eNuW: € 29.4m) and weaker Transaction sales of only € 18.2m (-3% yoy vs eNuW: € 21.0m). While Media suffered from the difficult market environment with lower volatility, weakness in Transactions resulted mainly from the negative side effects of the migration to S+ visible in declined no of customers and trades.

EBITDA came in at € 0.5m (-94% yoy), in line with estimates (eNuW: € 0.3m). Lower than expected marketing spending (-65% yoy to € 1.6m vs eNuW: € 3.5m) and other operating expenses (-2% yoy to € 7.8m vs eNuW: € 8.2m), compensated for the softer topline. As D&A stand at € 6.4m (vs eNuW: € 3.4m), EBIT came in at € -5.8m (vs FY22: € -8.4m), significantly below our estimates (eNuW: € -3.1m).

In a nutshell, the preliminary figures are the reflection of a difficult year, burdened by the weak stock market performance and the migration to S+. Still, prelims were in line with the reduced guidance from September 2023 (€ 46-51m sales; € -1 to 1m EBITDA).

Looking into 2024, we rather see a transition year that should be characterized by the launch of several missing features at S+ (such as RFQ orders at all trading venues or bond trading) and the UI/UX overhaul of several portals in the Media segment. Positively, the product improvements paired with increasing marketing spending from H2 onwards, should fuel topline again resulting in € 50.0m sales and € 1.6m EBITDA (eNuW), in line with management guidance of € 50-55m sales and € -1m to € 3m EBITDA.

Overall, the S+ remains the growth driver of the Group, as the unique combination of the service range of an established full-service broker at a neobroker pricing should drive customer inflows and transactions, fueled by reach of the proprietary media portals.

As the investment case remains intact, we reiterate BUY with a reduced PT of € 9.50, based on DCF.

You can download the research here:
http://www.more-ir.de/d/28967.pdf
For additional information visit our website www.nuways-ag.com/research.

Contact for questions
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: [email protected]
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. ++++++++++

-------------------transmitted by 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.



Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023
Umsatzerlöse1 5,19 7,78 8,55 28,21 48,20 52,79 46,54
EBITDA1,2 2,03 3,71 3,70 4,52 3,56 8,77 1,35
EBITDA-Marge3 39,11 47,69 43,27 16,02 7,39 16,61
EBIT1,4 1,89 3,64 3,69 2,03 0,35 -8,41 -5,22
EBIT-Marge5 36,42 46,79 43,16 7,20 0,73 -15,93 -11,22
Jahresüberschuss1 1,78 3,23 1,90 3,55 -0,54 -10,07 -5,92
Netto-Marge6 34,30 41,52 22,22 12,58 -1,12 -19,08 -12,72
Cashflow1,7 1,92 3,30 1,91 1,18 13,93 5,04 0,19
Ergebnis je Aktie8 0,14 0,24 0,13 0,25 -0,04 -0,64 -0,38
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,19
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Dohm Schmidt Janka

INVESTOR-INFORMATIONEN
©boersengefluester.de
Smartbroker Holding
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A2GS60 7,600 Kaufen 127,54
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
0,00 34,31 0,00 -252,26
KBV KCV KUV EV/EBITDA
2,96 674,80 2,74 93,47
Dividende '22 in € Dividende '23 in € Div.-Rendite '23
in %
Hauptversammlung
0,00 0,00 0,00 03.09.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
23.08.2024 17.07.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
20,39% 10,11% -18,63% -26,92%
    
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