11.03.2024 elumeo SE  DE000A11Q059

Original-Research: elumeo SE (von NuWays AG): BUY


Original-Research: elumeo SE - from NuWays AG

Classification of NuWays AG to elumeo SE

Company Name: elumeo SE
ISIN: DE000A11Q059

Reason for the research: Update
Recommendation: BUY
from: 11.03.2024
Target price: 5.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Mark Schüssler

Growth avenues lead the way in 2024 and beyond

elumeo looks set to benefit from two growth initiatives in particular which should help both top and bottom line performance going forward:

Growth avenue #1: juwelo. We currently expect much of H1'24e to be burdened by the continued muted consumer sentiment witnessed over the last quarters, estimating c. € 22m (eNuW) in sales for the first half of the year (flat yoy). While customer activity should be relatively unaffected overall for elumeo's core platform juwelo, the mix of both products and customers will likely reflect macroeconomic headwinds. However, whereas competitors like Wempe overwhelmingly offer higher-priced jewelry, leading customers to either stay or churn altogether, elumeo can prevent churn on its platform by offering both higher- and lower-priced items and allowing customers to simply subsititute one for the other. Thus, the average sales price is seen to decline compared to the prior reporting period (eNuW: € 72), but the number of items sold should steadily rise over the year to c. 645k (+2% yoy, eNuW) as (1) the continued development of an interactive mobile jewelry shopping app (eNuW: one-digit million figure or between c. 2-13% of FY'23e revenue) is expected to contribute perceptibly to FY total revenue by H2'24 and (2) AI translated automated shopping shows likely help reduce operating costs and boost video shopping content globally, the testing of which is still ongoing but already promising.

Growth avenue #2: jooli. The platform was launched in the Indian market to capitalize on both lower customer acquisition costs and a trove of data needed to enhance the app's algorithm and features such as livestream shopping (clips of ~20 seconds) of not only jewelry but various lifestyle products. While first KPIs like order volume are promising, jooli's development is financed out of the company's own resources and conducted such that customer acqusition is profitable from the beginning, causing a slower but financially healthier ramp up. Therefore, we currently do not expect material top or bottom line contributions from jooli before 2026e (see also our update from February 2nd). However, as the company prepares jooli for a successful roll-out in its European markets in the mid-term, elumeo's core platform juwelo looks set to benefit from an eventual recovery of the jewelry and overall e-commerce market with sales prices and items sold likely to recover.

We reiterate our BUY rating with an unchanged PT of € 5.00 based on DCF.

You can download the research here:
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. 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 2023e
Umsatzerlöse1 67,56 51,12 44,09 42,42 50,68 45,84 45,39
EBITDA1,2 -0,01 -17,49 -2,13 1,22 2,93 -0,46 -1,97
EBITDA-Marge3 -0,01 -34,21 -4,83 2,88 5,78 -1,00
EBIT1,4 -1,60 -18,43 -2,35 0,29 1,98 -1,40 -2,85
EBIT-Marge5 -2,37 -36,05 -5,33 0,68 3,91 -3,05 -6,28
Jahresüberschuss1 -6,04 -27,40 -2,60 0,15 9,24 -3,33 -3,26
Netto-Marge6 -8,94 -53,60 -5,90 0,35 18,23 -7,26 -7,18
Cashflow1,7 -4,70 -6,29 0,78 2,43 1,19 -1,42 -0,09
Ergebnis je Aktie8 -1,10 -4,98 -0,47 0,03 1,68 -0,60 -0,20
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
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: Mazars

WKN Kurs in € Einschätzung Börsenwert in Mio. €
A11Q05 2,380 Halten 13,51
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
26,44 4,17 6,51 -2,50
1,67 - 0,30 -6,75
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,00 0,00 0,00 21.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
13.05.2024 14.08.2024 14.11.2024 30.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
1,41% -6,70% -11,85% -6,30%
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu elumeo SE  ISIN: DE000A11Q059 können Sie bei EQS abrufen

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