26.04.2024 EV Digital Invest AG  DE000A3DD6W5

Original-Research: EV Digital Invest AG (von NuWays AG): Kaufen


Original-Research: EV Digital Invest AG - from NuWays AG

Classification of NuWays AG to EV Digital Invest AG

Company Name: EV Digital Invest AG

Reason for the research: Update
Recommendation: Kaufen
from: 26.04.2024
Target price: EUR 3.60
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow

Better than feared FY23; New product launch; chg

Topic: EVDI reported better than feared final FY23 figures and published a guidance for FY24. Further, the company announced the launch of a new attractive call money product for both, existing and new clients. In detail:

Sales of € 4.1m (-20% yoy) stemming from 13 financed projects (vs eNuW: 14) with an aggregated financed volume of € 39m (vs eNuW: € 39m) is below previous years figure (FY22: € 5.2m) due to the overall weak industry, but better than expected (eNuW: € 3.5m). Positively, the number of projects and average volume per project improved significantly in H2 (vs H1) resulting in € 2.6m sales (vs € 1.5m in H1), clearly demonstrating the ability to deliver in challenging times.

EBITDA came in at negative € 3.9m (vs € -3.4m in FY22), slightly better than expected (eNuW: € -4.2m), thanks to the stronger than anticipated topline and lower personnel expenses, compensating for higher other operating expenses that were burdened by one-offs stemming from insolvencies and delays.

Attractive new product. Apart from FY23 figures, EVDI announced to have launched a new call money account for new and existing customers with a very attractive interest rate of 3.2% for up to € 5m per customer. This offering is by far better than the comparable offering of most online banks and brokers, especially for wealthy customers. Even better, we expect EVDI to earn 0.2-0.25% on the volume (eNuW). With the new product, the company is adding a low-risk alternative to its overall offering consisting of property and ETF investments as well as wealth management. Due to the attractiveness of the call-money offering, we expect significant customer and asset inflows within the next quarters, allowing for a promising cross-selling and conversion potential.

For FY24, management expects a revitalizing real-estate market mainly driven by the anticipated reduction of interest rates. Due to the uncertainty around that topic, management provides a rather conservative guidance of € 4.9-5.8m in op. income (vs eNuW old: € 6.3m) and up to € -1.9m EBITDA, (eNuW old: € -2m in EBITDA).

BUY (old: HOLD) on valuation with a reduced PT of € 3.60 (old: € 4.80), based on DCF.

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For additional information visit our website www.nuways-ag.com/research.

Contact for questions
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 0,00 0,66 1,73 3,12 4,37 5,20 4,14
EBITDA1,2 0,00 -0,68 -1,04 -0,99 0,05 -3,43 -3,69
EBITDA-Marge3 0,00 -103,03 -60,12 -31,73 1,14 -65,96
EBIT1,4 0,00 -0,82 -1,06 -1,02 0,03 -3,45 -3,70
EBIT-Marge5 0,00 -124,24 -61,27 -32,69 0,69 -66,35 -89,37
Jahresüberschuss1 0,00 -0,70 -1,23 -1,20 0,04 -3,32 -3,69
Netto-Marge6 0,00 -106,06 -71,10 -38,46 0,92 -63,85 -89,13
Cashflow1,7 0,00 -0,70 -0,63 -1,28 -0,21 -7,18 -2,13
Ergebnis je Aktie8 0,00 -0,18 -0,28 -0,27 0,01 -0,75 -0,78
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: Baker Tilly

EV Digital Invest
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A3DD6W 1,970 9,23
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
0,00 0,00 0,00 -4,96
2,05 - 2,23 -2,33
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,00 0,00 0,00 04.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
31.10.2024 17.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-10,78% -43,76% -51,24% -67,70%
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