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 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. You can download the research here: Contact for questions -------------------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.
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FinTech , A3DD6W , ENGL , XETR:ENGL