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Original-Research: ASMALLWORLD AG - von NuWays AG

Einstufung von NuWays AG zu ASMALLWORLD AG

Unternehmen: ASMALLWORLD AG

ISIN: CH0404880129

Anlass der Studie: Update

Empfehlung: BUY

seit: 01.12.2023

Kursziel: CHF 4,90

Kursziel auf Sicht von: 12 Monaten

Letzte Ratingänderung:

Analyst: Henrey Wendisch

JetBeds acquisition to fill important gap

Topic: ASW announced the acquisition of first and business class booking

engine JetBeds.com (JetBeds GmbH, Germany), which is closing an open gap in

ASW's modular product offering.

All assets of JetBeds are acquired by ASW including the valuable booking

engine as well as other important intangible assets like the customer base.

JetBeds offers a unique USP to travel sassy customers, by finding

attractive deals for first and business class flights of renowned airlines.

While its flight booking engine combines non-cooperating and cooperating

airlines, the company also negotiates

exclusive discount deals for their customers.

With the social network of paying, luxury- and travel-sassy members in its

core, ASW now extends its broad monetization opportunities (see p.2). The

addition of JetBeds completes ASW's product offering in the travel booking

offering, as members can now also book a flight via ASW next to to hotel

booking (ASW Collection) and bespoke travel services (First Class and More

& ASW Private).

However, the most important synergies should arise from a potential

combination of flight booking and mile optimization but also a potential

technological integration into the hotel-booking engine "ASW Collection"

providing customers a full services for a luxury journey. Moreover, the

sensible acquisition should lift notable cross selling opportunities, once

fully integrated into ASW (eNuW: not before H2'24e) while turning ASW more

and more into a one-stop shop for luxury travel-sassy customers.

While these new scalable monetization expansions should not impact FY'23e,

we expect notable growth of top and bottom line in FY'24e thanks to a

growing member base coupled with increasing average revenues per user

thanks to the continuous expansion of offered services, which serve a niche

ofcurrently 67k high income members.

With shares currently trading at 7.3x EV/EBITDA FY'24e (vs. 15x average

EV/EBITDA FY'20-'22), current levels offer an attractive entry oppurtunity.

Hence, we reiterate our BUY recommendation with unchanged PT of CHF 4.90,

based on DCF.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/28443.pdf

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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