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Original-Research: NFON AG - von NuWays AG

Einstufung von NuWays AG zu NFON AG

Unternehmen: NFON AG

ISIN: DE000A0N4N52

Anlass der Studie: Q3 Review

Empfehlung: BUY

seit: 24.11.2023

Kursziel: EUR 11,30 (old: EUR 10,50)

Kursziel auf Sicht von: 12 Monaten

Letzte Ratingänderung:

Analyst: Philipp Sennewald

Strong Q3 bottom-line leads to another upgrade; chg.

Yesterday, NFON released a strong set of Q3 results. While recurring

revenues were in line with our estimates, the company provided a

significant beat on the bottom line.

Q3 recurring revenues came in at EUR 19.4m, up 5.3% yoy (eNuW: EUR 19.4m) based

on a slightly increased seat base of 646k (+3.7% yoy; eNuW: 650k) following

successful key customer gains as well as the cross- and up-selling of

premium solutions to both, new and existing customers. Total sales

increased 1.1% yoy to EUR 20.5m (eNuW: EUR 21m), implying a strong recurring

revenue ratio of 94.4% (+3.8pp

yoy).

Adj. EBITDA increased substantially by 274% yoy to EUR 2.6m, which is a

strong beat on our estimate of EUR 1.5m. Main drivers of the significant

profitability improvements were an improved gross margin of 84.5% (+2.2pp

yoy) as well as the imposed efficiency measures, which gained traction

quicker than anticipated. In detail: Personnel costs decreased 10% yoy

following a 14% staff reduction. Moreover, marketing costs significantly

declined by 51% yoy as the new management is focusing on more efficient

marketing

measures (e.g. channel marketing).

Against this backdrop, management is lifting its adj. EBITDA guidance for

the second time this year to now EUR 7.8-8.3m (prior: EUR 6-7m). We regard the

upgrade as sensible and the new outlook as achievable, given the strong Q3

release, and position ourselves at the mid-point (eNuW: EUR 8.0m). The ARR

guidance (3-9% yoy growth & >88% ratio) was confirmed.

New CTO announced. Starting January 1st, Andreas Wesselmann will take over

as CTO to lead NFON's path toward a data driven organization, which should

in turn enhance the scalability of the platform. Previously, Wesselmann was

part part of SAP's Global Leadership Team where he has proven his ability

to expand and improve existing cloud solutions in a cost efficient manner.

In our view, the release fully confirms that the turnaround remains in full

swing as NFON is seen to continuously grow profitably based in the still

underpenetrated European PBX market.

We confirm our BUY recommendation with an increased PT of EUR 11.30 (old: EUR

10.50) based on DCF.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/28397.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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