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Original-Research: mVISE AG - from NuWays AG
26.03.2025 / 09:02 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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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Classification of NuWays AG to mVISE AG
Company Name: mVISE AG
ISIN: DE0006204589
Reason for the research: Update
Recommendation: BUY
from: 26.03.2025
Target price: EUR 1.30
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
FY24 in line as profitabilty strongly increases; chg.
Topic: mVISE released a sound set of FY24 figures, were sales declined as
expected but EBITDA increased thanks to the imposed efficiency measures. In
detail:
FY24 sales decreased by 33% yoy to EUR 9.3m (eNuW: EUR 9.4m). The reduction in
sales was mainly due to the restructuring process and the continued
reorganization of the business model. In this context, the company actively
reduced the number of employees further. Positively, the gross margin
improved by 1pp yoy to 63.9%, implying a gross profit of EUR 6.0m.
Contrary to the top-line development, mVISE was able to improve EBITDA by
2.8% yoy to EUR 1.1m, implying a strong EBITDA margin improvement to 12.1%
(+4.3pp yoy). This figures represents the adjusted EBITDA, where the
derecognition of the at-equity investment elastic.io is not considered.
Taking this into account, reported EBITDA stood at EUR 1.5m. The main reason
for the strong profitabilty improvement was again the staff reduction, which
becomes visible in significantly reduced personnel expenses (-39% yoy;
-2.8pp sales ratio).
In our view, this fully underpins that the change in strategy, which also
includes the the discontinuation of low-margin projects in connection with
the corresponding personnel measures, is clearly bearing fruit.
FY25 guidance. Next to the release, management put out a new guidance for
FY25, targeting an EBITDA of at least EUR 1.3m, thus implying a 15% yoy
increase. Yet, this is significantly below our old estimate of EUR 2.1m, which
is why we regard the outlook as conservative. On the other hand, sales
should continue to decline in FY25e in the context of the ongoing
restrucuring, before we will see a top-line expansion again in FY26e.
Despite the rather muted FY25 outlook, the company remains fully on track
with its transformation, which should become visible in continuously
improving margins and returns.
As this is not fully relfected in the share price in our view (i.e. FY25e
EV/EBITDA of 11.3x; FY26e: 8.3x), we reiterate our BUY recommendation with a
new PT of EUR 1.30 (old: EUR 1.40) based on DCF.
You can download the research here: http://www.more-ir.de/d/32060.pdf
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
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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2106408 26.03.2025 CET/CEST
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