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Original-Research: Netfonds AG - von NuWays AG

Einstufung von NuWays AG zu Netfonds AG

Unternehmen: Netfonds AG

ISIN: DE000A1MME74

Anlass der Studie: Update

Empfehlung: BUY

seit: 09.02.2024

Kursziel: 71.00

Kursziel auf Sicht von: 12 Monaten

Letzte Ratingänderung:

Analyst: Frederik Jarchow

Favorable trends to materialize in 2024

Netfonds should strongly benefit from several favorable macroeconomic and

structural trends in 2024:

Strong dollar and equity capital markets close to all-time highs. With c. EUR

23.2bn AuC in FY23e (eNuW), Netfonds topline is obviously correlated to the

overall capital markets development. The recent solid performance of major

indices should result in performance related AuC growth, which in turn

should increase revenues, even without new AuC inflows (which are likely).

As a significant share of overall AuC is invested in funds traded in USD,

the strong USD should further fuel revenues.

Inflows into highly profitable wealth management (Hamburger Vermögen).

Wealth management should have shown the strongest growth momentum in FY23

(eNuW: 25% to > EUR 3bn) that is expected to continue. As margins in wealth

management are higher than in wholesale, the overall margins on AuC should

hence grow substantially.

Renaissance of money market funds should bode well for NFS Capital.

Netfonds recently set up an own money market fund that faces significant

inflows. Indeed, the money market was the asset class with the highest

inflows in the last quarters, currently experiencing a kind of renaissance

after years of low interest environment.

Finfire to fuel consolidation of the insurance broker market. After having

optimized finfire according to the needs of investment advisors, the focus

of the inhouse development teams is now on insurance. Other than the

investment adviser market, the insurance broker market is still highly

fragmented, but on the move. Netfonds should be one of the few major

beneficiaries of the coming consolidation.

Enormous cross-selling potential. The development of new, additional

features that should ease the selling and managing of insurance products,

unlocks huge cross-selling potentials, as the already onboarded investment

adviser can additionally offer a wide range of insurance products to its

customers via Netfonds proprietary, 360° finfire platform that remains the

companyŽs key mid- to long term growth and scalability driver.

Overall, we expect EUR 204.4m gross sales, EUR 43.9m net sales and an EBITDA of

EUR 12.5m for FY24e.

BUY with an unchanged PT of EUR 71.00, based on DCF.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/28849.pdf

Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden

www.nuways-ag.com/research.

Kontakt für Rückfragen

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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