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Original-Research: Netfonds AG - from NuWays AG
05.09.2025 / 09:00 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 Netfonds AG
Company Name: Netfonds AG
ISIN: DE000A1MME74
Reason for the research: Update
Recommendation: BUY
from: 05.09.2025
Target price: EUR 74.00
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow
Softer Q2 figures, but on track to reach the guidance
Last week, Netfonds reported mixed Q2 figures with softer than expected top-
and bottom line. Positively, OPEX remained rather stable yoy. In detail:
Gross sales came in at EUR 57.8m (2% yoy), below our estimate of EUR 64.2m,
despite a very positive AUA development reaching EUR 30bn end of July (vs EUR
28.3bn in FY24), driven by further inflows and solid market performance. The
topline decline can partially be explained by delayed revenue recognition in
Q2 that should be visible in higher Q3 sales. Positively, material expenses
should have declined in absolute numbers and remained stable relatively to
sales at 81.5% (vs 81.4% in Q1Ž25) resulting in net sales of EUR 10.7m (-2%
yoy vs eNuW: EUR 11.9m).
EBITDA stood at EUR 2.0m (-3% yoy), below our estimate of EUR 2.7m, and Q1
figures of EUR 2.8m, mainly driven by the softer topline development. That
said, personnel expenses should have remained rather stable at EUR 6.0m (eNuW,
2% yoy) and other OPEX should have even declined to EUR 2.7m (eNuW, -10% yoy,
-16% qoq vs eNuW old: EUR 3.2m). EBT should have come in at EUR 0.9m (vs EUR 1.4m
in Q2Ž24 vs eNuW: EUR 1.6m) with D&A that should have remained stable (eNuW: EUR
1.2m) and a financial result that was burdened by the interest payment for
the bond (eNuW: EUR -0.2m).
In a nutshell, Q2 was not as strong as anticipated, but nothing to be
worried about. Especially the ongoing strong AuA development serves as an
indicator for future topline growth that should already start to materialize
in Q3 . Knowing that the more profitable AuMŽs are growing more dynamically,
EBITDA margins should expand further. Hence, we still see the company well
on track to reach its FY25 guidance.
As the anticipated growth should be strongly supported by Netfonds
proprietary 360° finfire platform, Netfonds should additionally enjoy the
typical scale effects of a growing platform business. Moreover, finfire is
seen to fuel the consolidation of the insurance broker market that is, in
contrary to the investment adviser market, still highly fragmented.
Prospectively, we not only see growth in this segment stemming from direct
customer wins and acquisitions, but also from cooperation with large
insurance portfolio holders that could potentially use a whitelable version
of the platform. Despite the fact that the last growth layer is rather
speculative, we nevertheless continue to consider finfire to remain the
Groups key mid- to long-term growth and scalability driver.
For FY25 we now expect EUR 268m gross sales, EUR 53.8m net sales and an EBITDA
of EUR 12.6m, which is in line with the guidance of EUR 260-270m gross sales, EUR
52.5-54m net sales and an EBITDA of EUR 12-13.5m. Both, guidance and our
estimates can be considered as conservative and with room for an update
until eoy.
BUY with a reduced PT of EUR 74.00 (old: EUR 78.00), based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=b7f7962f658b95c24ec61e75110beff4
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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2193432 05.09.2025 CET/CEST
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