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Original-Research: Nynomic AG - von NuWays AG

Einstufung von NuWays AG zu Nynomic AG

Unternehmen: Nynomic AG

ISIN: DE000A0MSN11

Anlass der Studie: Update

Empfehlung: BUY

seit: 21.02.2024

Kursziel: 54.00

Kursziel auf Sicht von: 12 Monaten

Letzte Ratingänderung:

Analyst: Christian Sandherr

Strong Q4 expected // 2024 to be marked by significant growth

Topic: Nynomic should report strong Q4 prelims. More importantly, FY24e

should be marked by strong sales growth and further margin improvements as

well as additional (potentially larger) acquisitions.

Q4 sales are seen to come in at EUR 37.6m (+14% yoy; FY23e sales +4% yoy)

thanks to confirmed calloff dates of formerly delayed orders and several

new projects within structurally growing markets. This should partially

compensate for the flattish top-line development during 9M. As a result of

the expected strong sales figure and the ability to book high-margin

development revenues (typically due towards the end of a year), the EBIT

margin in the fourth quarter is seen to jump to 19.8% (+5.9pp yoy; FY23e

margin +0.1pp yoy), thus reaching a new record high.

Returning to strong growth in 2024. For FY24e, we expect Nynomic to grow

sales by almost 17% yoy. Besides consolidation effects from the acquisition

of art photonics (3.8pp of FY24 group growth), the company is seen to reap

the fruits from several products gaining traction. For instance, the first

large order for Spectral Engines' TactiScan (handheld device to detect

drugs) should contribute a mid single-digit million amount in 2024 alone

(eNuW). Nynomic is also seen to show strong growth within its agricultural,

semiconductor and medtech end markets.

Thanks to a positive operating leverage, so far loss-making businesses

scaling up and a growing share of recurring and high-margin software

revenues (related to hardware sales), Nynomic looks set to further expand

its EBIT margin to 13.7% (+0.7pp yoy).

Additional inorganic tailwinds in the cards. As per its Buy & Build

strategy, Nynomic should be looking to acquire 1-2 additional companies

during the next six months, in our view. The focus of those transactions

should lie on expanding its technology and solutions portfolio. Thanks to

its inherently cash flow generating business model and the EUR 18.9m capital

increase in May last year, the company should be equipped with sufficient

financial firepower to be considering larger targets with up to EUR 20m

sales.

This, coupled with expected organic double-digit sales CAGR during the

mid-term (eNuW), bodes well with the company's mid-term targets of EUR 200m

sales with an EBIT margin of 16-19%.

BUY with an unchanged EUR 54 PT based on DCF. Nynomic remains one of our

top-picks for 2024.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/28949.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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