Original-Research: The NAGA Group AG - von GBC AG

Einstufung von GBC AG zu The NAGA Group AG

Unternehmen: The NAGA Group AG

ISIN: DE000A161NR7

Anlass der Studie: Research Comment

Empfehlung: BUY

Kursziel: 12.75 EUR

Kursziel auf Sicht von: 31.12.2022

Letzte Ratingänderung:

Analyst: Cosmin Filker

Strong revenue and earnings growth in 2021; guidance for 2022 significantly

above our expectations; estimates and share price target raised

According to preliminary figures for the past financial year 2021, The NAGA

Group AG (short to: NAGA) achieved significant revenue growth as expected.

Compared to the previous year, consolidated sales more than doubled to EUR

55.3 million (previous year: EUR 24.35 million), thus exceeding both the

original guidance (sales guidance: EUR 50 - 52 million) and our sales

estimates (GBC forecast: EUR 54.06 million). The preliminary EBITDA of EUR

12.8 million (previous year: EUR 6.57 million) also showed a significant

increase. However, as the deliberate investments in customer growth led to

higher marketing expenses, the preliminary EBITDA was slightly below the

original EBITDA guidance (EUR 13 - 15 million) and below our estimate (GBC

forecast: EUR 14.39 million).

As expected, the company not only benefited from the favourable market

conditions for online brokers, but also from the implemented focus on the

core business and the expanded marketing activities contributed to the

success. Overall, the trading volume doubled from EUR 121 billion (2020) to

over EUR 250 million (2021) and the number of new customers increased

significantly to 277,000 (previous year: 122,000). On the product side, for

example, NAGA Pay was introduced to the market, which is intended to

integrate customers more strongly into the NAGA product world.

For the current financial year, the company has announced the introduction

of new products in addition to the planned continuation of international

expansion. In the first quarter of 2022, NAGAX, a new social trading

platform with a focus on cryptocurrencies, is to be introduced to the

market. According to its own information, every user contribution on the

platform will be automatically converted into an NFT, which can be

monetised. In addition, since the end of 2021, NAGA has been offering its

technology to selected partner companies as part of a white label solution

as a SaaS model. This is intended to generate further business.

The financing of further customer growth, possible strategic acquisitions

and further product development was significantly expanded by a financing

round in November 2021. With the issue of around 4.25 million shares at a

price of EUR 8.00, an additional EUR 34 million was raised. Growth capital

of EUR 22.7 million was already raised in September 2021 as part of a

capital increase.

On this basis, the company published guidance for the current 2022

financial year for the first time in November 2021. Group turnover of EUR

95 to 105 million and EBITDA of between EUR 25 and 30 million are expected.

Both figures are significantly above our previous forecast (see research

report dated 8 November 2021). We are adjusting our estimates in line with

the company's guidance and are thus significantly raising our revenue

estimate to EUR 96.78 million (previously: EUR 81.10 million) and our

EBITDA forecast to EUR 25.48 million (previously: EUR 16.99 million). Due

to this higher basis, we are also raising our 2023 estimates.

Within the framework of our DCF valuation model, this results in a new

target price of EUR 12.75 (previously: EUR 11.70), taking into account the

last capital increase. We continue to assign the BUY rating.

Die vollständige Analyse können Sie hier downloaden:


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Date (time) Completion: 18/01/22 (01:02 pm)

Date (time) first transmission: 19/01/22 (09:30 am)

-übermittelt durch die EQS Group AG.-

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