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: 18.12.2023
Kursziel: EUR 54
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Bolt-on acquisition with high synergy potential; chg.
Topic: Nynomic announced the 100% acquisition of art photonic (13th pillar of the Nynomic group), which should be highly value accretive during the coming years thanks to significant synergy potential.
In detail, art photonic is a Berlin-based expert in the development and production of highly specialized fiber optic cables used for optical measurement technology with a focus on mid-infrared (MIR) wavelength, making it highly compatible with the the recently acquired NLIR (early Oct.). Its products enable ultra-fast transmission of light to the measurement point and back to the sensor to process the received data. Both acquisitions support Nynomic's strategy to bring MIR in a scalable way into production processes integrated into stationary machines, production plants, commercial vehicles and similar, thus expanding Nynomic's future solution portfolio.
In 2023e, art photonics is seen to generate some EUR 4m sales with an EBIT margin of roughly 10% (eNuW). Thanks to significant cross-selling opportunities across Nynomic's broad customer base, we expect art photonic's annual sales growth potential to be at around 20% for the next three to four years. The resulting positive operating leverage should quickly enable EBIT margins of >15%, in our
view. While the purchase price was not disclosed, we expect it to be in line with Nynomic's recent acquisitions, i.e. ~1x EV/sales, or EUR 4m in the case of art photonics, making it a clearly value accretive deal.
Additional acquisitions to follow in H1 2024e. Carried by its inherently cash flow generating business model, the EUR 18.9m capital increase in May and in line with its buy and build strategy, Nynomic looks set to acquire 1-2, potentially also larger targets with up to EUR 20m sales during FY 2024e.
Further positive newsflow to stem from a strong Q4 and a continued strong momentum throughout 2024e. Following solid 9M results with EUR 83m sales and a 10% EBIT margin, Nynomic looks set to report a disproportionally strong Q4 due to confirmed call-off dates of formerly delayed orders, several new projects within structurally growing markets. Q4 sales should come in at EUR 37.6m (+14% yoy, eNuW) with an EBIT margin of 19.7% (eNuW). With several products (e.g. Spectral Engines) beginning to gain traction and structurally growing demand for existing solutions, organic sales growth during the next years should exceed 10% (eNuW).
BUY with an unchanged EUR 54 PT based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28555.pdf
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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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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