Original-Research: LAIQON AG (von NuWays AG): Kaufen
26 Abril 2024 - 2:07AM
EQS Non-Regulatory
Original-Research: LAIQON AG - von NuWays AG
Einstufung von NuWays AG zu LAIQON AG
Unternehmen: LAIQON AG
ISIN: DE000A12UP29
Anlass der Studie: Update
Empfehlung: Kaufen
seit: 26.04.2024
Kursziel: EUR 10.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch
FY'24e to see improvements in top and bottom-line
Topic: LAIQON recently released mixed final Q4 results.
Moreover, the outlook of performance fees for FY24e, poses LAIQON
for another year of solid top-line growth and profitability
improvements.
Final results in line: LAIQON released sales and EBITDA prelims
in February and both final figures did
not deviate. What's new is the net income, which came in
slightlyworse than expected at -12.8m (eNuW: € -10.8m) due to (1) €
7.3m negative one-off effects (i.e., € 1.8m non-cash revaluations
of limited partners in LAIC and € 5.5m interest expenses for
purchase price allocations), lowering the financial result to €
-8.9m (eNuW: € -1.5m) and (2) better than expected tax expense of €
-7.1m (eNuW: € -2m).
AuM growth on track: At end of Q1'24, LAIQON reported € 6.4bn
AuMs on group level, an increase of € 300m vs. Y/E'23 (€ 6.1bn).
While the split between net capital inflow and valuation gains is
indisclosed, we estimate c. € 150m to be performance related and
the remaining € 150m to stem from capital inflows across the three
segments. For Y/E'24e, we estimate AuMs to stand at € 7bn (+14%
yoy), meaning that € 600m (€ 200m per quarter) are needed to reach
our estimate.
Token placement started: In order to secure further outside
growth financing and allow for an independent valuation of LAIQON's
subgroup LAIC, the placement of the 'LAIC-Token 24' has been
started in March. This should lead to proceeds of up to € 6.8m for
LAIQON and should value the LAIC subgroup at € 65m, of which LAIQON
should hold 80.8% post transaction.
Further improvements for FY'24e: Based on our 14% yoy AuM growth
estimate, we expect sales to develop accordingly and increase to €
34.4m (+12% yoy). This should in return lead to an improved
bottom-line thanks to the high fix-cost base of LAIQON's business
model. We expect EBITDA to improve by 2.5m from € -4.7 in FY'23 to
€ -2.2m in FY'24e, implying an incremental EBITDA margin of 67%.
Further upside could stem from performance fees (not included in
our estimates) thanks to capital markets currently developing in
LAIQON's favour. For FY'25e, we expect a positive EBITDA of € 3.4m
thanks to first full-year effects of the Union Investment
cooperation but also thanks to organic growth and thus operating
leverage at the other segments.
In our view, the current valuation does not reflect LAIQON's
potential. Thus, we reiterate our BUY recommendation with unchanged
PT of € 10.00, based on DFC. - Analyst change -
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/29529.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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AG.-------------------
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Börsengeschäfte.
LAIQON (TG:LQAG)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
LAIQON (TG:LQAG)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024