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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: Kaufen

seit: 26.04.2024

Kursziel: EUR 52.00

Kursziel auf Sicht von: 12 Monaten

Letzte Ratingänderung:

Analyst: Christian Sandherr

High single-digit EURm order confirms growth prospect

Nynomic's subsidiary m-u-t GmbH has received a high single-digit order,

which should translate into sales over the course of FY24/25e. Most

importantly, this coupled with the recently announced product launch of the

LabScanner Plus, a bulk-testing tool for pharmaceutical companies, strongly

underpins the company's growth prospects and expected growth acceleration.

In detail, Nynomic will provide an existing customer (no details provided)

with a solution to further improve the efficiency and accuracy of ga

analysis in the customer's application. The order in the high single-digit

EURm range (eNuW, EUR 7-8m) will partially still be recognized as sales thi

year, the remainder in FY25e. Further, this should allow Nynomic to book

follow-on orders during the next few years, eNuW.

This bodes well with our expected growth acceleration for FY24e. Mind you,

last year's growth stood at only 1%, largely as a result of the lumpy

nature of parts of the group, partially longer sales cycles and customers'

inventory normalizations. For FY24e, we expect 12% yoy growth (8% organic)

on the back of a number of drivers including (1) unbroken demand from semi

customers, (2) fulfilment precision farming orders, (3) TactiScan gaining

traction, (4) a structurally growing medtech market and (5) new product

launches such as LabScanner Plus.

Bright mid-term prospects. Last year, management issued a new mid-term (3-5

years) guidance expecting sales to reach EUR 200m with a 16-19% EBIT margin.

The implied 11-19% sales CAGR with a 3-6pp margin increase is a reflection

of the company's recent operational efforts, i.e. broadening the technology

offering through partnerships, in-house development and acquisitions but

also the integration of recurring components (e.g. cloud solutions) in it

products.

Acquisitions could serve as additional catalyst. As per its growth

strategy, Nynomic should be looking to acquire 12 companies (technological

and geographical diversification) during the next six months. Thanks to it

strong balance sheet, we also regard bigger targets (~ EUR 20m sales) a

possible.

Valuation remains attractive. At roughly EUR 29 per share, Nynomic is trading

on a mere 9.6/7.1x EV/ EBIT 2024/25e. Taking into consideration the

company's strong balance sheet and the growth prospects underpinned by it

mid-term guidance, this looks unjustified, in our view. We confirm our BUY

rating with an unchanged EUR 52 PT and keep the stock on our Alpha List.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/29531.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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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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