Original-Research: Nynomic AG (von NuWays AG)

Original-Research: Nynomic AG - von NuWays AG

Einstufung von NuWays AG zu Nynomic AG

Unternehmen: Nynomic AG

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 €m order confirms growth prospects
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 gas
analysis in the customer's application. The order in the high single-digit
€m range (eNuW, € 7-8m) will partially still be recognized as sales this
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 € 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 its
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 its
strong balance sheet, we also regard bigger targets (~ € 20m sales) as
Valuation remains attractive. At roughly € 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 its
mid-term guidance, this looks unjustified, in our view. We confirm our BUY
rating with an unchanged € 52 PT and keep the stock on our Alpha List.

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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.-------------------

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