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Original-Research: mVISE AG - from NuWays AG
29.04.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of NuWays AG to mVISE AG
Company Name: mVISE AG
ISIN: DE0006204589
Reason for the research: Update
Recommendation: BUY
from: 29.04.2025
Target price: EUR 1.30
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Strong preliminary Q1 displays succesful restructuring
Topic: mVISE released preliminary Q1 results, showing a significant
profitability improvement. In detail:
Q1 sales came in at EUR 1.8m, which should have been slightly below the Q1'24
figure (no prior year figure available), caused by the ongoing restructuring
process and the reorganization of the business model. Mind you, the company
was reducing its workforce in order to achieve improved utilization rates as
well as actively discontinuing low-margin projects.
On the contrary, mVISE was able to further improve EBITDA to EUR 0.3m,
implying a 17.2% margin. This also marks a substantial margin expansion of
11.9pp yoy, which should have been predominantly driven by the
aforementioned efficiency measures. Importantly, this figure does not
include the one-off positive effect in connection with the debt waiver that
took effect in February (EUR 0.3m). Overall, the Q1 EBITDA already equals the
total H1'24 EBITDA figure.
Guidance confirmed. Against this backdrop, management confirmed the FY25e
outlook, targeting an organic EBITDA of EUR 1.3m, implying a 15% yoy increase.
We continue to regard this as conservative, as we forecast an EBITDA of EUR
1.6m. On the other hand, sales should continue to decline to EUR 8.7m (eNuW)
given the continuous restructuring, before we are set to see an expanding
top-line again in FY26e (eNuW: +6.1%).
Overall, the release of the preliminary Q1 figures once again underscores
the successful transformation of the business, which should become even more
visible with EBITDA margins north of 20% from FY26e onwards.
In our view, this is still not reflected at all in the share price given an
11.5x EV/EBITDA FY25e (8.5x FY26e. We hence reiterate BUY with an unchanged
EUR 1.30 PT based on DCF.
You can download the research here: http://www.more-ir.de/d/32366.pdf
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
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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2125962 29.04.2025 CET/CEST
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