Original-Research: beaconsmind AG - von NuWays AG
Einstufung von NuWays AG zu beaconsmind AG
Unternehmen: beaconsmind AG ISIN: CH0451123589
Anlass der Studie: Update Empfehlung: BUY seit: 16.11.2023 Kursziel: € 13,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Philipp Sennewald
Further acquisitions conclude strategic realignment; chg.
After amending the financial year towards the calendar year, beaconsmind reported a solid set of H1 results, which was mainly driven by the latest acquisitions of Frederix (closed 02/23), Netopsie (02/23) and Socialwave (04/23):
H1 sales increased significantly by 165% yoy to CHF 2.7m, but still fall slightly behind our estimate of CHF 3.1m, as we expected earlier closing dates of the acquisitions. We still estimate that the acquired companies accounted for c. 85% of H1 revenues.
H1 EBITDA strongly improved from CHF -1.5m in H1’22 to CHF -0.5m. The improvement was mainly driven by already visible synergies leading to significantly reduced personnel expenses and other OpEx which compensated for M&A related one-off expenses.
Apart from the earnings release, the company announced two further M&A transactions: With the acquisition of KADSOFT Computer GmbH (“Kadsoft”) and T2 vertrieb GmbH (“T2”) beaconsmind strengthens the newly implemented Infrastructure segment. While Kadsoft specializes in designing, implementing, and commissioning new IT systems, T2 is specialized in the installation and expansion of TC systems and adaptation of existing TC systems. Both companies were acquired for a combined purchase price of € 3.0m, which was paid via a combination of cash (€ 1.6m) stemming from the company’s cash capital increase in October and a capital increase in kind as 300k new shares issued to the sellers with a customary lockup (eNuW: 12 months). Both companies provide a combined revenue run rate of € 3.2m and an EBITDA of € 0.6m ex synergies. As the closing for both deals is expected for November, this is seen to be fully captured in the FY’24e annual figures.
With the acquisitions beaconsmind concluded its strategic transformation into two synergetic segments: Infrastructure (Frederix, Netopsie, Kadsoft & T2) and Software/SaaS (Socialwave, beaconsmind). The 2024e revenue run rate increases to CHF 12.6m. Further details on the transaction as well as the outlook will be provided in the following pages.
Based on the promising outlook we reiterate our BUY recommendation with a new PT of € 13.00 (old: € 25.00) based on DCF. -continued-
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28299.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research.
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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.
