Original-Research: mVISE AG (von NuWays AG): Buy

^

Original-Research: mVISE AG - from NuWays AG

30.01.2025 / 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.

---------------------------------------------------------------------------

Classification of NuWays AG to mVISE AG

Company Name: mVISE AG

ISIN: DE0006204589

Reason for the research: Update

Recommendation: Buy

from: 30.01.2025

Target price: EUR 1.40

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

mVISE free of bank liabilities going forward

Topic: Under the lead of Finanzhaus Main Tauber (FHMT), a consortium of

investors will assume all bank liabilities of mVISE (EUR 2.3m as of H1'24) as

of January 31, as part of a refinancing.

The consortium, which is represented on the Supervisory Board by Stefan

Träumer, currently holds c. 2% of the shares in mVISE and has reiterated its

intention of increasing their commitment and hereby intensifying their

cooperation/involvement.

In our view, this has to be seen as positive news for the company, as it

documents the confidence of the consortium in the investment case and the

successful transformation (for more detail see our initiation) of mVISE.

Moreover, all investors are now on the same side of the table, having

eliminated banks out of the equation, which is seen to facilitate future

financing and refinancing. Mind you, the company aims to pursue a Buy &

Build approach going forward in order to become a serious competitor for

larger, mostly anglo saxon competitors like Avaya or Genesis in the DACH

region.

Besides this, the company is going to release its FY report in March. After

a strong start in the year with an adj. EBITDA of EUR 0.5m, we expect the

company to also show strong figures for H2.

Despite an expected decline of the top-line (eNuW: EUR 9.4m), which is

explained by significant staff reductions in connection with the current

efficiency program, EBITDA looks set to increase to EUR 1.2m, implying a

margin of 13.0% (.2pp yoy). The strong margin expansion should be mainly

driven by the acquisition of opcyc (60% EBITDA margin at EUR 1.7m sales) as

well as significant operational improvements leading to increased

utilization rates.

Overall, this is currently not adequately reflected in share price, in our

view, given a valuation of 8.9x EV/ EBTIDA FY25e (6.7x FY26e).

We hence reiterate BUY with an unchanged EUR 1.40 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/31693.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

ﯯ뻻

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.

ﯯ뻻

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

---------------------------------------------------------------------------

2077513 30.01.2025 CET/CEST

°