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.

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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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.