VOQUZ Labs AG
Software - Germany
Buy (old: Buy) | 30.05.2023 |
EUR 32.00 (old: EUR 32.00) |
FY22 out: Continued strong growth; chg.
On Friday, VOQUZ released FY 22 figures, showing strong top line growth but a weaker margin com pared to FY 21 due to significant growth investments, especially in connection with the newly set up Sin gapore entity.
FY sales increased 21% yoy to € 4.7m, thus slightly exceeding our estimate of € 4.6m. Growth was mainly driven by continuously strong order intake (+21% yoy to € 5.0m) especially for the company's flagship software samQ as well as the launch of its new product visoryQ, which largely maps advisory services with intelligent software thus eliminating scalability constraints. Notably, the company was able to increase the share of recurring orders (managed services + maintenance) by 14pp to 68% of total or der intake, which allows for good visibility on future growth.
FY EBITDA decreased by 35% yoy to € 0.6m (in line with eNuW), implying a margin of 13%. As out lined above, the decline is mainly attributable to growth investments into the newly set up entities in Sin gapore and Romania, which led to an increased personnel expense ratio (+6pp yoy to 27%) as well as one-offs to the tune of € 0.2m. Adjusted for these one-offs, the EBITDA stood at € 0.9m (19% margin).
Investments into the sales structure are seen to bear fruit in the short-term,supporting a further growth acceleration, in our view. Moreover, visoryQ looks set to make a significant sales contribution al ready in 2023e (eNuW: € 1m). In fact, VOQUZ has already been able to acquire a large US company (> $ 100bn Mcap) as a customer for its software, serving as proof-of-concept.On top of that, the acquired remQ software (SAP compliance software) is also seen to add some € 0.5m (eNuW) in revenues.
Overall, we regard VOQUZ as well positioned to grasp the promising opportunities of the strongly in creasing demand for Software Asset Management solutions. With its unique value proposition, based on strong ROIs, as well as a marketing push, the company should be able to accelerate key account wins. Against this backdrop, sales are seen to grow dynamically at a 35% CAGR to € 11.6m in '25e while EBITDA should improve to € 3.9m (34% margin) in the same time span (eNuW).
Considering the promising growth prospects of the company as well as the high scalability of the busi ness model, the stock looks undervalued trading at only 8.6x EV/EBITDA '23e. We hence reiterate BUY with an unchanged PT of € 32.00 based on DCF.
Share Performance
15.20
14.40
13.60
12.80
12.00
11.20
10.40
9.60
8.80 | |||||
07/22 | 09/22 | 11/22 | 01/23 | 03/23 | 05/23 |
High/low 52 weeks (€) | 15.00 / 10.00 |
3m rel. performance | -19.6% |
6m rel. performance | -27.0% |
12m rel. performance |
Market data
Share price (in €) | 12.00 |
Market cap (in € m) | 12.6 |
Number of shares (in m pcs) | 1.1 |
Enterprice value (in € m) | 11.9 |
Ø trading volume (6 months) | 25 |
Identifier | ||
Bloomberg | HC7 GR | |
Reuters | HC7.DE | |
WKN | A3CSTW | |
ISIN | DE000A3CSTW4 | |
Key shareholders | ||
VOQUZ Technology GmbH | 75.6% | |
Peter Rattey | 11.4% | |
Free Float | 13.0% |
Y/E 31.12 (EUR m) | 2020 | 2021 | 2022 | 2023e | 2024e | 2025e |
Sales | 3.0 | 3.9 | 4.7 | 6.6 | 8.9 | 11.6 |
Sales growth | 66.4% | 31.3% | 21.4% | 40.0% | 35.0% | 30.0% |
EBITDA | 0.7 | 1.0 | 0.6 | 1.4 | 2.3 | 3.9 |
Net debt (if net cash=0) | -0.1 | -1.0 | -0.1 | -0.7 | -2.0 | -4.5 |
FCF | 0.4 | 0.6 | -0.3 | 0.8 | 1.3 | 2.5 |
Net Debt/EBITDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
EPS pro forma | n.a. | 0.46 | 0.06 | 0.62 | 1.13 | 2.13 |
EBITDA margin | 22.4% | 24.7% | 13.2% | 21.0% | 26.0% | 34.0% |
ROCE | 70.6% | 37.0% | 10.4% | 30.1% | 39.8% | 51.5% |
EV/sales | -0.0 | 6.5 | 2.6 | 1.8 | 1.2 | 0.7 |
EV/EBITDA | -0.2 | 26.4 | 20.0 | 8.6 | 4.6 | 2.1 |
PER | n.a. | 28.3 | 203.7 | 21.1 | 11.5 | 6.1 |
Adjusted FCF yield | -266.3% | 2.6% | 2.0% | 8.5% | 15.4% | 33.2% |
Source: Company data, NuWays, Close price as of 26.05.2023
Estimates changes
2023e | 2024e | 2025e | |
Sales | 2% | 2% | 2% |
EBIT | 2% | 2% | 2% |
EPS | 2% | 2% | 2% |
Comment on changes
- Changes reflect the slightly better than expected FY22 top-line.
- FY25e is introduced.
Sales (2020-25e) | EBIT margin (2020-25e) | ROCE (2020-25e) | ||||||||||||||||||
12.0m | 24.0% | 80.0% | ||||||||||||||||||
9.0m | 60.0% | |||||||||||||||||||
18.0% | ||||||||||||||||||||
6.0m | 40.0% | |||||||||||||||||||
12.0% | ||||||||||||||||||||
3.0m | 20.0% | |||||||||||||||||||
6.0% | ||||||||||||||||||||
0.0m | 0.0% | 0.0% | ||||||||||||||||||
2020 | 2021 | 2022 | 2023e | 2024e | 2025e | 2020 | 2021 | 2022 | 2023e | 2024e | 2025e | 2020 | 2021 | 2022 | 2023e | 2024e | 2025e | |||
Source: NuWays Research | Source: NuWays Research | Source: NuWays Research | ||||||||||||||||||
Company description | Guidance | |||||||||||||||||||
VOQUZ is a leading developer and provider of Software Asset Management (SAM) solutions with a | ||||||||||||||||||||
clear focus on SAP license and authorization management. | ||||||||||||||||||||
Analyst: Philipp Sennewald · E-Mail:philipp.sennewald@nuways-ag.com | 1 |
VOQUZ Labs AG
Preview / Review - 30.05.2023
Financials
Profit and loss (EUR m) | 2020 | 2021 | 2022 | 2023e | 2024e | 2025e |
Net sales | 3.0 | 3.9 | 4.7 | 6.6 | 8.9 | 11.6 |
Sales growth | 66.4% | 31.3% | 21.4% | 40.0% | 35.0% | 30.0% |
Increase/decrease in finished goods and work-in-process | 0.2 | 0.3 | 0.2 | 0.5 | 0.6 | 0.8 |
Total sales | 3.1 | 4.2 | 5.0 | 7.1 | 9.6 | 12.4 |
Other operating income | 0.2 | 0.1 | 0.2 | 0.3 | 0.4 | 0.6 |
Material expenses | 0.6 | 0.7 | 1.0 | 1.2 | 1.6 | 1.9 |
Personnel expenses | 0.6 | 0.9 | 1.4 | 1.5 | 2.0 | 2.3 |
Other operating expenses | 1.5 | 1.7 | 2.2 | 3.3 | 4.1 | 4.9 |
Total operating expenses | 2.5 | 3.2 | 4.3 | 5.7 | 7.2 | 8.5 |
EBITDA | 0.7 | 1.0 | 0.6 | 1.4 | 2.3 | 3.9 |
Depreciation | 0.2 | 0.3 | 0.4 | 0.5 | 0.6 | 0.8 |
EBITA | 0.5 | 0.6 | 0.3 | 0.9 | 1.7 | 3.2 |
Amortisation of goodwill | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Amortisation of intangible assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Impairment charges | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
EBIT (inc revaluation net) | 0.5 | 0.6 | 0.3 | 0.9 | 1.7 | 3.2 |
Interest income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Interest expenses | 0.0 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Investment income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Financial result | -0.0 | 0.0 | -0.0 | 0.0 | 0.0 | 0.0 |
Recurring pretax income from continuing operations | 0.4 | 0.6 | 0.3 | 0.9 | 1.7 | 3.2 |
Extraordinary income/loss | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Earnings before taxes | 0.4 | 0.6 | 0.3 | 0.9 | 1.7 | 3.2 |
Income tax expense | 0.0 | 0.1 | 0.2 | 0.3 | 0.5 | 1.0 |
Net income from continuing operations | 0.4 | 0.5 | 0.1 | 0.6 | 1.2 | 2.2 |
Income from discontinued operations (net of tax) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Net income | 0.4 | 0.5 | 0.1 | 0.6 | 1.2 | 2.2 |
Minority interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Net profit (reported) | 0.4 | 0.5 | 0.1 | 0.6 | 1.2 | 2.2 |
Average number of shares | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
EPS reported | n.a. | 0.46 | 0.06 | 0.62 | 1.13 | 2.13 |
Profit and loss (common size) | 2020 | 2021 | 2022 | 2023e | 2024e | 2025e |
Net sales | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Sales growth | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Increase/decrease in finished goods and work-in-process | 5.8% | 7.1% | 5.2% | 7.0% | 7.0% | 7.0% |
Total sales | 105.8% | 107.1% | 105.2% | 107.0% | 107.0% | 107.0% |
Other operating income | 5.3% | 2.2% | 3.7% | 5.0% | 5.0% | 5.0% |
Material expenses | 18.8% | 17.8% | 20.3% | 18.0% | 18.0% | 16.0% |
Personnel expenses | 19.7% | 23.0% | 28.9% | 23.0% | 22.0% | 20.0% |
Other operating expenses | 50.1% | 43.9% | 46.6% | 50.0% | 46.0% | 42.0% |
Total operating expenses | 83.4% | 82.4% | 92.0% | 86.0% | 81.0% | 73.0% |
EBITDA | 22.4% | 24.7% | 13.2% | 21.0% | 26.0% | 34.0% |
Depreciation | 7.1% | 8.7% | 7.7% | 7.0% | 7.0% | 6.5% |
EBITA | 15.3% | 15.9% | 5.5% | 14.0% | 19.0% | 27.5% |
Amortisation of goodwill | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Amortisation of intangible assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Impairment charges | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
EBIT (inc revaluation net) | 15.3% | 15.9% | 5.5% | 14.0% | 19.0% | 27.5% |
Interest income | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Interest expenses | 0.1% | -0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
Investment income | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Financial result | neg. | 0.2% | neg. | 0.0% | 0.0% | 0.0% |
Recurring pretax income from continuing operations | 15.2% | 16.1% | 5.5% | 14.0% | 19.0% | 27.5% |
Extraordinary income/loss | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings before taxes | 15.2% | 16.1% | 5.5% | 14.0% | 19.0% | 27.5% |
Income tax expense | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Net income from continuing operations | 14.8% | 12.4% | 1.4% | 9.8% | 13.3% | 19.3% |
Income from discontinued operations (net of tax) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Net income | 14.8% | 12.4% | 1.4% | 9.8% | 13.3% | 19.3% |
Minority interest | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Net profit (reported) | 14.8% | 12.4% | 1.4% | 9.8% | 13.3% | 19.3% |
Source: Company data, NuWays | ||||||
NuWays AG | 2 |
VOQUZ Labs AG
Preview / Review - 30.05.2023
Balance sheet (EUR m) | 2020 | 2021 | 2022 | 2023e | 2024e | 2025e |
Intangible assets | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 |
Property, plant and equipment | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Financial assets | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
FIXED ASSETS | 1.6 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 |
Inventories | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 |
Accounts receivable | 1.0 | 1.8 | 2.5 | 2.7 | 3.1 | 3.2 |
Other assets and short-term financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Liquid assets | 0.1 | 1.0 | 0.3 | 1.0 | 2.3 | 4.8 |
Deferred taxes | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Deferred charges and prepaid expenses | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
CURRENT ASSETS | 1.2 | 2.9 | 3.0 | 4.0 | 5.7 | 8.3 |
TOTAL ASSETS | 2.8 | 4.4 | 4.5 | 5.5 | 7.2 | 9.8 |
SHAREHOLDERS EQUITY | 0.7 | 1.9 | 2.0 | 2.7 | 4.1 | 6.5 |
MINORITY INTEREST | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Provisions for pensions and similar obligations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Other provisions and accrued liabilities | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 | 0.3 |
Short-term liabilities to banks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Accounts payable | 0.3 | 0.4 | 0.5 | 0.6 | 0.9 | 1.1 |
Advance payments received on orders | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Other liabilities (incl. from lease and rental contracts) | 1.0 | 0.8 | 0.4 | 0.4 | 0.4 | 0.4 |
Deferred taxes | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
Deferred income | 0.3 | 0.5 | 0.7 | 0.7 | 0.7 | 0.7 |
CURRENT LIABILITIES | 1.3 | 1.2 | 0.9 | 1.0 | 1.2 | 1.5 |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 2.8 | 4.4 | 4.5 | 5.5 | 7.2 | 9.8 |
Balance sheet (common size) | 2020 | 2021 | 2022 | 2023e | 2024e | 2025e |
Intangible assets | 54.4% | 34.1% | 33.3% | 27.1% | 20.8% | 15.2% |
Property, plant and equipment | 0.1% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% |
Financial assets | 3.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
FIXED ASSETS | 58.2% | 34.2% | 33.4% | 27.3% | 20.9% | 15.2% |
Inventories | 1.1% | 1.1% | 0.0% | 1.5% | 1.6% | 1.5% |
Accounts receivable | 34.6% | 40.3% | 56.7% | 49.6% | 42.7% | 32.4% |
Other assets and short-term financial assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Liquid assets | 3.7% | 21.8% | 6.2% | 18.8% | 32.6% | 49.3% |
Deferred taxes | 0.0% | 0.8% | 0.8% | 0.7% | 0.5% | 0.4% |
Deferred charges and prepaid expenses | 2.4% | 1.7% | 2.7% | 2.2% | 1.7% | 1.2% |
CURRENT ASSETS | 41.8% | 65.8% | 66.6% | 72.7% | 79.1% | 84.8% |
TOTAL ASSETS | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
SHAREHOLDERS EQUITY | 23.7% | 44.3% | 44.3% | 48.5% | 57.2% | 65.9% |
MINORITY INTEREST | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Provisions for pensions and similar obligations | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Other provisions and accrued liabilities | 10.3% | 7.5% | 4.5% | 4.2% | 3.6% | 2.8% |
Short-term liabilities to banks | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Accounts payable | 10.3% | 8.3% | 11.9% | 11.6% | 12.0% | 11.3% |
Advance payments received on orders | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% |
Other liabilities (incl. from lease and rental contracts) | 37.3% | 18.9% | 8.4% | 6.9% | 5.2% | 3.8% |
Deferred taxes | 7.8% | 5.2% | 5.3% | 4.3% | 3.3% | 2.4% |
Deferred income | 10.6% | 12.1% | 15.7% | 12.8% | 9.8% | 7.1% |
CURRENT LIABILITIES | 47.6% | 27.7% | 20.3% | 18.4% | 17.2% | 15.2% |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Source: Company data, NuWays
NuWays AG | 3 |
VOQUZ Labs AG
Preview / Review - 30.05.2023
Cash flow statement (EUR m) | 2020 | 2021 | 2022 | 2023e | 2024e | 2025e |
Net profit/loss | 0.4 | 0.5 | 0.1 | 0.6 | 1.2 | 2.2 |
Depreciation of fixed assets (incl. leases) | 0.2 | 0.3 | 0.4 | 0.5 | 0.6 | 0.8 |
Amortisation of goodwill & intangible assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Others | 0.1 | 0.0 | -0.6 | 0.0 | 0.0 | 0.0 |
Cash flow from operating activities | 0.3 | 0.4 | -0.1 | 0.8 | 1.5 | 2.8 |
Increase/decrease in inventory | 0.3 | 0.5 | 0.0 | -0.1 | -0.0 | -0.0 |
Increase/decrease in accounts receivable | -0.8 | -0.8 | -0.8 | -0.2 | -0.3 | -0.1 |
Increase/decrease in accounts payable | 0.2 | 0.1 | 0.2 | 0.1 | 0.2 | 0.3 |
Increase/decrease in other working capital positions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Increase/decrease in working capital | -0.2 | -0.2 | -0.6 | -0.2 | -0.1 | 0.1 |
Cash flow from operating activities | 0.4 | 0.6 | 0.1 | 0.9 | 1.7 | 3.1 |
CAPEX | 0.0 | 0.0 | 0.4 | 0.2 | 0.4 | 0.6 |
Payments for acquisitions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Financial investments | 0.6 | 0.2 | 0.0 | 0.2 | 0.0 | 0.0 |
Income from asset disposals | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Cash flow from investing activities | -0.6 | -0.2 | -0.4 | -0.4 | -0.4 | -0.6 |
Cash flow before financing | -0.2 | 0.4 | -0.3 | 0.6 | 1.3 | 2.5 |
Increase/decrease in debt position | 0.0 | 0.0 | 0.2 | 0.2 | 0.0 | 0.0 |
Purchase of own shares | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Capital measures | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 |
Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Others | 0.1 | 0.0 | -0.6 | 0.0 | 0.0 | 0.0 |
Effects of exchange rate changes on cash | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Cash flow from financing activities | 0.1 | 0.4 | -0.4 | 0.2 | 0.0 | 0.0 |
Increase/decrease in liquid assets | -0.0 | 0.8 | -0.7 | 0.8 | 1.3 | 2.5 |
Liquid assets at end of period | 0.1 | 1.0 | 0.3 | 1.0 | 2.3 | 4.8 |
Key ratios (EUR m) | 2020 | 2021 | 2022 | 2023e | 2024e | 2025e |
P&L growth analysis | ||||||
Sales growth | 66.4% | 31.3% | 21.4% | 40.0% | 35.0% | 30.0% |
EBITDA growth | 414.2% | 44.8% | -34.9% | 122.2% | 67.1% | 70.0% |
EBIT growth | -2326.0% | 37.2% | -57.9% | 254.8% | 83.2% | 88.2% |
EPS growth | n.a. | n.a. | -86.1% | 867.4% | 83.2% | 88.2% |
Efficiency | ||||||
Sales per employee | 98.8 | 129.7 | 135.0 | 153.8 | 184.9 | 218.5 |
EBITDA per employee | 22.1 | 32.0 | 17.9 | 32.3 | 48.1 | 74.3 |
No. employees (average) | 30 | 30 | 35 | 43 | 48 | 53 |
Balance sheet analysis | ||||||
Avg. working capital / sales | 24.1% | 26.5% | 28.8% | 27.2% | 24.2% | 18.9% |
Inventory turnover (sales/inventory) | 92.6 | 77.8 | n.a. | 80.0 | 80.0 | 80.0 |
Accounts receivable turnover | 119.6 | 164.9 | 196.0 | 150.0 | 125.0 | 100.0 |
Accounts payable turnover | 35.6 | 34.0 | 41.2 | 35.0 | 35.0 | 35.0 |
Cash flow analysis | ||||||
Free cash flow | 0.4 | 0.6 | -0.3 | 0.8 | 1.3 | 2.5 |
Free cash flow/sales | 13.6% | 14.8% | -6.2% | 11.3% | 14.7% | 21.6% |
FCF / net profit | 91.4% | 119.3% | neg. | 115.8% | 110.2% | 112.3% |
Capex / sales | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Solvency | ||||||
Net debt | -0.1 | -1.0 | -0.1 | -0.7 | -2.0 | -4.5 |
Net Debt/EBITDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Dividend payout ratio | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Interest paid / avg. debt | n.a. | -21.8% | 0.6% | 0.0% | 0.0% | 0.0% |
Returns | ||||||
ROCE | 70.6% | 37.0% | 10.4% | 30.1% | 39.8% | 51.5% |
ROE | 66.1% | 25.0% | 3.4% | 24.4% | 29.0% | 34.5% |
Adjusted FCF yield | -266.3% | 2.6% | 2.0% | 8.5% | 15.4% | 33.2% |
Dividend yield | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | |
DPS | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
EPS reported | n.a. | 0.46 | 0.06 | 0.62 | 1.13 | 2.13 |
Average number of shares | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
Valuation ratios | ||||||
P/BV | n.a. | 7.1 | 6.9 | 5.1 | 3.3 | 2.1 |
EV/sales | -0.0 | 6.5 | 2.6 | 1.8 | 1.2 | 0.7 |
EV/EBITDA | -0.2 | 26.4 | 20.0 | 8.6 | 4.6 | 2.1 |
EV/EBIT | -0.2 | 40.8 | 47.9 | 12.9 | 6.3 | 2.5 |
Source: Company data, NuWays | ||||||
NuWays AG | 4 |
VOQUZ Labs AG
Preview / Review - 30.05.2023
Disclosures
Disclosures regarding research publications of NuWays AG pursuant to section 85 of the German Securities Trading Act (WpHG)
Indication of conflict of interest
It is essential that any research recommendation is fairly presented and discloses interests of indicates relevant conflicts of interest. Pursuant to sec tion 85 of the German Securities Trading Act (WpHG) a research report has to point out possible conflicts of interest in connection with the analysed company. A conflict of interest is presumed to exist in particular if NuWays AG
- or any other person belonging to the same group with it was part of a consortium within the past twelve months that issued the financial instru ments of the analysed company by way of a public offer.
- or any other person belonging to the same group with it has entered into an agreement on the production of the research report with the analysed company.
- or any other person belonging to the same group with it has been party to an agreement on the provision of investment banking services with the analysed company or have received services or a promise of services under the term of such an agreement within the past twelve month.
- The analysed company holds 5% or more of the share capital of NuWays AG.
- holds (a) a net short position or (b) a net long position of 0.5% of the outstanding share capital of the analysed company.
- or any other person belonging to the same group with it is a market maker or liquidity provider in the financial instruments of the issuer.
- or the analyst has any other significant financial interests relating to the analysed company such as, for example, exercising mandates in the interest of the analysed company.
- The research report has been made available to the analysed company prior to its publication. Thereafter, only factual changes have been made to the report.
Conflicts of interest that existed at the time when this research report was published:
Company | Disclosures | ||||
VOQUZ Labs AG | 2,8 | ||||
Historical target price and rating changes for VOQUZ Labs AG | |||||
Company | Date | Analyst | Rating | Target Price | Close |
VOQUZ Labs AG | 24.04.2023 | Sennewald, Philipp | Buy | EUR 32.00 | EUR 13.00 |
NuWays AG | 5 |
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VOQUZ Labs AG published this content on 30 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2023 07:29:08 UTC.