NuWays AG: Nynomic AG | Rating: Kaufen
Original-Research: Nynomic AG - from NuWays AG
Classification of NuWays AG to Nynomic AG
Company Name: Nynomic AG
ISIN: DE000A0MSN11
Reason for the research: Update
Recommendation: Kaufen
from: 15.04.2024
Target price: EUR 52.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
New product launched: Another building block for the mid-term
Nynomic announced that its subsidiary Spectral Engines and Kraemer Elektronik, an expert for high quality testing systems of bulk solids for the pharmaceutical, chemical and food industry, have jointly developed and now presented a new product, the LabScanner Plus.
While Kraemer Elektronik provides the casing including the technology to measure weight and shape, Nynomic’s eight sensors (based on the NIRONE scanner) quickly determine the composition of the tested pills. With this, one can analyze and digitalize the results of large sample sizes quickly. Originally intended to quickly build up the databases necessary to reliably detect counterfeit pharmaceuticals with its handheld sensors, it should be met with broad interest from quality assurance departments in the pharmaceutical industry.
Following the successful certification from potential customers, Nynomic should be able to generate first sales this year already, eNuW. While we only expect a small sales contribution from LabScanner Plus in FY24e (~ € 1m, eNuW), it contributes another building block to management’s mid- to long-term strategy and should have the potential for a mid single-digit annual sales contribution during the next few years.
FY24 growth to accelerate. Following last year’s muted sales growth (1%) largely due to the lumpy nature of parts of the group and customers’ inventory normalizations, FY24e looks set to show a notable acceleration. We expect 12% yoy growth (8% organic) on the back of a number of drivers including (1) unbroken demand from semi customers, (2) fulfilment precision farming orders, (3) TactiScan gaining traction, (4) a structurally growing medtech market and (5) new product launches such as LabScanner Plus.
Additional growth from acquisitions likely. As highlighted during the recent earnings call and inline with the growth strategy, Nynomic should be looking to add 1-2 additional companies during the next six months. Thanks to its balance sheet strength, it could also consider larger targets with up to € 20m sales. Trading below 11x EV/EBIT FY24e and in light of the prospects reflected in the company's mid-term guidance of € 200m sales and a 16-19% EBIT margin, shares look attractively priced. We confirm our BUY rating with an unchanged € 52 PT based on DCF.
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http://www.more-ir.de/d/29415.pdf
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Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
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