GBC AG: The NAGA Group AG | Rating: Buy
Original-Research: The NAGA Group AG - von GBC AG
Einstufung von GBC AG zu The NAGA Group AG
Unternehmen: The NAGA Group AG
ISIN: DE000A161NR7
Anlass der Studie: Research Comment
Empfehlung: Buy
Kursziel: 9.10 Euro
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung:
Analyst: Cosmin Filker
Strong revenue growth and operating break-even achieved, internationalisation and new products ensure further growth, price target raised to EUR 9.10, Rating: BUY
Already in January 2021, The NAGA Group AG (short: NAGA) had published preliminary figures for the past financial year 2020. On 26 July 2021, the publication of the annual report confirmed the already known key data. With sales revenues of EUR 24.35 million (previous year: EUR 7.62 million), the previous year's figure was more than tripled. With the focus on online brokerage, the market environment characterised by high volatility and thus high transaction activity was an important driver for the company. In addition, marketing activities were significantly expanded, which led to increased awareness in a market that had already been growing strongly. The number of customers improved to 43,646 (previous year: 25,376) and the trading volume climbed to EUR 120 billion (previous year: EUR 41 bil-lion). Despite expanded marketing activities, EBITDA improved to EUR 6.57 million (previous year: EUR -9.17 million) and NAGA achieved a positive operating cash flow of EUR 3.68 million (previous year: EUR -2.40 million) for the first time.
With the publication of the annual report, NAGA management confirmed the guidance for 2021, which was also communicated at the beginning of 2021. With a significant increase in turnover to EUR 50 - 52 million, an EBITDA in the range of EUR 13 - 15 million is to be generated. The figures published by the company for the first half of 2021 prove that this guidance is realistic. The total group turnover of EUR 24.5 million was already at the level of the previous full year 2020 after six months. The strong increase in the number of transactions to 4.8 million (previous year: EUR 2.7 million) and the traded volume to EUR 132 billion (previous year: EUR 50 billion) form the basis for this.
A continuation of this impressive growth course should not only be a consequence of the expected continued high market volatility. In addition to increasing marketing activities and pushing customer support and further investments in user experience, the company plans to market Naga Trader globally. Approval processes are currently underway for entry into Australia, South America and Vietnam. In addition, new product launches are also expected to contribute to growth. In the third quarter of 2021, NAGA Pay, an app that connects an IBAN account, a Visa debit card, a share deposit account and physical crypto wallets, will be launched. Another product will be NAGA Pro, which is aimed specifically at users who have their own trading community. These 'influencers' could provide additional customer growth, especially for the copy- trade function. The financing of the growth targets is secured with the framework agreement concluded with Yorkville Advisors in the amount of EUR25 million at the beginning of 2021.
Compared to our last Research (dated 13 January 2021), we have slightly adjusted our forecasts for the current and coming financial year due to the very good development that has taken place so far. For the first time, we are including the forecasts for the 2023 financial year in the concrete estimation period, which, together with the new target horizon of 31 December 2022 (previously: 31 December 2021), accounts for the technical model roll-over effect. Our price target has been raised to EUR9.10 (previously: EUR7.03) and we continue to assign a BUY rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/22753.pdf
Kontakt für Rückfragen
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date (time) completion: 09/08/21 (08:18 am)
Date (time) first transmission: 09/08/21 (09:30 am)
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