Original-Research

Westwing Group SE (von NuWays AG): Kaufen

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Original-Research: Westwing Group SE - von NuWays AG

Einstufung von NuWays AG zu Westwing Group SE

Unternehmen: Westwing Group SE
ISIN: DE000A2N4H07

Anlass der Studie: Update
Empfehlung: Kaufen
seit: 08.05.2024
Kursziel: EUR 18.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Mark Schüssler

Healthy Q1 results // FY24 guidance confirmed

Healthy Q1 results underpin that Westwing was able to continue the trend of yoy GMV growth witnessed in recent quarters. Q1 sales increased by 6% yoy to EUR 109m (eNuW: EUR 107.7m), showing an acceleration of growth versus Q4 (+2% yoy), driven by growth in active customers (+2% yoy to 1.28m) and basket size (+9% yoy to EUR 185). International and DACH grew 3% and 8% yoy, respectively, implying continued market share gains amid ongoing challenges in the German online Home & Living market (-4% yoy).

At the same time, efficiency measures are bearing fruit. Adj. EBITDA arrived in line with expectations at EUR 6m in Q1 (eNuW: EUR 6.5m), representing a margin improvement of 0.8ppts yoy to 5.8%. This was carried by a strong contribution margin expansion of +4ppts yoy to 32%, a favorable product mix (i.e. higher private label share, +5ppts yoy to 51% of GMV in Q1), reduced fulfilment expenses (-2ppts yoy) as well as lower G&A costs (-1ppts yoy) as a result of cost savings (i.e. consolidation of logistics and warehouses and streamlining the organization). Notably, Westwing was able to translate the favorable adj. EBITDA development into healthy FCF of EUR 4m in Q1, supported by net working capital of EUR -18m, likely concluding the reduction of excess inventory built up during Covid.
Westwing confirmed its FY24 guidance and with sales expected to develop within a range of -3% to 4% yoy to EUR 415445m (eNuW: EUR 442m). While the Q1 performance was overall satisfactory, management continues to expect H2'24 sales to be weighed down by a strategic adjustment of the product offering in Spain and Italy (low to mid single-digit percentage impact) along with ongoing challenges in the home & living market as consumers continue to hold back on higher-value products such as furniture.
The adj. EBITDA outlook was reiterated at EUR 14m to EUR 24m implying a 3.1 to 5.8% margin (eNuW: EUR 23.7m with a 5.4% margin). Considering EUR 6m adj. EBITDA in Q1, the bottom-line guidance looks achievable, in our view, while FCF for the full year should likely be close to break-even (eNuW: EUR 0.3m) due to one-off restructuring costs (i.e. complexity reduction, SaaS transition) and normalizing inventory patterns.

Overall, Westwing has adapted successfully to the current transition period towards a leaner and more scalable organizational setup. While visibility on a return of consumer confidence remains low, Westwing's mid-term prospects continue to look bright driven by the structural shift towards e-commerce and its unique positioning in the European home & living market. We reiterate our BUY recommendationwith a PT of EUR 18.00, based on DCF, and keep the stock on our Alpha List.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/29623.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: [e-mail]
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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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. ++++++++++

übermittelt durch die EQS Group AG.

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.

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Die Westwing Aktie wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Plus von +0,23 % und einem Kurs von 8,56EUR auf Lang & Schwarz (08. Mai 2024, 09:02 Uhr) gehandelt.

Rating: Kaufen
Analyst: