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Original-Research: elumeo SE - von NuWays AG

Einstufung von NuWays AG zu elumeo SE

Unternehmen: elumeo SE ISIN: DE000A11Q059

Anlass der Studie: Q3 Review Empfehlung: BUY seit: 13.11.2023 Kursziel: EUR 5,50 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow

Weak Q3 // Consumer sentiment weighs on sales, chg elumeo published weaker than expected Q3 figures that are driven by the overall weaker consumer sentiment. Here is what is important: Sales came in at only EUR 11.0m (vs eNuW: EUR 11.7m; -5% qoq, 1% yoy), mainly due to a lower avg sales price of only EUR 68 (-13% qoq, -14% yoy vs eNuW: EUR 79) resulting from the overall more restricted spending of its customer group. The increased number of active customers (39k, 18% yoy) and rising no. of items sold (162k, 9% qoq, 17% yoy), only partially compensated for the lower avg sales price. EBIT turned negative again to EUR -0.3m (vs EUR -0.8m in Q1) in contrast to our positive expectation of EUR 0.1m. While the bottom line decline is purely caused by the weak topline, the cost cutting program that is bearing fruit and the other operating income, cushioned it a bit. Positively, elumeo was able to keep its sales level rather stable - against the general trend in the overall online jewelry & watches market as well as the multichannel market, (-14% yoy and -19% yoy). Worth highlighting is that the web shop, which grew by 15% in revenues and achieved a new record daily revenue on November, 1st when Black Friday season kicked-off. Further, the "rising star" of the group, jooli launched of joolipay, which is marking the starting point for the monetization of jooli that should further fuel Group revenues. First KPIŽs are promising but not yet meaningful. Apart from that, management unveil further building blocks of its growth program #juwelo100 with the goal to grow the core business at 10% CAGR to EUR 100m by FY30 (vs eNuW: 11% p.a to 71.5m by FY26e): A new interactive mobile jewelry shopping app and automatically AI translated shopping shows are expected to contribute together c. EUR 30m by FY30. The positive sales development paired with declining OPEX relative to sales, should increase EBIT margin to 5% in FY26e (eNuW). While the challenging macro picture and the weak consumer sentiment should continue to burden the business in the short term, the outlook for the mid to long term remains bright: The growth program #juwelo100 with several initiatives, as well as jooli should fuel the topline from FY24e onwards. BUY with a new PT of EUR 5.50 (old: EUR 5.70) based on DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28233.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 ++++++++++ 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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Quelle: dpa-Afx