Research-Studie


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: 2.70 EUR
Kursziel auf Sicht von: 31/12/2020
Letzte Ratingänderung:
Analyst: Cosmin Filker

Q1 figures 2020 significantly above our expectations, forecasts for 2020
and 2021 raised, old price target reached, new price target raised to
EUR2.70


According to preliminary figures, The NAGA Group AG (NAGA) generated a
significant increase in revenues to EUR 7.0 million (previous year: EUR 0.6
million) in the first quarter of 2020. It is particularly noteworthy that
this is exclusively trade and service revenue, which is therefore fully
attributable to the operating business. The basis for this development is
the significant increase in the number of active accounts, which has
doubled since the beginning of the year and as a result of that the trading
volume has been expanded to a new quarterly record of EUR 23 billion. After
the 2019 financial year was marked by substantial restructuring, NAGA had
shown a positive trend, particularly at the end of the past financial year,
with operating revenues rising to EUR2.5 million in the fourth quarter. In
this respect, Q1 2020 must be seen as a continuation of this development,
which was also positively influenced by the high volatility currently
prevailing on the capital markets.

With preliminary EBITDA of EUR 3.3 million (previous year: EUR -2.8
million) and EBIT of EUR 2.2 million (previous year: EUR -3.9 million), the
operating break-even point was significantly exceeded. Although NAGA has
implemented significant cost savings in the course of its restructuring, we
did not expect to reach the break-even point until the course of the coming
financial year 2021.

The product and customer acquisition strategy was more successful than we
had anticipated. In the course of the reorganization, NAGA had transferred
its product range to a uniform platform, with a strong focus on traditional
securities trading within the framework of its own social trading platform
'NAGA Trader'. In addition, the implemented partner program, in which
important 'pro-users' act as catalysts for the cost-effective acquisition
of new customers, appears to be very successful. Finally, the international
market offensive, which was recently extended to Uruguay and China, also
contributed important growth impulses.

The preliminary figures for the first quarter of 2020, which are well above
our expectations, make it necessary to adjust our forecasts for 2020 and
2021. Based on the expectation that the high volatilities could continue
until at least the middle of the year, we expect sales revenues of EUR
20.21 million in 2020 (old forecast: EUR 10.61 million). On the basis of
the forecasts, which have thus been raised significantly, we expect
revenues in 2021 to also be significantly higher at EUR 24.25 million
(previously: EUR 14.66 million). The company should exceed the break-even
point in both financial years.

We have adjusted our DCF valuation model and calculated a new price target
of EUR 2.70 (previously: EUR 1.75). Although the NAGA share has performed
very positively compared to our last research report (see report dated 21
November 19), with a price increase of 143 %, and has reached our old price
target, based on the new price target a further price potential of 58.8 %
is calculated. We thus continue to assign the BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/20579.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
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
+++++++++++++++
Date (Time) of completion: 20/04/20 (1:00 pm)
Date (Time) first distribution: 21/04/20 (10:00 am)

-------------------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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