dpa-AFX Compact

Original-Research: EV Digital Invest AG (von NuWays AG): HOLD

02.02.2024
um 09:26 Uhr

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Original-Research: EV Digital Invest AG - von NuWays AG

Einstufung von NuWays AG zu EV Digital Invest AG

Unternehmen: EV Digital Invest AG
ISIN: DE000A3DD6W5

Anlass der Studie:
Empfehlung: HOLD
seit: 02.02.2024
Kursziel: 4.80
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung:
Analyst: Frederik Jarchow

Topic: After a historically bad year 2023 for EVDI and the whole sector,
the worst seems to be over, and
we see light at the end of the tunnel for EVDI. Here is why:

The real-estate sector shows first signs of a recovery. Apart from
normalizing construction cost inflation
(4.3% in Q4'23 vs 16.9% in Q4'22), real estate prices are coming down as
well, as shown by the Q3
housing price index (-10.2% yoy). That paired with declining financing
rates (10y swap rates are -95bps
since October), should allow for a revitalization of the industry in 2024
that should bode well for EVDI.
Cross-selling potential with wevest. Once the integration of wevest is
completed, we expect crossselling
potentials between the wevestŽs and EVDIŽs customer base strengthening the
client relationship.
ECSP license enable new products. The recently granted ECSP license, allows
EVDI to offer new
products such as whole loans and senior loans. On top, cross-country
generation and financing of loans
is possible. That, paired with the wevest license which allows for loans
with a volume of up to EUR 8m,
should drive sales going forward.

Interesting opportunities in the renewable space. Like its peer Exporo,
EVDI could further diversify its
business by additionally offering renewable energy projects such as solar
parks on its platform. We observe
that the demand for such products on the investor as well as on the project
developer side is growing.
While the margins (spreads) in this space are lower due to lower interest
expenses, the risks are
lower as well.

Apart from that, EVDI announced changes in the management board end of last
year. Tobias Barten
(former Co-CEO) left the company to take over as CEO of EVDIŽs partner
Engel&Völkers Capital. Karl
Poerschke, the former Head of Finance succeeded in the role of COO. While
we consider Karl as a perfect
match, the new role of Tobias should further fuel collaborations between
EVDI and EVC.
While we see a lot of upside in the mid-term, we remain conservative for
the moment, trimming our estimates
for FY23 and beyond in order to reflect the weak industry sentiment with
insolvencies and delays
that could cause impairments.

HOLD with a reduced PT of EUR 4.80, based on DCF.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28787.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
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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.
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-------------------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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EV DIGITAL INVEST INH.AKT

WKN A3DD6W ISIN DE000A3DD6W5