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

Directive transparence : information réglementée

02/02/2024 09:26

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

Einstufung von NuWays AG zu EV Digital Invest AG

Unternehmen: EV Digital Invest AG

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 wevest´s and EVDI´s 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 € 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 EVDI´s 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 € 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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