Original-Research: mVISE AG - from NuWays AG 30.01.2025 / 09:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: mVISE AG - from NuWays AG

30.01.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to mVISE AG

     Company Name:                mVISE AG
     ISIN:                        DE0006204589

     Reason for the research:     Update
     Recommendation:              Buy
     from:                        30.01.2025
     Target price:                EUR 1.40
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

mVISE free of bank liabilities going forward

Topic: Under the lead of Finanzhaus Main Tauber (FHMT), a consortium of
investors will assume all bank liabilities of mVISE (EUR 2.3m as of H1'24) as
of January 31, as part of a refinancing.

The consortium, which is represented on the Supervisory Board by Stefan
Träumer, currently holds c. 2% of the shares in mVISE and has reiterated its
intention of increasing their commitment and hereby intensifying their
cooperation/involvement.

In our view, this has to be seen as positive news for the company, as it
documents the confidence of the consortium in the investment case and the
successful transformation (for more detail see our initiation) of mVISE.
Moreover, all investors are now on the same side of the table, having
eliminated banks out of the equation, which is seen to facilitate future
financing and refinancing. Mind you, the company aims to pursue a Buy &
Build approach going forward in order to become a serious competitor for
larger, mostly anglo saxon competitors like Avaya or Genesis in the DACH
region.

Besides this, the company is going to release its FY report in March. After
a strong start in the year with an adj. EBITDA of EUR 0.5m, we expect the
company to also show strong figures for H2.

Despite an expected decline of the top-line (eNuW: EUR 9.4m), which is
explained by significant staff reductions in connection with the current
efficiency program, EBITDA looks set to increase to EUR 1.2m, implying a
margin of 13.0% (+4.2pp yoy). The strong margin expansion should be mainly
driven by the acquisition of opcyc (60% EBITDA margin at EUR 1.7m sales) as
well as significant operational improvements leading to increased
utilization rates.

Overall, this is currently not adequately reflected in share price, in our
view, given a valuation of 8.9x EV/ EBTIDA FY25e (6.7x FY26e).

We hence reiterate BUY with an unchanged EUR 1.40 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/31693.pdf
For additional information visit our website:
https://www.nuways-ag.com/research-feed

Contact for questions:
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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2077513 30.01.2025 CET/CEST