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    N4G   DE000A161NR7

THE NAGA GROUP AG

(N4G)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 11/29 07:00:23 am
7.98 EUR   +6.54%
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EQS/Original-Research : The NAGA Group AG (von GBC AG): BUY

12/07/2020 | 03:02am EST
 
 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: 4.30 Euro 
Kursziel auf Sicht von: 31/12/2021 
Letzte Rating?nderung: 
Analyst: Cosmin Filker 
 
Strong sales and earnings growth continued in third quarter; forecasts and 
price target increased 
 
With the publication of the preliminary half-year figures for 2020, it was 
already known that The NAGA Group AG (NAGA) had achieved the operational 
turn-around. After comparatively low sales and a negative earnings level in 
the previous year, the now published half-year report shows strong sales and 
earnings growth. In total, revenues increased almost sevenfold to EUR 11.67 
million (previous year: EUR 1.67 million) and EBITDA was again clearly in 
the black at EUR 3.87 million (previous year: EUR -4.58 million). The fact 
that an EBITDA margin of 33.1% was achieved despite increased sales 
activities is particularly noteworthy. On the one hand, this demonstrates 
the high scalability of the main product NAGA Trader, which focuses on 
online brokerage. On the other hand, the company had significantly and 
sustainably reduced its cost structures in 2019 as part of a restructuring 
programme. 
 
Even though the volatilities and thus high transaction figures in the course 
of the Covid 19 pandemic contributed to the success of the NAGA Trader, the 
significant increase in the number of new customers to 46,000 was also due 
to the accelerated and focused activities of the company. Over EUR 26 
million (previous year: EUR 8.3 million) in new deposits were made and the 
trading volume represented by the NAGA Trader increased significantly to 
around EUR 50 billion (previous year: EUR 16.5 billion). 
 
The momentum shown in the first half of the year continued in the third 
quarter of 2020. Despite a calming of the capital markets, revenues of 
EUR7.1 million and EBITDA of EUR1.9 million (EBITDA margin: 26.8%) were 
achieved in the summer quarter. After nine months in 2020, revenue totalled 
EUR18.7 million and EBITDA EUR5.8 million. The NAGA management recently 
reaffirmed the forecasts published in July 2020, according to which revenues 
of between EUR 22 and 24 million and EBITDA of between EUR 5.5 and 6.0 
million are to be achieved on a full-year basis. When compared to the 
figures achieved after nine months, it becomes clear that these forecasts 
should be easily achievable. Particularly as the current fourth quarter is 
again characterised by rising transaction figures due to various factors (US 
presidential election; second Covid-19-wave). 
 
We are adjusting our previous forecasts for 2020 upwards. We now expect 
revenues of EUR 24.89 million (previous GBC forecast: EUR 23.75 million) and 
EBITDA of EUR 6.49 million (previous GBC forecast: EUR 5.85 million). This 
forecast increase provides a higher basis for our specific forecasts for the 
next two financial years, which we are also raising. The basis for our 
expected revenue growth of 50% (2021e) and 17.5% (2022e) is the increasing 
awareness of the NAGA Trader and the company's expansion activities. In 
addition to the market entry in China, activities in Australia and South 
America, with the associated additional sales potential, are to be launched 
from the coming financial year. 
 
As part of our DCF valuation model, we have calculated a new price target of 
EUR4.30 (previously: EUR3.75) per share. Based on the current share price, 
we assign a BUY rating. 
 
Die vollst?ndige Analyse k?nnen Sie hier downloaden: 
http://www.more-ir.de/d/21914.pdf 
 
Kontakt f?r R?ckfragen 
J?rg Grunwald 
Vorstand 
GBC AG 
Halderstrasse 27 
86150 Augsburg 
0821 / 241133 0 
research@gbc-ag.de 
++++++++++++++++ 
Offenlegung m?glicher Interessenskonflikte nach ? 85 WpHG und Art. 20 MAR. 
Beim oben analysierten Unternehmen ist folgender m?glicher 
Interessenkonflikt gegeben: (5a,11); Einen Katalog m?glicher 
Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung 
+++++++++++++++ 
Date (time) Completion: 07/12/20 (8:07 am) Date (time) first transmission: 
07/12/20 (09:00 am) 
 
=------------------?bermittelt durch die EQS Group AG.------------------- 
 
F?r 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 B?rsengesch?fte. 
 
 

(END) Dow Jones Newswires

December 07, 2020 03:01 ET (08:01 GMT)

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Financials
Sales 2021 57,6 M 64,9 M 64,9 M
Net income 2021 6,49 M 7,32 M 7,32 M
Net cash 2021 62,3 M 70,3 M 70,3 M
P/E ratio 2021 53,5x
Yield 2021 -
Capitalization 308 M 348 M 347 M
EV / Sales 2021 4,26x
EV / Sales 2022 2,42x
Nbr of Employees 112
Free-Float 18,9%
Chart THE NAGA GROUP AG
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The NAGA Group AG Technical Analysis Chart | N4G | DE000A161NR7 | MarketScreener
Technical analysis trends THE NAGA GROUP AG
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Last Close Price 7,49 €
Average target price 13,13 €
Spread / Average Target 75,3%
EPS Revisions
Managers and Directors
Benjamin Bilski Chief Executive Officer
Andreas Luecke Chief Financial Officer, Head-Legal & HR
Harald Patt Chairman-Supervisory Board
Alexander Braune Director-Operations
Sandra Pankin Administrative Manager
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