September 2nd, 2021 | 11:30 CEST
HelloFresh, TeamViewer and wallstreet:online: Up to 50% price potential
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For more than twenty years, the Cologne native has been intensively involved with the stock market, both professionally and privately. He is particularly passionate about national and international small and micro caps.
wallstreet:online - Share with around 40% price potential
After convincing half-year figures, Warburg Research sees around 40% price potential for the wallstreet:online AG share. In the first six months of 2021, wallstreet:online increased its revenues by 57% to EUR 23.8 million. According to Warburg analysts, this means that the Company is continuing its strong growth trend of the past year. The growth driver was the new brokerage business with +127%. Smartbroker already had around 142,000 customers at the end of June 2021 - 62,000 more than at the beginning of the year. Assets under management even increased by 240% to EUR 6.8 billion. The high quality of Smartbroker's customers is reflected in the average assets of almost EUR 30,000 per customer, who are usually experienced traders and not first-time customers, they said. The analysts expect wallstreet:online's online broker to crack the 200,000 customer mark by the end of the year. In addition, the Group's traditional platform and marketing business also posted growth. There, sales increased by 40%.
According to Warburg estimates, wallstreet:online will be able to significantly increase its revenues in the coming years and achieve disproportionate growth in profits. Revenues are expected to rise from EUR 54 million in the current year to around EUR 81 million by 2023. At the same time, operating profit (EBITDA) is expected to climb from EUR 6.59 million (2021) to around EUR 32.6 million. That would be an increase of almost 400%. Net income is expected to increase from EUR 4.1 million in the current year to EUR 17.9 million. These numbers put the current market capitalization of around EUR 360 million into perspective. Therefore Warburg recommends the share of wallstreet:online to the purchase and calls a price target of EUR 34. The share is currently trading at around EUR 24.
HelloFresh: Thumbs up despite lower margin
One of the high-flyers since the beginning of the Corona pandemic is undoubtedly HelloFresh. The cooking box shipper benefited greatly from the lockdowns and exit restrictions. But the Company should also develop positively in the future. Thus, the majority of the accompanying analysts recommend the stock as a buy. Kepler Cheuvreux has slightly raised the price target for HelloFresh from EUR 102.70 to 103.60. The analysts are relaxed about the lowered margin outlook. Because the cooking box shipper invests in the expansion of capacities thus, supply bottlenecks should be avoided, and the business should continue to grow in the future. HelloFresh had reported revenues of around EUR 1.55 billion for Q2 2021 (Q2 2020: EUR 972 million), slightly higher than analysts' average expectations. Adjusted EBITDA was also slightly above analysts' expectations of EUR 155 million in the reporting period at EUR 158 million (Q2 2020: EUR 154 million). Due to the strong growth, the revenue forecast for the full year 2021 has increased from 35% - 45% to 45% - 55%. Due to the stronger than initially planned growth in fiscal year 2021 and in order to be well prepared for fiscal year 2022 and further fiscal years, HelloFresh will accelerate the further build-up of production capacities and therefore now expects higher than initially planned fulfillment costs for fiscal year 2021. As a result, the full-year 2021 adjusted EBITDA margin guidance has been reduced from 10% - 12% to 8.25% - 10.25%. This is lower than the average analyst estimates of 11.1%.
TeamViewer: Ronaldo switch only helps briefly
At TeamViewer, it looked for a while as if Christiano Ronaldo's move to Manchester United would give the share new momentum. The soccer superstar had surprisingly reached an agreement with Manchester United to return. TeamViewer can therefore look forward to Ronaldo's charisma in the future as the club's shirt sponsor. Manchester United's sponsorship has previously been viewed rather critically by investors, as it was the reason for the reduction in the profit forecast in March. With the signing of the world star, the costs should at least be put into perspective somewhat. Nevertheless, the share was only able to profit briefly. After the disappointing figures of the peer group company Zoom, the Teamviewer share also went down again. Nevertheless, the major Swiss bank, UBS, recommends buying the software company's stock, citing a price target of EUR 44. That means that the price potential is over 50%. However, according to the analysts, the figures for the third quarter will be decisive for the further outlook.
The high flyers of the past year continue to be highly rated by analysts. HelloFresh and wallstreet:online in particular, appear to have excellent prospects. TeamViewer must first regain lost confidence with solid Q3 figures.
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