Original-Research: ASMALLWORLD AG (von NuWays AG)


Original-Research: ASMALLWORLD AG - von NuWays AG

Einstufung von NuWays AG zu ASMALLWORLD AG

ISIN: CH0404880129

Anlass der Studie: Update
Empfehlung: BUY
seit: 01.12.2023
Kursziel: CHF 4,90
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung: 
Analyst: Henrey Wendisch

JetBeds acquisition to fill important gap
Topic: ASW announced the acquisition of first and business class booking
engine (JetBeds GmbH, Germany), which is closing an open gap in
ASW’s modular product offering.
All assets of JetBeds are acquired by ASW including the valuable booking
engine as well as other important intangible assets like the customer base.
JetBeds offers a unique USP to travel sassy customers, by finding
attractive deals for first and business class flights of renowned airlines.
While its flight booking engine combines non-cooperating and cooperating
airlines, the company also negotiates
exclusive discount deals for their customers.
With the social network of paying, luxury- and travel-sassy members in its
core, ASW now extends its broad monetization opportunities (see p.2). The
addition of JetBeds completes ASW’s product offering in the travel booking
offering, as members can now also book a flight via ASW next to to hotel
booking (ASW Collection) and bespoke travel services (First Class and More
& ASW Private).
However, the most important synergies should arise from a potential
combination of flight booking and mile optimization but also a potential
technological integration into the hotel-booking engine “ASW Collection”
providing customers a full services for a luxury journey. Moreover, the
sensible acquisition should lift notable cross selling opportunities, once
fully integrated into ASW (eNuW: not before H2’24e) while turning ASW more
and more into a one-stop shop for luxury travel-sassy customers.
While these new scalable monetization expansions should not impact FY'23e,
we expect notable growth of top and bottom line in FY'24e thanks to a
growing member base coupled with increasing average revenues per user
thanks to the continuous expansion of offered services, which serve a niche
ofcurrently 67k high income members.
With shares currently trading at 7.3x EV/EBITDA FY'24e (vs. 15x average
EV/EBITDA FY'20-'22), current levels offer an attractive entry oppurtunity.
Hence, we reiterate our BUY recommendation with unchanged PT of CHF 4.90,
based on DCF.

Die vollständige Analyse können Sie hier downloaden:
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden

Kontakt für Rückfragen
NuWays AG  - Equity Research
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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.

-------------------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.