Tillkännagivande • Jun 05
Burda Digital Se made an offer to acquire remaining 25.78% stake in New Work SE (XTRA:NWO). Burda Digital Se made an offer to acquire remaining 25.78% stake in New Work SE (XTRA:NWO) for on June 3, 2024. The offer price per share is €66.25. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €65.90, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 21x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 70% over the past three years. Upcoming Dividend • May 29
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 07 June 2024. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Austrian dividend payers (6.0%). In line with average of industry peers (1.6%). Reported Earnings • May 07
First quarter 2024 earnings released: €3.01 loss per share (vs €1.25 profit in 1Q 2023) First quarter 2024 results: €3.01 loss per share (down from €1.25 profit in 1Q 2023). Revenue: €77.1m (down 7.6% from 1Q 2023). Net loss: €16.9m (down 340% from profit in 1Q 2023). Revenue is expected to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Interactive Media and Services industry in Europe are expected to grow by 9.8%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. Declared Dividend • Apr 24
Dividend of €1.00 announced Shareholders will receive a dividend of €1.00. Ex-date: 5th June 2024 Payment date: 7th June 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 4.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 39% over the next 3 years. However, it would need to fall by 83% to increase the payout ratio to a potentially unsustainable range. New Risk • Mar 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: €6.56 (vs €8.20 in FY 2022) Full year 2023 results: EPS: €6.56 (down from €8.20 in FY 2022). Revenue: €329.7m (down 1.3% from FY 2022). Net income: €36.9m (down 20% from FY 2022). Profit margin: 11% (down from 14% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Interactive Media and Services industry in Europe are expected to grow by 9.9%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to €53.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 20x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 77% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €75.13 per share. Buying Opportunity • Jan 13
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 39%. The fair value is estimated to be €75.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has grown by 5.9%. Revenue is forecast to decline by 7.8% in 2 years. Earnings is forecast to decline by 16% in the next 2 years. New Risk • Dec 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.3% average weekly change). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (118% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: €2.40 (vs €2.55 in 3Q 2022) Third quarter 2023 results: EPS: €2.40 (down from €2.55 in 3Q 2022). Revenue: €82.2m (down 2.3% from 3Q 2022). Net income: €13.5m (down 5.9% from 3Q 2022). Profit margin: 16% (in line with 3Q 2022). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €87.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €162 per share. New Risk • Aug 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (90% cash payout ratio). Share price has been volatile over the past 3 months (5.0% average weekly change). Large one-off items impacting financial results. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: €1.78 (vs €2.00 in 2Q 2022) Second quarter 2023 results: EPS: €1.78 (down from €2.00 in 2Q 2022). Revenue: €83.4m (flat on 2Q 2022). Net income: €10.0m (down 11% from 2Q 2022). Profit margin: 12% (down from 14% in 2Q 2022). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 18
Upcoming dividend of €6.72 per share at 5.3% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 29 May 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Austrian dividend payers (5.4%). Higher than average of industry peers (1.9%). Reported Earnings • May 05
First quarter 2023 earnings released: EPS: €1.25 (vs €2.16 in 1Q 2022) First quarter 2023 results: EPS: €1.25 (down from €2.16 in 1Q 2022). Revenue: €84.2m (up 5.5% from 1Q 2022). Net income: €7.04m (down 42% from 1Q 2022). Profit margin: 8.4% (down from 15% in 1Q 2022). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €128, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €192 per share. Buying Opportunity • May 05
Now 33% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be €192, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings is also forecast to grow by 6.1% per annum over the same time period. Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: €8.20 (vs €7.71 in FY 2021) Full year 2022 results: EPS: €8.20 (up from €7.71 in FY 2021). Revenue: €334.1m (up 9.1% from FY 2021). Net income: €46.1m (up 6.4% from FY 2021). Profit margin: 14% (in line with FY 2021). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Buying Opportunity • Mar 01
Now 21% undervalued Over the last 90 days, the stock is up 1.2%. The fair value is estimated to be €199, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: €8.20 (vs €7.05 in FY 2021) Full year 2022 results: EPS: €8.20 (up from €7.05 in FY 2021). Revenue: €337.1m (up 7.2% from FY 2021). Net income: €46.1m (up 16% from FY 2021). Profit margin: 14% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: €2.55 (vs €1.32 in 3Q 2021) Third quarter 2022 results: EPS: €2.55 (up from €1.32 in 3Q 2021). Revenue: €84.1m (up 8.4% from 3Q 2021). Net income: €14.3m (up 106% from 3Q 2021). Profit margin: 17% (up from 9.0% in 3Q 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: €2.55 (vs €1.16 in 3Q 2021) Third quarter 2022 results: EPS: €2.55 (up from €1.16 in 3Q 2021). Revenue: €85.1m (up 6.9% from 3Q 2021). Net income: €14.3m (up 119% from 3Q 2021). Profit margin: 17% (up from 8.2% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: €2.00 (vs €2.41 in 2Q 2021) Second quarter 2022 results: EPS: €2.00 (down from €2.41 in 2Q 2021). Revenue: €83.4m (up 8.2% from 2Q 2021). Net income: €11.2m (down 17% from 2Q 2021). Profit margin: 14% (down from 18% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.8%, compared to a 16% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 26
Upcoming dividend of €6.36 per share Eligible shareholders must have bought the stock before 02 June 2022. Payment date: 06 June 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Austrian dividend payers (4.4%). In line with average of industry peers (1.9%). Reported Earnings • May 06
First quarter 2022 earnings released: EPS: €2.12 (vs €2.15 in 1Q 2021) First quarter 2022 results: EPS: €2.12 (down from €2.15 in 1Q 2021). Revenue: €82.2m (up 9.9% from 1Q 2021). Net income: €11.9m (down 1.7% from 1Q 2021). Profit margin: 14% (down from 16% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.5%, compared to a 25% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: €7.05 (vs €4.65 in FY 2020) Full year 2021 results: EPS: €7.05 (up from €4.65 in FY 2020). Revenue: €314.5m (up 4.8% from FY 2020). Net income: €39.6m (up 52% from FY 2020). Profit margin: 13% (up from 8.7% in FY 2020). Over the next year, revenue is forecast to grow 1.5%, compared to a 28% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 20% share price gain to €190, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 25x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €183 per share. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS €1.16 (vs €2.17 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €80.1m (up 8.9% from 3Q 2020). Net income: €6.54m (down 46% from 3Q 2020). Profit margin: 8.2% (down from 17% in 3Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS €2.41 (vs €2.15 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €77.4m (up 3.6% from 2Q 2020). Net income: €13.6m (up 12% from 2Q 2020). Profit margin: 18% (up from 16% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 13
Upcoming dividend of €2.59 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 24 May 2021. Trailing yield: 1.1%. Lower than top quartile of Austrian dividend payers (3.2%). In line with average of industry peers (1.1%). Reported Earnings • May 06
First quarter 2021 earnings released: EPS €2.15 (vs €1.28 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: €75.2m (flat on 1Q 2020). Net income: €12.1m (up 68% from 1Q 2020). Profit margin: 16% (up from 9.5% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue misses expectations Revenue missed analyst estimates by 0.1%. Over the next year, revenue is expected to shrink by 3.5% compared to a 38% growth forecast for the Interactive Media and Services industry in Austria. Is New 90 Day High Low • Feb 24
New 90-day low: €225 The company is down 7.0% from its price of €243 on 25 November 2020. The Austrian market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €165 per share. Is New 90 Day High Low • Jan 05
New 90-day high: €286 The company is up 7.0% from its price of €266 on 06 October 2020. The Austrian market is up 27% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Interactive Media and Services industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €174 per share. Is New 90 Day High Low • Dec 16
New 90-day high: €269 The company is up 10.0% from its price of €244 on 16 September 2020. The Austrian market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Interactive Media and Services industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €130 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 0.6%. Over the next year, revenue is expected to shrink by 5.1% compared to a 29% growth forecast for the Interactive Media and Services industry in Austria. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS €2.17 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: €74.1m (down 1.7% from 3Q 2019). Net income: €12.2m (up 208% from 3Q 2019). Profit margin: 17% (up from 5.3% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 30
New 90-day low: €221 The company is down 20% from its price of €275 on 31 July 2020. The Austrian market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €104 per share. Tillkännagivande • Oct 05
New Work SE Announces Appointment of Frank Hassler as Chief Sales Officer, Effective from November 1, 2020 Frank Hassler has been appointed as the new Chief Sales Officer (CSO) at NEW WORK SE. The 48-year-old will take up his new post on 1 November 2020. Frank Hassler was previously CEO at Munich-based censhare AG, where he drove the company's growth and upscaled the business. Hassler is no stranger to NEW WORK SE, having held the position of Managing Director of E-Recruiting at XING from 2012 to 2019. In that role he was responsible for building up the sales organisation and developing new products and business models. Under his leadership, the E-Recruiting segment grew to become the company's largest growth driver. In total, Hassler has amassed more than 20 years of expertise in the international software business, with previous CV entries including Navision, Microsoft and SAP. 
