NAGA Group AG
Germany - Services
Buy (old: Buy) | 12-January-21 | ||||||
Price target: EUR 7.00 (old: EUR 5.90) | Frederik Jarchow | ||||||
Analyst | |||||||
Price: | EUR 3.78 | Next result: | FY 20 tbd. | ||||
Bloomberg: | N4G GR | Market cap: | EUR 124.5 m | frederik.jarchow@ha-ib.de | |||
Reuters: | N4G.DE | Enterprise Value: | EUR 125.7 m | Tel.: +49 40 414 388 576 | |||
Growth to continue after record 2020; chg est. & PT
NAGA posted strong FY20 figures with € 25.9m in sales (315% yoy) and an EBITDA
- 6.0m (FY19: -9.2m). Both figures are broadly in-line with our expectations (eH&A: 25.9m in sales and 6.5m in EBITDA).
In addition, NAGA announced a guidance of € 50m - 52m in sales for FY 21, which is above market expectations on sales (€ 47m) and in-line on EBITDA at mid-point (€ 14m). The upper end of the guidance even implies a 6% beat on sales and a 9% beat on EBITDA vs street estimates.
After a strong Q4 20 in terms of volume (€ 40bn, 33% qoq) and transaction (1.9m, 20% qoq), we expect the strong growth momentum to continue on the back of:
- Forceful expansion in new countries such as the 2nd biggest CFD market Australia, the exponentially growing online brokerage market China as well as South Africa and Nigeria.
- Introduction of new products such as real stocks, NAGA PAY and cryptocurrencies attracting new target groups that can potentially be converted into high marginal CFD-traders.
- Improved marketing strategy with increasing conversion rates
- Reduced churn-rates, thanks to the autocopy function that enables unexperienced clients to copy trades of best rated traders.
The ongoing lock-downacross Europe should additionally boost this growth: Ultimately, the first week in 2021 was the strongest week of all time with € 4bn transaction volume and 0.2m transactions.
Overall, the stock still looks mispriced trading at <13x PER ´21E, not adequately accounting for the unique social trading platform and the strong growth momentum driven by global expansion and high volatility.
Action: Estimates are lifted on the back of strong execution in 2020 and the promising start into 2021.
BUY with a PT of € 7.00 based on DCF (peer group valuation: € 9.50 based on avg PER ´21E of flatexDEGIRO and wallstreet:online).
Y/E 31.12 (EUR m) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Sales | 2.0 | 12.8 | 16.1 | 6.2 | 25.9 | 50.7 | 75.3 |
Sales growth | n/a | 552 % | 26 % | -61 % | 315 % | 96 % | 49 % |
EBITDA | -1.4 | 2.9 | 0.3 | -9.2 | 6.0 | 14.1 | 26.0 |
EBIT | -3.7 | -1.9 | -4.8 | -12.2 | 2.7 | 10.4 | 21.9 |
Net income | -3.9 | -2.2 | -4.0 | -12.0 | 2.5 | 9.9 | 15.9 |
Net debt | -1.2 | -8.7 | -3.7 | -3.2 | -4.2 | -11.3 | -23.7 |
Net gearing | -8.3 % -43.0 % | -3.0 % | -2.8 % | -3.7 % | -9.0 % -16.9 % | ||
Net Debt/EBITDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
EPS pro forma | -77.82 | -0.10 | -0.10 | -0.30 | 0.06 | 0.24 | 0.38 |
CPS | -30.36 | -0.43 | -0.20 | -0.13 | 0.12 | 0.06 | 0.29 |
DPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Dividend yield | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Gross profit margin | 64.9 % | 73.3 % | 93.5 % | 78.5 % | 83.5 % | 84.0 % | 84.5 % |
EBITDA margin | -70.8 % | 22.4 % | 1.7 % | -147.3 % | 23.4 % | 27.8 % | 34.6 % |
EBIT margin | -189.5 % | -14.8 % | -29.9 % | -195.8 % | 10.5 % | 20.5 % | 29.1 % |
ROCE | -20.8 % | -8.3 % | -6.5 % -10.6 % | 2.3 % | 8.9 % | 17.3 % | |
EV/sales | -0.5 | 4.2 | 7.2 | 19.2 | 4.9 | 2.3 | 1.4 |
EV/EBITDA | 0.8 | 18.6 | 425.5 | -13.0 | 20.8 | 8.4 | 4.1 |
EV/EBIT | 0.3 | -28.1 | -23.9 | -9.8 | 46.2 | 11.4 | 4.8 |
PER | 0.0 | -28.3 | -29.4 | -9.9 | 50.0 | 12.5 | 7.8 |
Adjusted FCF yield | 321.9 % | -3.6 % | -4.5 % | -9.2 % | 2.2 % | 8.8 % | 15.7 % |
Source: Company data, Hauck & Aufhäuser Close price as of: 11.01.2021
Source: Company data, Hauck & Aufhäuser
High/low 52 weeks: | 4.40 / 0.58 | ||||
Price/Book Ratio: | 1.4 | ||||
Relative performance (SDAX): | |||||
3 months | 10.4 % | ||||
6 months | 29.2 % | ||||
12 months | 489.0 % | ||||
Changes in estimates | |||||
Sales | EBIT | EPS | |||
2020 | old: | 25.9 | 3.2 | 0.07 | |
∆ | - | -14.0% | -15.1% | ||
2021 | old: | 48.5 | 10.0 | 0.23 | |
∆ | 4.5% | 4.5% | 4.5% | ||
2022 | old: | 74.0 | 21.9 | 0.38 | |
∆ | 1.8% | -0.1% | -0.1% | ||
Key share data: | |||||
Number of shares: (in m pcs) | 42.0 | ||||
Authorised capital: (in € m) | 15.5 | ||||
Book value per share: (in €) | 2.7 | ||||
Ø trading volume: (12 months) | 119 |
Please refer to important disclosures at the end of the report
NAGA Group AG
Financials
Profit and loss (EUR m) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Net sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Sales growth | n/a | 551.6 % | 25.5 % | -61.4 % | 315.4 % | 96.1 % | 48.5 % |
Increase/decrease in finished goods and work-in-process | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Total sales | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Other operating income | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Material expenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Personnel expenses | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Other operating expenses | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Total operating expenses | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
EBITDA | -1.4 | 2.9 | 0.3 | -9.2 | 6.0 | 14.1 | 26.0 |
Depreciation | 2.3 | 4.8 | 5.1 | 2.7 | 3.0 | 3.4 | 3.7 |
EBITA | -3.7 | -1.9 | -4.8 | -11.9 | 3.0 | 10.7 | 22.3 |
Amortisation of goodwill | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Amortisation of intangible assets | 0.0 | 0.0 | 0.0 | 0.3 | 0.3 | 0.3 | 0.4 |
Impairment charges | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
EBIT (inc revaluation net) | -3.7 | -1.9 | -4.8 | -12.2 | 2.7 | 10.4 | 21.9 |
Interest income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
Interest expenses | 0.1 | 0.2 | 0.2 | 0.1 | 0.3 | 0.5 | 0.8 |
Other financial result | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Financial result | -0.1 | -0.2 | -0.1 | -0.1 | -0.2 | -0.5 | -0.7 |
Recurring pretax income from continuing operations | -3.8 | -2.1 | -5.0 | -12.3 | 2.5 | 9.9 | 21.2 |
Extraordinary income/loss | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Earnings before taxes | -3.8 | -2.1 | -5.0 | -12.3 | 2.5 | 9.9 | 21.2 |
Taxes | 0.1 | 0.1 | -0.9 | 1.1 | 0.0 | 0.0 | 5.3 |
Net income from continuing operations | -3.9 | -2.2 | -4.1 | -13.4 | 2.5 | 9.9 | 15.9 |
Result from discontinued operations (net of tax) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Net income | -3.9 | -2.2 | -4.1 | -13.4 | 2.5 | 9.9 | 15.9 |
Minority interest | 0.0 | 0.0 | -0.1 | -1.4 | 0.0 | 0.0 | 0.0 |
Net profit (reported) | -3.9 | -2.2 | -4.0 | -12.0 | 2.5 | 9.9 | 15.9 |
Average number of shares | 0.1 | 10.5 | 36.8 | 40.2 | 42.0 | 42.0 | 42.0 |
EPS reported | -77.82 | -0.21 | -0.11 | -0.30 | 0.06 | 0.24 | 0.38 |
Profit and loss (common size) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Net sales | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Increase/decrease in finished goods and work-in-process | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Total sales | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Other operating income | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Material expenses | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Personnel expenses | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Other operating expenses | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Total operating expenses | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
EBITDA | neg. | 22.4 % | 1.7 % | neg. | 23.4 % | 27.8 % | 34.6 % |
Depreciation | 118.7 % | 37.2 % | 31.6 % | 44.1 % | 11.7 % | 6.7 % | 5.0 % |
EBITA | neg. | neg. | neg. | neg. | 11.7 % | 21.2 % | 29.6 % |
Amortisation of goodwill | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Amortisation of intangible assets | 0.0 % | 0.0 % | 0.0 % | 4.3 % | 1.1 % | 0.6 % | 0.5 % |
Impairment charges | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
EBIT (inc revaluation net) | neg. | neg. | neg. | neg. | 10.5 % | 20.5 % | 29.1 % |
Interest income | 0.3 % | 0.0 % | 0.1 % | 0.1 % | 0.1 % | 0.1 % | 0.1 % |
Interest expenses | 3.9 % | 1.6 % | 1.0 % | 2.1 % | 1.0 % | 1.0 % | 1.0 % |
Other financial result | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Financial result | neg. | neg. | neg. | neg. | neg. | neg. | neg. |
Recurring pretax income from continuing operations | neg. | neg. | neg. | neg. | 9.6 % | 19.6 % | 28.2 % |
Extraordinary income/loss | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Earnings before taxes | neg. | neg. | neg. | neg. | 9.6 % | 19.6 % | 28.2 % |
Tax rate | n/a | -6.7 % | 17.3 % | -8.7 % | 0.0 % | 0.0 % | 25.0 % |
Net income from continuing operations | neg. | neg. | neg. | neg. | 9.6 % | 19.6 % | 21.2 % |
Income from discontinued operations (net of tax) | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Net income | neg. | neg. | neg. | neg. | 9.6 % | 19.6 % | 21.2 % |
Minority interest | 0.1 % | neg. | neg. | neg. | 0.0 % | 0.0 % | 0.0 % |
Net profit (reported) | neg. | neg. | neg. | neg. | 9.6 % | 19.6 % | 21.2 % |
Source: Company data, Hauck & Aufhäuser
2 | Hauck & Aufhäuser Privatbankiers AG |
NAGA Group AG
Balance sheet (EUR m) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Intangible assets | 19.2 | 15.7 | 110.5 | 108.8 | 108.0 | 107.7 | 107.4 |
Property, plant and equipment | 0.1 | 0.1 | 0.2 | 0.4 | 0.4 | 0.4 | 0.4 |
Financial assets | 0.1 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 |
FIXED ASSETS | 19.4 | 16.0 | 111.0 | 109.4 | 108.6 | 108.3 | 108.0 |
Inventories | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Accounts receivable | 0.2 | 4.6 | 3.1 | 1.5 | 1.8 | 12.1 | 18.0 |
Other current assets | 1.8 | 5.4 | 5.8 | 4.8 | 6.5 | 4.1 | 4.9 |
Liquid assets | 4.6 | 8.7 | 3.7 | 3.2 | 4.2 | 11.3 | 23.7 |
Deferred taxes | 0.0 | 0.0 | 0.4 | 0.1 | 0.1 | 0.1 | 0.1 |
Deferred charges and prepaid expenses | 0.0 | 0.0 | 0.1 | 0.0 | 0.5 | 0.5 | 0.5 |
CURRENT ASSETS | 6.7 | 18.7 | 13.0 | 9.6 | 13.1 | 28.0 | 47.1 |
TOTAL ASSETS | 26.1 | 34.7 | 124.0 | 119.0 | 121.7 | 136.3 | 155.1 |
SHAREHOLDERS EQUITY | 14.6 | 20.3 | 123.8 | 112.0 | 114.8 | 124.8 | 140.7 |
MINORITY INTEREST | 0.0 | 7.4 | -5.1 | -6.7 | -6.9 | -6.9 | -6.9 |
Long-term debt | 3.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Provisions for pensions and similar obligations | 0.0 | 0.0 | 0.0 | 3.6 | 5.5 | 5.5 | 5.5 |
Other provisions | 0.0 | 0.0 | 0.7 | 0.6 | 0.5 | 0.5 | 0.5 |
Non-current liabilities | 3.4 | 0.0 | 0.7 | 4.2 | 6.0 | 6.0 | 6.0 |
short-term liabilities to banks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Accounts payable | 2.9 | 5.2 | 1.3 | 0.9 | 1.8 | 4.6 | 6.7 |
Advance payments received on orders | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Other liabilities (incl. from lease and rental contracts) | 4.5 | 1.2 | 1.7 | 7.5 | 5.2 | 5.2 | 4.7 |
Deferred taxes | 0.0 | 0.1 | 0.6 | 0.7 | 0.5 | 0.5 | 0.5 |
Deferred income | 0.7 | 0.5 | 0.9 | 0.4 | 0.3 | 0.3 | 0.3 |
Current liabilities | 8.1 | 7.0 | 4.6 | 9.5 | 7.9 | 10.7 | 12.2 |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 26.1 | 34.7 | 124.0 | 119.0 | 121.8 | 134.6 | 152.0 |
Balance sheet (common size) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Intangible assets | 73.5 % | 45.3 % | 89.1 % | 91.5 % | 88.7 % | 80.0 % | 70.6 % |
Property, plant and equipment | 0.4 % | 0.3 % | 0.2 % | 0.3 % | 0.4 % | 0.3 % | 0.3 % |
Financial assets | 0.5 % | 0.4 % | 0.2 % | 0.2 % | 0.1 % | 0.1 % | 0.1 % |
FIXED ASSETS | 74.4 % | 46.1 % | 89.5 % | 92.0 % | 89.2 % | 80.5 % | 71.0 % |
Inventories | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Accounts receivable | 0.7 % | 13.1 % | 2.5 % | 1.2 % | 1.5 % | 9.0 % | 11.8 % |
Other current assets | 7.1 % | 15.6 % | 4.6 % | 4.0 % | 5.3 % | 3.0 % | 3.2 % |
Liquid assets | 17.7 % | 25.1 % | 3.0 % | 2.6 % | 3.5 % | 8.4 % | 15.6 % |
Deferred taxes | 0.0 % | 0.0 % | 0.3 % | 0.1 % | 0.1 % | 0.1 % | 0.1 % |
Deferred charges and prepaid expenses | 0.0 % | 0.0 % | 0.1 % | 0.0 % | 0.4 % | 0.3 % | 0.3 % |
CURRENT ASSETS | 25.6 % | 53.9 % | 10.5 % | 8.0 % | 10.7 % | 20.8 % | 31.0 % |
TOTAL ASSETS | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 101.3 % | 102.0 % |
SHAREHOLDERS EQUITY | 55.9 % | 58.5 % | 99.8 % | 94.1 % | 94.3 % | 92.7 % | 92.6 % |
MINORITY INTEREST | 0.0 % | 21.3 % | neg. | neg. | neg. | neg. | neg. |
Long-term debt | 13.1 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Provisions for pensions and similar obligations | 0.0 % | 0.0 % | 0.0 % | 3.1 % | 4.5 % | 4.1 % | 3.6 % |
Other provisions | 0.0 % | 0.0 % | 0.6 % | 0.5 % | 0.4 % | 0.4 % | 0.3 % |
Non-current liabilities | 13.1 % | 0.0 % | 0.6 % | 3.5 % | 4.9 % | 4.4 % | 3.9 % |
short-term liabilities to banks | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Accounts payable | 11.2 % | 15.0 % | 1.1 % | 0.7 % | 1.5 % | 3.5 % | 4.4 % |
Advance payments received on orders | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
Other liabilities (incl. from lease and rental contracts) | 17.1 % | 3.5 % | 1.4 % | 6.3 % | 4.3 % | 3.9 % | 3.1 % |
Deferred taxes | 0.0 % | 0.2 % | 0.5 % | 0.6 % | 0.4 % | 0.4 % | 0.3 % |
Deferred income | 2.6 % | 1.6 % | 0.8 % | 0.4 % | 0.3 % | 0.2 % | 0.2 % |
Current liabilities | 31.0 % | 20.3 % | 3.7 % | 8.0 % | 6.5 % | 8.0 % | 8.0 % |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
Source: Company data, Hauck & Aufhäuser
3 | Hauck & Aufhäuser Privatbankiers AG |
NAGA Group AG
Cash flow statement (EUR m) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Net profit/loss | -3.9 | -2.2 | -4.1 | -13.4 | 2.5 | 9.9 | 15.9 |
Depreciation of fixed assets (incl. leases) | 2.3 | 4.8 | 5.1 | 2.7 | 3.0 | 3.4 | 3.7 |
Amortisation of goodwill | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Amortisation of intangible assets | 0.0 | 0.0 | 0.0 | 0.3 | 0.3 | 0.3 | 0.4 |
Others | 0.0 | 0.0 | 0.0 | 0.0 | 1.9 | 0.0 | 0.0 |
Cash flow from operations before changes in w/c | -1.6 | 2.5 | 1.0 | -10.4 | 7.7 | 13.7 | 20.0 |
Increase/decrease in inventory | -0.7 | -3.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Increase/decrease in accounts receivable | 1.0 | -4.4 | -4.6 | 6.8 | -0.3 | -10.3 | -5.9 |
Increase/decrease in accounts payable | 1.6 | 1.3 | -0.8 | 0.2 | 0.9 | 2.8 | 2.0 |
Increase/decrease in other working capital positions | 0.5 | 0.0 | 1.6 | 1.0 | 0.0 | 0.0 | 0.0 |
Increase/decrease in working capital | 2.4 | -6.8 | -3.9 | 8.0 | 0.6 | -7.4 | -3.8 |
Cash flow from operating activities | 0.8 | -4.2 | -2.9 | -2.4 | 8.3 | 6.2 | 16.2 |
CAPEX | 0.7 | 1.6 | 2.3 | 1.1 | 3.0 | 3.4 | 3.7 |
Payments for acquisitions | 0.0 | 0.0 | -0.2 | 0.0 | 0.0 | 0.0 | 0.0 |
Financial investments | 0.0 | 0.0 | 0.0 | -0.1 | 0.0 | 0.0 | 0.0 |
Income from asset disposals | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Cash flow from investing activities | -0.7 | -1.6 | -2.2 | -1.0 | -3.0 | -3.4 | -3.7 |
Cash flow before financing | 0.1 | -5.8 | -5.0 | -3.4 | 5.3 | 2.8 | 12.5 |
Increase/decrease in debt position | 3.9 | -1.5 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 |
Purchase of own shares | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Capital measures | 0.0 | 11.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Others | -0.1 | 0.0 | 0.0 | -0.1 | 0.0 | 0.0 | 0.0 |
Effects of exchange rate changes on cash | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Cash flow from financing activities | 3.8 | 9.9 | 0.0 | 2.9 | 0.0 | 0.0 | 0.0 |
Increase/decrease in liquid assets | 4.0 | 4.0 | -5.0 | -0.5 | 5.3 | 2.8 | 12.5 |
Liquid assets at end of period | 4.6 | 8.7 | 3.7 | 3.2 | 8.4 | 11.3 | 23.7 |
Source: Company data, Hauck & Aufhäuser
Regional split (EUR m) | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E |
Domestic | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
yoy change | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Rest of Europe | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
yoy change | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
NAFTA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
yoy change | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Asia Pacific | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
yoy change | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Rest of world | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
yoy change | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
TTL | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
yoy change | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Source: Company data, Hauck & Aufhäuser
4 | Hauck & Aufhäuser Privatbankiers AG |
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NAGA Group AG published this content on 12 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2021 12:57:07 UTC