Tonies: CMD unboxes a global success story; PT UP - NuWays AG Research
Tonies held its first-ever Capital Markets Day, announcing an upbeat mid-term margin and growth guidance, an exclusive content deal as well as a new Toniebox.
ANNONS
Our take: The CMD confirms our tonies thesis. A category-defining ecosystem with subscription like repurchase behaviour, still-low US penetration despite near-complete distribution, and a content engine licensors now chase. By FY30e, the company will have transformed into a global icon with particularly strong cash generation thanks to its capex-light set-up.
BUY with an increased € 18.5 PT (old: € 14.5) based on DCF as we raise our mid- to long-term margin estimates by an average of 4pp. Terminal EBIT margin is raised from 11% to 15%.
