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Original-Research: creditshelf AG - von NuWays AG

Einstufung von NuWays AG zu creditshelf AG

Unternehmen: creditshelf AG
ISIN: DE000A2LQUA5

Anlass der Studie: Update
seit: 05.02.2024
Letzte Ratingänderung:
Analyst: Frederik Jarchow

GAME OVER; Suspension of recommendation

Topic: creditshelf announced that it no longer considers the key
assumptions for the company's positive going concern forecast to be
fulfilled. As a result, the company will shortly apply for protective
shield proceedings in order to secure the future of the company. In detail:

Obotritia to not meet contractual obligations. After unsuccessful
negotiation with Obotritia, management concluded that it can 1) neither
expect the payment of another loan tranche from the shareholder loan
framework agreement that was legally committed by Obotritia, 2) nor the
payment of the junior tranche into the financing vehicle "Silver Bullet
Funding DAC", also committed by Obotritia.

No positive going concern forecast. As the hard letter of comfort issued by
Obotritia is not considered as reliable anymore, a positive going concern
forecast can not be seen as fulfilled anymore.

Huge loss due to impairment losses. While the preliminary sales of EUR 4.3m
are in line with the guidance (EUR 4-5m) and our estimates (eNuW: EUR 4.2m),
the write-down of assets following the negative going concern heavily
burden the bottom-line and should result in an EBIT of EUR -6.5m to EUR -5.5m
(vs guidance EUR -2m to EUR -1m vs eNuW: EUR -1.8m).

Protective shield proceedings. In order to secure its future, the company
is expected to apply for protective shield proceedings in accordance with
section 270d InsO soon. The protective shield proceedings allow for a
legally secure strategic reorganization and a potential future with a new
shareholder structure. The protective shield proceedings should give the
management some three month to find an investor.

Some light in the darkness. According to management, the company is in
advanced negotiations with investors for the continuation of the business
model that is not too far away from being profitable. The operating
business is expected to be continued until further notice. Existing loan
agreements and servicing for existing investors should not be affected by
the events.

We suspend the recommendation to reflect the above-mentioned latest events.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28805.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.

Kontakt für Rückfragen
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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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.
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-------------------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.

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Quelle: dpa-AFX