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.

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%.

Länk till analysen i sin helhet: https://www.nuways-ag.com/research/cmd-unboxes-a-global-success-story-pt-up