Berenberg ups New Work on promising outlook as B2B e-recruitment gathers speed

New Work SE

14/03/2022 12:56

** Berenberg upgrades New Work SE  NWOn.DE  to "buy" from
"hold" citing the German group's promising outlook boosted by
B2B e-recruiting
    ** It calls the recent share price contraction unjustified,
saying the quarterly results were solid and New Work's main
branch, B2B e-recruiting, is back on track
    ** Berenberg says B2B e-recruiting should be the main growth
driver as New Work, which operates online business networking
site XING, targets high single-digit percentage sales growth and
EBITDA of EUR 104 mln ($114.02 million) in 2022
    ** The broker highlights the increase in job openings in the
recent months, which should also benefit New Work
    ** Berenberg says New Work's proposal for higher dividend of
EUR 2.80 per share and a special dividend of EUR 3.56 signals a
sign a confidence, while the broker's mid-term estimates are
roughly in line with the company's  ASN0025T0 
    ** Out of five analysts that cover New Work, four rate the
stock "strong buy" or "buy" and ​one "hold"

($1 = 0.9122 euros)

 (Reporting by Tristan Chabba)
 ((Tristan.chabba@thomsonreuters.com))