Original-Research: INDUS Holding AG (von NuWays AG): BUY
Original-Research: INDUS Holding AG - von NuWays AG
Einstufung von NuWays AG zu INDUS Holding AG
Unternehmen: INDUS Holding AG
ISIN: DE0006200108
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 15.11.2023
Kursziel: € 36,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Mixed Q3, Infrastructure affected by weak economy; chg. est.
Topic: INDUS reported mixed results for Q3 with sales above but margins below estimates. Management cut the guidance to adjust for a soft construction sector, which is still impacted by a weaker economic environment.
Q3 sales grew by 0.2% yoy to € 460m (eNuW: € 446m) as Engineering (+ 6.3% yoy to € 154m) compensated for a weaker growth in Materials (-5.7% yoy to € 153m) and Infrastructure (+0.6% yoy to € 153m). The slowdown in the construction sector impacted the majority of portfolio companies in the infrastructure segment. The new construction business was impacted in particular, whereas the renovation business was less affected.
Q3 EBIT increased by 209% yoy to € 32.1m (eNuW: € 38.9m), with a margin of 7.0% (+ 4.7pp yoy). However, Q3 2022 was affected by an impairment charge of € 39.8m, which was largely related to goodwill. Adjusting for this charge, one can see that the adjusted operating profit of € 49.7m in Q3 2023 remained flat compared to last year (Q3 2022: € 50.2m). This is despite significant cost increases within the infrastructure segment (e.g. wage inflation, material prices), which could largely be offset by higher selling prices.
FY'23 guidance reduced. Management lowered its expected sales range down to € 1.8-1.9bn from previously € 1.9-2.0bn (eNuW: € 1.82bn). INDUS still aims for an EBIT between € 145-165m but anticipates being at the lower end of the range (eNuW: € 152m). Considering the portfolio realignment after the sale of the lossmaking subsidiaries SCHÄFER and SELZER as part of the 'PARKOUR' efficiency program, the guided EBIT margin of 7.0-8.0% seems to be well in reach (eNuW: 8.3%). Regarding the top-line growth, our expectation is at the lower end of the guidance, reflecting the difficult economic environment in Germany, which accounts for 50% of sales.
Indus remains attractively priced trading at only 4.4x EV/EBITDA 2023e, which is 37% below its historical average. Furthermore, the company is already delivering ROCEs above cost of capital and has the potential to become an attractive dividend stock with a dividend yield in the upcoming year of 6% based on a dividend per share of € 1.20 (eNuW) for FY'23.
Hence, we reiterate our BUY rating with an unchanged € 36 PT based on FCFY 2024e.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28287.pdf
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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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.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 1.710,79 | 1.742,80 | 1.558,55 | 1.741,50 | 1.804,11 | 1.802,43 | 1.740,00 | |
| EBITDA1,2 | 218,34 | 225,71 | 157,71 | 220,38 | 262,43 | 258,13 | 250,00 | |
| EBITDA-Margin3 | 12,76 | 12,95 | 10,12 | 12,66 | 14,55 | 14,32 | 14,37 | |
| EBIT1,4 | 134,69 | 117,90 | 25,08 | 115,40 | 133,67 | 149,56 | 119,00 | |
| EBIT-Margin5 | 7,87 | 6,77 | 1,61 | 6,63 | 7,41 | 8,30 | 6,84 | |
| Net Profit (Loss)1 | 71,19 | 60,07 | -26,90 | 47,56 | -51,02 | 56,11 | 63,00 | |
| Net-Margin6 | 4,16 | 3,45 | -1,73 | 2,73 | -2,83 | 3,11 | 3,62 | |
| Cashflow1,7 | 74,65 | 147,29 | 155,19 | 158,36 | 116,34 | 217,66 | 0,00 | |
| Earnings per share8 | 2,90 | 2,43 | -1,10 | 1,78 | -1,93 | 2,06 | 2,35 | |
| Dividend per share8 | 1,50 | 0,80 | 0,80 | 1,05 | 0,80 | 1,20 | 1,20 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: PricewaterhouseCoopers
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Indus Holding | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 620010 | DE0006200108 | AG | 528,77 Mio € | 13.09.1995 | Halten | 9F29X572+RC |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 7,59 | 14,56 | 0,52 | 9,92 | 0,77 | 2,43 | 0,29 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,80 | 1,20 | 1,20 | 6,10% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 27.05.2025 | 14.05.2025 | 12.08.2025 | 12.11.2024 | 24.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -7,17% | -15,88% | -12,04% | -10,43% | +32,60% |
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