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: Roadshow Feedback
Empfehlung: BUY
seit: 20.11.2023
Kursziel: € 34,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
RS feedback: Strong free cashflows to support new investments
Topic: On Friday, we hosted a digital roadshow with the CEO of INDUS. Here are the key takeaways:
Free cashflow from continuing operations more than quadrupled yoy with € 106.1m at 9M 2023 (9M 2022: € 22.2m). Going forward, management aims to further reduce the working capital intensity to more normalized levels of 25-27% in Q4. Hence, FCF generation looks set to significantly outperform the annual target of € 100m (eNuW: € 126m).
INDUS plans to invest € 50-70m next year in strategic acquisitions. The company wants to sharpen its focus on global megatrends like energy efficiency, recycling and agriculture engineering. Positively, valuation multiples in the PE market came down since 2021 as buyer hesitance in connection with increased financing costs prevailed.
Order intake is set to remain at a strong level. Particularly, the subsidiary MBN Maschinenbaubetriebe Neugersdorf GmbH showed a positive dynamic in its order intake. The manufacturer for final vehicle assembly systems secured large orders from BMW and Audi for new factories in the US, thus creating sound visibility on future earnings.
Positive price effect to revert. In FY23, INDUS benefited from lower material prices, especially in the Materials segment, which led to a segment EBIT margin of 10.4% at 9M. On group level, the material cost ratio declined by 4.3pp to 45.9%. However, maintaining double-digit margins in the segment will be challenging, as customers are starting to renegotiate in light of the deflating price levels.
Wage inflation remains an issue. After the personnel expense ratio rose by 1.2pp yoy to 28.6% at 9M, further wage increases are in the books as unions are increasing the pressure. For example, the German labor union IG Metall recently started the negotiation for the steel industry demanding an 8.5% salary increase. As INDUS employs c. 10,000 employees of which c. 7,000 in Germany, management hence expects further pressure related to wage inflation in the upcoming year (eNuW: +0.27pp).
Despite the aforementioned short-term headwinds, INDUS remains attractively priced trading at only 4.5x EV/EBITDA 2023e, which is 36% below its historical average. We reiterate our BUY rating with a new PT of € 34 (old: € 36) based on FCFY 2024e.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28335.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
++++++++++
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.
++++++++++
-------------------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.
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% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
