INDUS Holding AG
ISIN: DE0006200108
WKN: 620010
17 January 2024 09:11AM

Original-Research: INDUS Holding AG (von NuWays AG): BUY

INDUS Holding AG · ISIN: DE0006200108 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 18691

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: Update
Empfehlung: BUY
seit: 17.01.2024
Kursziel: 34.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr

Another promising year for INDUS

Topic: While INDUS should experience some margin pressure in 2024e, the EBIT margin is still seen to come in at 8.0%, which is the highest operating margin since 2017. With an appealing dividend yield of 5.5% (eNuW) and an attractive valuation of only 4.6x EV/EBITDA, the stock remains a buy.

Normalizing margins: In FY23, INDUS benefited from lower material prices, especially in the Materials segment, which is seen to lead to a FY23e EBIT margin of 8.6%. On group level, the material cost ratio declined by 1.6pp to 46.8%. However, this positive price effect should revert in FY24e, as customers are starting to renegotiate in light of the deflating price levels. In addition, wage inflation remains an issue for FY24e. After the personnel expense ratio rose by 1.1pp yoy to 28.5% at FY23e, further wage increases are in the books as unions are increasing the pressure. Hence, we expect the EBIT margin in FY24e to decrease by 0.3pp (eNuW FY23: 8.3%), which is still the highest margin since 2017.

Supply-chain issues solved: After the start of the Covid19 pandemic, global supply-chains were significantly dislocated, jeopardizing normal operations. This also affected the portfolio companies of INDUS during the previous fiscal years. However, at the end of FY23, supply-chain issues were largely solved and not a single portfolio company was materially affected.

Portfolio realignment completed: As part of its ‘PARKOUR’ efficiency program, INDUS decided to discontinue the majority of its highly loss-making automotive-related business. While SMA filed for insolvency in Oct.’22, management sold SCHÄFER economically effective on July 31, 2023, and SELZER on August 31, 2023. SELZER alone is seen to rake up a € 22m loss while generating € 65m in sales during FY23e.

Appealing dividend yield: Caused by the weak performance of the automotive-related companies SELZER and SCHÄFER, dividends for the last two years came in rather low compared to previous years. Due to the divestment of the automotive business and a successful operating performance in FY23, we expect a dividend of € 1.2 (eNuW) per share for the recent fiscal year (FY22: € 0.8). Based on yesterday’s closing price, this would lead to an appealing dividend yield of 5.5% (FY22: 3.6%).

INDUS remains attractively priced trading at only 4.6x EV/EBITDA 2023e, which is 34% below its historical average. We reiterate our BUY rating with an unchanged PT of € 34 based on FCFY 2024e.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28691.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
Quelle: boersengefluester.de and Company information
Explanation

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
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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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,80 1,20 1,20 6,10%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-2,67%
19,66 €
ATH 66,20 €
-7,17% -15,88% -12,04% -10,43% +32,60%

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