Original-Research: INDUS Holding AG (von NuWays AG): BUY
Original-Research: INDUS Holding AG - from NuWays AG
Classification of NuWays AG to INDUS Holding AG
Company Name: INDUS Holding AG
ISIN: DE0006200108
Reason for the research: Update
Recommendation: BUY
from: 22.02.2024
Target price: 36.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Solid FY23 prelims // focus on strong FCF & share buyback; chg.
Topic: While prelim. FY23 sales and EBIT came in largely as expected, the strong FCF generation of € 190m is well above expectations. On top, INDUS announced a 4.1% share buyback at € 23.
Preliminary FY23 sales remained stable yoy at € 1.80bn (eNuW: € 1.82bn), despite unfavourable economic conditions in the construction industry; Q4 sales -5.0% yoy to € 436m. Thanks to a strong Engineering Segment, FY23 operating EBIT came in at € 150m (eNuW: € 152m), implying a 8.3% margin, up 0.9pp yoy and above the guidance range of 7-8%; Q4 EBIT of € 32.7m, a 7.5% margin.
The Engineering segment delivered slight revenue growth and noticeable growth in earnings for FY23e. Sales in the Infrastructure segment were flattish yoy with a slightly lower EBIT as the slowdown in the construction sector impacted several portfolio companies, particularly in H1. Revenues in the Materials segment decreased modestly but with a significantly higher EBIT due to price increases.
Most importantly, Free cashflow came in above € 190m materially improving yoy (2022: € 102m), exceeding the guidance of € 100m and eNuW of € 89m, caused by further noticeable working capital normalizations. As a result, net debt decreased by € 87.3m to € 506m, strengthened the equity ratio to 37.3% (FY22: 36.8%). Further, the strong cashflow generation gives INDUS with additional financial flexibility regarding acquisitions and dividend payments.
Thanks to the INDUS announced a share buyback for up to 1.1m shares at a price of € 23 during the period from February 22nd, 2024 to March 1st, 2024. Thus, the volume of the buyback amounts up to € 25.3m in aggregate, leading to approximately 4.09% of the company’s registered share capital. This underlines not only the strong cash generation of the company but also the current undervaluation.
FY24e guidance in line with expectations. Management anticipates revenues in the range of € 1.85-1.95bn (eNuW: € 1.88bn) with an EBIT between € 145-165m in FY24e (eNuW: € 150m). Despite of the continuously challenging end markets and general macroeconomic conditions, we regard the guidance as doable due to price increases and slight pickup of demand across several portfolio companies.
Trading at only 4.1x EV/EBITDA 2023e, 59% below its historical average, INDUS remains attractively priced. We reiterate our BUY rating with an increased PT of € 36 (old: € 34) based on FCFY 2024e.
You can download the research here:
http://www.more-ir.de/d/28957.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
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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-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
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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