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: 15.03.2024
Target price: 36.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Bolt-on acquisitions into global megatrends; chg.
Topic: INDUS successfully completed the share repurchase program announced on February 21st. Further, the German conglomerate expanded their portfolio in the field of infrastructure networks and AI-based industrial automation.
Share buyback at an attractive price: During the period from February 22nd to March 1st, INDUS conducted a public buyback for 1.1m shares at a price of € 23 per share, which are now held as treasury shares. The volume amounts to € 25.3m in aggregate or approximately 4.09% of the company’s share capital. At the current trading price INDUS offers an attractive return on investment capital, thus we view the buyback as a good capital allocation decision.
Investment into Germany’s future infrastructure: INDUS announced the successful acquisition of the remaining 50% stake in Hauff-Technik GRIDCOM (sales: € 21m). By that, they are strengthening the existing portfolio in the field of infrastructure networks with the subsidiaries Weigand Bau GmbH and Turmbau Steffens & Nölle GmbH. Hauff-Technik GRIDCOM produces passive components for the fiberoptic infrastructure. INDUS became already in 1986 the sole shareholder of Hauff-Technik GmbH & Co. KG, which acquired 50% of Hauff-Technik GRIDCOM in 2016. While the purchase price was not disclosed, we would expect it to be in the mid single-digit €m range for the 50% stake.
Investment in AI-based industrial automation: INDUS acquired Gestalt Robotics GmbH, a specialist in the field of AI-based automation for industrial applications (sales: € 5m). We expect the acquisition price to be in the low to mid single-digit €m range. By acquiring Gestalt Robotics, INDUS is expanding its engineering segment and lays the foundation to profit from the fast growing AI market.
Attractive cashflow generation: INDUS delivered a preliminary FY23 FCF north of € 190m, materially improving yoy (FY22: € 102m) and exceeding the management target of € 100m, thanks to further noticeable working capital normalizations. Supported by the divestment of the loss-making automotive-related business in FY23, we expect INDUS to deliver FCF of € 100m in a normalized year, making it a cash cow with an attractive normalized FCF-Yield of c. 9%.
INDUS remains attractively priced trading at only 4.3x EV/EBITDA 2024e, which is 28% below its 10y historical average. Hence, we reiterate BUY with an unchanged PT of € 36 based on FCFY 2024e.
You can download the research here:
http://www.more-ir.de/d/29165.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.
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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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 | ||||||
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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 |
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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