INDUS Holding AG
ISIN: DE0006200108
WKN: 620010
14 August 2024 09:02AM

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

INDUS Holding AG · ISIN: DE0006200108 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20457

Original-Research: INDUS Holding AG - from NuWays AG

14.08.2024 / 09:02 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of 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.


Classification of NuWays AG to INDUS Holding AG

Company Name: INDUS Holding AG
ISIN: DE0006200108
 
Reason for the research: Update
Recommendation: BUY
from: 14.08.2024
Target price: EUR 34.00
Last rating change:
Analyst: Christian Sandherr

Mixed Q2, Engineering affected by weak economy; chg. est.

Topic: INDUS released its Q2 numbers with sales in line and EBIT above our estimates, despite a challenging macro environment. The company lowered their guidance as already anticipated by us in our last Update (company news: July 31st).

Q2 sales decreased by 5.4% yoy to € 429m (eNuW: € 437m), impacted by customers’ current reluctance to buy and spend as a result of the weak German economy. Q2 EBIT came in at € 37.4m (eNuW: € 32.1m), implying a margin of 8.7%, almost unchanged yoy (Q2’23: 8.8%), despite pressure from wage inflation. Order intake in H1’24 fell slightly by 1.3% yoy to € 828m mainly due to a weaker Materials segment (-9% yoy). Order backlog increased by 1.2% to a solid € 720m.

Engineering: Sales came in at € 137m (eNuW: € 147m), -1.4% yoy due to a lower demand for sorting plants and packaging technology. EBIT decreased 37% to € 6.5m (eNuW: € 8.8m) due to an unfavorable product mix. However, higher sales and a more profitable product mix are expected for H2’24e.

Infrastructure: Top-line decreased 3.3% to € 145m (eNuW: € 142m). While the momentum in commercial construction is slightly picking up, the demand in residential and public construction is still muted. EBIT increased 27.4% yoy to € 18.3m, thanks to several cost-cutting measures.

Materials: Sales decreased by 10.6% yoy to € 147m (eNuW: € 148m) affected by declining prices and a slowdown in the agricultural industry (c. 20% of Betek’s sales). Operating income declined only by 10.3% yoy to € 16.0m (eNuW: € 11.1m), despite significant pricing pressure from customers.

M&A pipeline well filled: INDUS is currently working on several acquisitions, as the multiples for private companies especially in the German Mittelstand came down in recent years. The conglomerate holds on to its target to spend € 70m on M&A in FY24e of which it spend € 18.5m at the time. Further, as stated in the conference call, we should expect to see the closing of two acquisitions within the coming weeks.

INDUS remains a clear BUY in our view as the company is (1) trading at only 6.6x forward P/E (eNuW), (2) offers an expected dividend yield of 5.7% (eNuW FY24e: € 1.2 per share), and (3) delivers a strong FCFY24e of c. 10%. Consequently, we included INDUS to our Alpha list.

Reiterate BUY with a new PT of € 34 (old: € 36), based on FCFY24e.

You can download the research here: http://www.more-ir.de/d/30457.pdf
For additional information visit our website: www.nuways-ag.com/research

Contact for questions:
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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1967507  14.08.2024 CET/CEST

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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
©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
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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