INDUS Holding AG
ISIN: DE0006200108
WKN: 620010
02 September 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: 20681

Original-Research: INDUS Holding AG - from NuWays AG

02.09.2024 / 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: 02.09.2024
Target price: EUR 34.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

New acquisition announced and further M&A targets in reach

Topic: INDUS announced last Friday the acquisition of DECKMA, a system supplier of technical marine equipment, which now belongs to the Engineering segment. Further acquisitions are planned during the remainder of the year.

INDUS acquired 75% of the shares in DECKMA and holds an option to acquire the remaining 25% in 2026. INDUS will keep the existing management team after the acquisition in place. DECKMA is a specialist in lighting and fire alarm systems, corrosion protection technology, and automation solutions for ships. Customers of DECKMA are in the shipbuilding and offshore industry, such as manufacturers of cruise ships, merchant ships and mega yachts.

The company generates c. € 19m in revenue and is growing profitable. Further, we estimate DECKMA to deliver a low double-digit EBIT margin and the transaction multiple to be around 6x EBIT. This leads to an estimated purchase price of € 13m (eNuW). With that, INDUS has spent € 31.5m (eNuW) on M&A this year, which leaves still room for further acquisitions to meet the € 70m annual budget. The company is confident of using the full budget this year due to several attractive opportunities and expects another acquisition to be made in the near future.

We interpret the acquisition as positive news as historical EBIT multiples in the German Small Cap M&A market have come down considerably in the recent years. Further, the global number of container ships increased steadily over the last decade, driven by globalization of the economy. In addition, growth potential should also come from the increasing number of offshore wind farms. For instance, EnBW started this year to build the largest German offshore wind farm named “He Dreiht” around 110km west of Helgoland. Ships are not only needed to build the 64 wind turbines for “He Dreiht” and other wind farms, but also for maintenance after the wind turbines started operating, which could lead to recurring revenues.

INDUS remains a BUY in our view as the company is (1) trading at only 7x forward P/E (eNuW), (2) offers
an expected dividend yield of 5.3% (eNuW FY24e: € 1.2 per share), and (3) delivers a strong
FCFY24e of c. 10%. We continue to like the stock and keep INDUS in our Alpha list.

Reiterate BUY with an unchanged PT of € 34, based on FCFY24e.

You can download the research here: http://www.more-ir.de/d/30681.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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1979087  02.09.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1979087&application_name=news&site_id=boersengefluester_html

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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