Original-Research: INDUS Holding AG (von NuWays AG): BUY
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Original-Research: INDUS Holding AG - from NuWays AG
Classification of NuWays AG to INDUS Holding AG
New value accretive deals should fuel long-term growth Topic: INDUS is working at full speed on its well filled M&A pipeline and closed already five deals during this year. We take the opportunity to give more granularity on the case and particularly on INDUS’s acquisition side and the recent operating development. We continue to like the stock and keep INDUS on our Alpha list. More value accretive deals in the pipeline: At the end of August, INDUS announced the acquisition of DECKMA, a system supplier of technical marine equipment. The company generates c. € 19m in revenue and should deliver low double-digit EBIT margins (eNuW). With a transaction multiple of c. 6x EV/ EBIT and considerable growth opportunities ahead, the acquisition should be value accretive in our view. Further, INDUS has spent only € 31.5m (eNuW) on M&A this year, which leaves room for further acquisitions. Mind you, the company intends to spend up to € 70m on portfolio additions this year alone. Due to the decline in valuation multiples of German SMEs in recent years, management is confident to meet their targets. In fact, several opportunities should be in advanced stages. More deals should come in the long run: About one third of SME owners in Germany is 60 years or older and as the boomer generation is successively leaving their businesses and searching for successors, more opportunities should arise. Importantly, thanks to INDUS’ positive brand perception, the company is seen to be a preferred partner for successions, as soft factors such as safeguarding jobs and maintaining the reputation are often equally important as the purchase price. Attractive valuation: Even though the upcoming quarters will still be influenced by a challenging macroeconomic environment, the capital market is in our opinion overreacting to the recent guidance cut (company news: July 31st) and the temporary weakness, neglecting the long-term operative performance and currently depressed valuation of the stock. Hence, the stock is trading at only 7x forward P/E (eNuW), offers an expected dividend yield of 5.4% (eNuW FY24e: € 1.2 per share), and delivers a strong FCFY24e of c. 10% (eNuW). We reiterate BUY with an unchanged PT of € 34, based on FCFY24e You can download the research here: http://www.more-ir.de/d/30893.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 ++++++++++ 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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1995907 26.09.2024 CET/CEST
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 |
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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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