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
Case fully intact despite PW; chg. est. Topic: On Thursday, INDUS released its preliminary Q3 sales and EBIT figures in line with our estimates. Further, due to non-cash goodwill impairments, the company revised its FY24e EBIT guidance. Impairment of goodwill and intangible assets: Due to the annual assessment, INDUS had to reduce the book value of goodwill and other intangible assets in the amount of € 5.2m in the Infrastructure segment and € 1.5m in the Materials segment. The need for these impairments resulted from reduced forecasts of future cash flow for the two units. Preliminary Q3 sales came in at c. € 441m (eNuW: € 445m), a slight decrease of c. 4% yoy due to a challenging macroeconomic environment. Reported EBIT remained roughly unchanged yoy at a solid € 31.8m (eNuW: € 30.8m). However, adjusting for impairments of € 6.7m in Q3’24 and € 17.6m in Q3’23 due to higher interest rates, EBIT decreased by 22.4% yoy. FY EBIT guidance revised: While INDUS confirmed its FY24e top-line and FCF guidance of € 1.70-1.80bn and € 110m, they reduced their EBIT forecast to € 115-125m (previously: € 125-145m) due to impairments. However, the guidance looks plausible in our view as INDUS has achieved by now c. 75% of the lower end of the sales guidance in the first three quarters while the situation has improved already compared to H1’24 in terms of sales. Moreover, the revised EBIT outlook implies an EBIT margin of 5.1% in Q4’24e at mid-point, which looks conservative to us after 7.5% in 9M’24. All things considered, this is rather positive news. Preliminary results are in line with our estimates, despite the € 6.7m impairment. Even though INDUS decreased its FY EBIT outlook due to impairments, it is a non-cash expenses and hence it will not affect FCF. Further, the company reiterated its FCF guidance of € 110m (eNuW: € 114m), which implies a strong FCFY24e of c. 10%. Therefore, we reiterate our BUY rating with an unchanged PT of € 34 based on FCFY24e and confirm the stock as one of NuWays’ Alpha Picks. You can download the research here: http://www.more-ir.de/d/31169.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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2021313 04.11.2024 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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 1.742,80 | 1.558,55 | 1.741,50 | 1.804,11 | 1.802,43 | 1.740,00 | 0,00 | |
| EBITDA1,2 | 225,71 | 157,71 | 220,38 | 262,43 | 258,13 | 250,00 | 0,00 | |
| EBITDA-Margin3 | 12,95 | 10,12 | 12,66 | 14,55 | 14,32 | 14,37 | 0,00 | |
| EBIT1,4 | 117,90 | 25,08 | 115,40 | 133,67 | 149,56 | 119,00 | 0,00 | |
| EBIT-Margin5 | 6,77 | 1,61 | 6,63 | 7,41 | 8,30 | 6,84 | 0,00 | |
| Net Profit (Loss)1 | 60,07 | -26,90 | 47,56 | -51,02 | 56,11 | 63,00 | 0,00 | |
| Net-Margin6 | 3,45 | -1,73 | 2,73 | -2,83 | 3,11 | 3,62 | 0,00 | |
| Cashflow1,7 | 147,29 | 155,19 | 158,36 | 116,34 | 217,66 | 0,00 | 0,00 | |
| Earnings per share8 | 2,43 | -1,10 | 1,78 | -1,93 | 2,06 | 2,35 | 2,59 | |
| Dividend per share8 | 0,80 | 0,80 | 1,05 | 0,80 | 1,20 | 1,20 | 1,30 | |
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 | 568,84 Mio € | 13.09.1995 | Halten | 9F29X572+RC |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 7,55 | 14,33 | 0,53 | 10,68 | 0,83 | 2,61 | 0,32 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,80 | 1,20 | 1,20 | 5,67% |
| 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 |
| +0,56% | -9,05% | +4,19% | -2,76% | +42,65% |
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