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
Solid FY25e ahead for INDUS due to reasoned capital allocation Topic: FY24e was clearly overshadowed by macroeconomic challenges for INDUS, especially in the first quarter. While we do not expect a fast improvement of the economic environment, we also do not see the situation deteriorating further. Sales are seen growing in the low to mid-single digit % range yoy to € 1,810m (eNuW) as we do not expect the weakness in the first quarter (€ 410m sales in Q1’24 vs. € 451m in Q1’23) to repeat to a comparable extent as in the previous year. In addition, we expect c. € 30m (eNuW) sales growth contribution from acquisitions made in FY24e and the recently announced add-on acquisition of Kettler GmbH (company news 7th January). However, on the other hand order intake remained on a low level with € 1,220m in 9M’24 (-0.8% yoy; book-to-bill 0.95x) leading to a decrease in order backlog to € 678m (vs. € 711m end of FY23). Hence, we do not expect to see significant organic sales increases in FY25e. We expect the EBIT margin to improve to a solid 8.3% as the product mix in the Engineering segment should be more profitable in FY25e than in H1’24 and we also do not expect further impairments for FY25e (€ 6.7m in FY24). Nevertheless, we still see the challenges due to a competitive environment and price pressure in the agricultural and construction technology field to persist throughout the year which affects the Materials segment. Enhanced capital allocation: During the past quarters, we noticed a clear improvement in management’s capital allocation decisions. For instance (1) INDUS used excess cash to acquire strong niche players at multiples of 5.5-6.5 EV/EBIT last year (as stated by the CEO Schmidt) at a time when valuation multiples have come down considerably and other companies hesitated to invest money. At the same time, INDUS was disciplined enough to spend only c. € 35m (eNuW) of its total M&A budget of € 70m in FY24e by focusing on high margin acquisitions with an attractive return on invested capital. This shows us that management also prioritizes value creation above growth. (2) In addition, INDUS repurchased c. 1.85m shares (6.9% of total shares) at an average price of € 22.45 via two tender offers and a still ongoing open market buyback program. Considering the current undervaluation of the stock, the repurchased shares offer an attractive ROIC as well. Reiterate BUY with an unchanged PT of € 34, based on FCFY’24e. You can download the research here: http://www.more-ir.de/d/31609.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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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2064923 10.01.2025 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 | 2024 | 2025e | ||
| Sales1 | 1.742,80 | 1.558,55 | 1.741,50 | 1.804,11 | 1.802,43 | 1.721,80 | 1.820,00 | |
| EBITDA1,2 | 225,71 | 157,71 | 220,38 | 262,43 | 258,13 | 226,12 | 169,50 | |
| EBITDA-Margin3 | 12,95 | 10,12 | 12,66 | 14,55 | 14,32 | 13,13 | 9,31 | |
| EBIT1,4 | 117,90 | 25,08 | 115,40 | 133,67 | 149,56 | 126,68 | 143,00 | |
| EBIT-Margin5 | 6,77 | 1,61 | 6,63 | 7,41 | 8,30 | 7,36 | 7,86 | |
| Net Profit (Loss)1 | 60,07 | -26,90 | 47,56 | -51,02 | 56,11 | 54,70 | 62,00 | |
| Net-Margin6 | 3,45 | -1,73 | 2,73 | -2,83 | 3,11 | 3,18 | 3,41 | |
| Cashflow1,7 | 147,29 | 155,19 | 158,36 | 116,34 | 217,66 | 143,68 | 169,00 | |
| Earnings per share8 | 2,43 | -1,10 | 1,78 | -1,93 | 2,06 | 2,07 | 2,46 | |
| 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 | 648,87 Mio € | 13.09.1995 | Halten | 9F29X572+RC |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 9,31 | 14,02 | 0,66 | 14,53 | 0,97 | 4,52 | 0,38 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,80 | 1,20 | 1,20 | 4,77% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 27.05.2025 | 14.05.2025 | 12.08.2025 | 12.11.2025 | 24.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +6,93% | +13,91% | +23,89% | -2,14% | +69,62% |
