Original-Research: INDUS Holding AG (von NuWays AG): BUY
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Original-Research: INDUS Holding AG - von NuWays AG
Einstufung von NuWays AG zu INDUS Holding AG
Solid preliminary FY24 // Acquisition pipeline in full swing; chg. Topic: INDUS released solid preliminary FY24 numbers with sales in line and EBIT slightly above our estimates and the company’s guidance range. Further, with already three acquisitions, INDUS’ M&A pipeline is in full swing. Preliminary FY24 sales came in at € 1.72bn (eNuW: € 1.72bn; guidance € 1.70-1.80bn), 4.5% below last year due to the challenging macro environment. However, compared to H1’24, the topline already improved notably with € 882m sales in H2’24 vs. € 839m in H1’24. Q4’24 stayed flat yoy at € 439m. Preliminary FY24 EBIT decreased 15.3% yoy to € 127m (eNuW: € 121m; guidance € 115-125m) due to negative economies of scale and price pressure in Materials. Q4’24 EBIT dropped 5.6% to € 30.8m. Nevertheless, despite the difficult economic environment, INDUS could still achieve a solid FY24 EBIT margin of 7.4% (-0.9pp yoy; c. 7.0% in Q4). Engineering sales remained roughly unchanged yoy at € 597m (eNuW: € 580m) while EBIT declined 20% yoy to € 46m (7.7% margin) due to an unfavorable product mix in H1. Materials sales came in at € 565m (eNuW: € 570m), 8.9% below last year affected by price pressure and volume decline in particular in the agricultural and construction technology field. EBIT dropped by 20% yoy to € 46m with a still solid 8.2% margin. Infrastructure sales declined slightly by 3.9% to € 560m (eNuW: € 567m) and EBIT rose by 6.1% yoy to € 52m (9.4% margin) despite a subdued housing construction supply sector. Strong acquisition side: INDUS has already announced three add-on acquisitions this year all with closing date on 01.01.2025. Two of them, the Swedish Electro Trading ET AB (c. € 5m sales) and the German Kettler GmbH (c. € 9m sales) were acquired by Hauff-Technik, which belongs to the Infrastructure segment. The third company HBS Bolzenschweiss-Systeme GmbH & CO. KG (c. € 13m sales) was acquired by Peiseler group, which is part of Engineering. All companies show solid profitability with EBIT margins above 10% and we estimate the acquisition multiples to be in the range of 5.5-6.5 EV/EBIT. Hence, the purchase price should be around € 21m in total (eNuW). INDUS is showing a disciplined and thoughtful approach to M&A in our opinion by acquiring established niche players at reasonable multiples. Reiterate BUY with an unchanged PT of € 34 based on FCFY’24e. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/31823.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: https://www.nuways-ag.com/research-feed Kontakt für Rückfragen: 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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2089479 21.02.2025 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% |
