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
FY’25e outlook reduced due to tungsten supply chains; chg. est. Topic: On Wednesday evening, INDUS reduced its FY’25e guidance, especially due to a soft Materials Solutions segment, which is impacted by the 10% base tariff on US exports, effective April 5. Further, extended export controls on tungsten compounds from China, put pressure on the supply chain of INDUS’ largest holding BETEK (16% of FY’24 sales). Management changed its FY’25 sales forecast to € 1.70-1.85bn (previously € 1.75-1.85bn; eNuW old € 1.79bn) and adj. EBITA to € 130-165m (previously € 150-175m; eNuW old € 164m). Materials Solutions is expected to be particularly soft partly due to the recently introduced tariffs on US exports. However, even more important in our view are extended Chinese export controls on tungsten, tellurium, bismuth, molybdenum, and indium, effective since February 2025. BETEK, a specialist in tungsten carbide wear solutions, depends on tungsten-containing primary products from China and was responsible for around half of Materials Solutions sales and 16% of group sales in FY’24. China was responsible for 82% of the global tungsten production in 2024 and is thus a critical supplier for the whole industry. Whether an export license will be granted, to what extent and how long it will take is currently unpredictable. If supply chains are not restored in time, missing tungsten carbide could result in a € 20-40m revenue loss and a € 8-15m EBITA reduction in H2’25e according to management. However, as a recovery of tungsten carbide supply is currently still in the cards, the top-line guidance was only adjusted on the lower end. In our view, a noticeable impact for FY’25 looks highly likely and for FY’26 plausible. Having said that, the case remains fully intact. Neither tariffs nor a short-term supply shortage is damaging BETEK’s competitive position based on technological leadership in the long-term. Nevertheless, we reduced our estimates, as we conservatively expect a supply shortage and price increase of tungsten carbide to affect FY25e and FY26e. Reiterate BUY with an unchanged PT of € 34 per share, based on FCFY’25e. You can download the research here: http://www.more-ir.de/d/32526.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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2133674 09.05.2025 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 | 1.800,00 | |
| EBITDA1,2 | 225,71 | 157,71 | 220,38 | 262,43 | 258,13 | 226,12 | 148,00 | |
| EBITDA-Margin3 | 12,95 | 10,12 | 12,66 | 14,55 | 14,32 | 13,13 | 8,22 | |
| EBIT1,4 | 117,90 | 25,08 | 115,40 | 133,67 | 149,56 | 126,68 | 120,00 | |
| EBIT-Margin5 | 6,77 | 1,61 | 6,63 | 7,41 | 8,30 | 7,36 | 6,67 | |
| Net Profit (Loss)1 | 60,07 | -26,90 | 47,56 | -51,02 | 56,11 | 54,70 | 44,00 | |
| Net-Margin6 | 3,45 | -1,73 | 2,73 | -2,83 | 3,11 | 3,18 | 2,44 | |
| 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 | 1,70 | |
| Dividend per share8 | 0,80 | 0,80 | 1,05 | 0,80 | 1,20 | 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
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| INVESTOR-INFORMATION | ||||||
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| Indus Holding | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 620010 | DE0006200108 | AG | 696,60 Mio € | 13.09.1995 | Halten | 9F29X572+RC |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 13,92 | 14,73 | 0,94 | 15,60 | 1,04 | 4,85 | 0,40 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,20 | 1,20 | 1,20 | 4,44% |
| 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 |
| +16,20% | +16,19% | +33,00% | +22,45% | +82,10% |
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