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
Soft start into the year // order intake better than expected Topic: INDUS released mixed Q1 figures with sales and adj. EBITA below our expectations. However, a soft start into the year was already largely anticipated and a solid order intake gives confidence for H2’25e. Sales came in at € 402m (eNuW: € 409m), 1.9% below last year due to a challenging economic environment. While sales in Infrastructure grew by 3.4% to € 136m partly due to the acquisition of GRIDCOM, sales in Engineering declined by 4.8% to € 123m, primarily as a result of lower sales in sorting systems, clean room systems and measurement technology for vehicles. Materials Solutions sales decreased by 4.1% to € 143m mainly due to the discontinuation of IMECO. Order intake increased 2.6% yoy to € 455m with a strong demand in Engineering (+19.5% yoy) thanks to major long-term plant engineering orders (automotive and logistics) compensating for a softer Infrastructure (-7.8% yoy) and Materials Solution segment (-2.9% yoy). Order backlog increased by 4.4% yoy to € 665m but remains at a relatively low level. Adj. EBITA came in at € 24.9m (eNuW: € 28.8m), a 21% decrease yoy with a 6.2% margin (-1.5pp yoy) mainly due to a weak Engineering segment. Nonetheless, like last year, a gradual improvement throughout the year with a strong Q4 is expected for Engineering. Overall, higher personnel costs despite a lower number of employees as well as a slightly higher material cost ratio (44.4% of sales vs. 44.1% in Q1’24) weighed on profitability in the first quarter. FCF decreased to € -23.6m from € 6.1m last year, due to a € 14.3m higher seasonal increase in working capital but also higher investments. FY’25e outlook: Last week, INDUS reduced its FY’25e guidance, especially due to export controls on tungsten compounds from China, which puts pressure on the supply chain of INDUS’ largest holding BETEK (16% of FY’24 sales). Management now expects sales in the range of € 1.70-1.85bn (eNuW: € 1.74bn) and adj. EBITA between € 130-165m (eNuW: € 143m), which looks plausible to us, as we already conservatively account for a tungsten carbide shortage in H2’25e. 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/32610.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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2138010 15.05.2025 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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