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
Weak H1 but strong order intake to fuel improvements Order intake uptick supports H2 improvements. The group’s order intake increased by 16% yoy to € 446m (backlog at the end of Q2: +4.5% yoy to € 665m). Most noteworthy, Engineering recorded a 32% jump of incoming orders (H1: +25% yoy) while Infrastructure and Material Solutions both posted a decent gain for the quarter (10%, 7%) and a slight gain for H1 (1%, 2%). Adj. EBITA stood at € 31.2m (eNuW: € 33.9m, eCons: € 35.6m), a 26% yoy decrease with a 7.2% margin (-2.7pp yoy) largely driven by the challenging supply chain situation in regards to rare earths (Materials Solutions margin -4pp yoy), a price pressure in the Infrastructure segment (-3.1pp yoy) and a group-wide FX headwind. H1 adj. EBITA was down 24% yoy at € 56.1m. Q2 FCF of € 15.7m was down 55% yoy as a result of continued investments across the group’s portfolio as well as higher working capital needs; H1 FCF stood at € -7.9m. During H2, FCF is seen to strongly increase carried by seasonal working capital dynamics and the expected rise of adj. EBITA putting the FY25 FCF guidance of more than € 90m in reach (eNuW: € 90m). Mind you, in FY24, Q4 accounted for more than half of FY FCF. During the earnings call, management highlighted a year-end net debt target of € 580-590m (H1: € 635m). M&A engine running well. Year-to-date, INDUS acquired five companies (four in H1) across Engineering and Infrastructure also expanding its geographical footprint in the US and the Nordics. This is in line with its recently introduced “Empowering Mittelstand” strategy which includes a € 500m M&A war chest to be deployed until 2030. FY25 guidance confirmed. Management continues to expect sales of € 1.7-1.85bn, adj. EBITA of € 130-165m and FCF of more than € 90m. In light of the H1 results and the required improvements that are partially backed by the order backlog/order momentum, we regard the guidance as reasonable. BUY with an unchanged € 34 PT based on FCYF25e. You can download the research here: indus-holding-ag-2025-08-13-previewreview-en-5b629 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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2183164 13.08.2025 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
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 | 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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