Original-Research: INDUS Holding AG (von NuWays AG): Kaufen
Original-Research: INDUS Holding AG - from NuWays AG
Classification of NuWays AG to INDUS Holding AG
Company Name: INDUS Holding AG
ISIN: DE0006200108
Reason for the research: Update
Recommendation: Kaufen
from: 15.05.2024
Target price: EUR 36.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Mixed Q1 results // strong FCF generation; chg. est.
Topic: INDUS reported a mixed Q1 with sales below but EBIT above estimates as well as strong free cashflow supported by a lower seasonal working capital increase.
Q1 sales decreased by 9% yoy to € 410m (eNuW: € 434m) due to customers’ current reluctance to buy and spend as a result of the weak German economy. Q1 EBIT was down 40% yoy to € 26.7m (eNuW: € 25.3m), implying a margin of 6.5% (-3.4pp) driven by neg. op. leverage as well as pressure from significantly higher wages and salaries. Mind you Q1 FY23 was an exceptionally strong quarter, which also benefited from decreased material costs within the Materials segment. Positive, while sales in the Infrastructure segment declined 6.8% yoy to € 132m, EBIT rose to € 11.4m (Q1 FY23: € 10.7m) supported by internal efficiency gains.
Strong cash generation: Free cashflow in the first quarter came in at € 6.1m (Q1 FY23: € 7.5) driven by a lower seasonal working capital increase due to the stabilization of supply chains and lower procurement prices. Mind you, last years’ FCF includes a € 14.4m one-time cash inflow from a property sale.
FY guidance confirmed. Management confirmed its FY24e guidance of € 1.85-1.95m (eNuW: € 1.85m) revenue and € 145-165m EBIT (eNuW: € 157m), despite the challenging start into the year, which was largely anticipated by the market. In our view, the guidance seems plausible, however we expect sales to come in at the lower end of the guidance range due to an increasing pressure on selling prices in the Materials segment. In addition, the outlook for the construction sector remains cautious, as the German construction industry federation (HDB) expects a 3.5% decline in real-term sales in 2024.
INDUS remains an attractive investment case and dividend-stock for the mid-term. Mind you, management proposed a dividend of € 1.20 per share (AGM on 22 May), making INDUS an attractive dividend stock with a yield of 4.4% based on yesterday’s closing price. Due to the divestment of the lossmaking automotive business in FY23 and an ongoing solid operating business, we expect a further dividend rise for the current fiscal year (eNuW: € 1.40).
INDUS remains a BUY with an unchanged € 36 PT based on FCFY 2024e as (1) shares seem attractively valued trading at 4.7x EV/EBITDA 2024e, which is 23% below the 10-year historical average, (2) INDUS is generating double-digit ROCEs and (3) has a strong future dividend yield potential.
You can download the research here:
http://www.more-ir.de/d/29747.pdf
For additional information visit our website
www.nuways-ag.com/research.
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
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
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 | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 1.710,79 | 1.742,80 | 1.558,55 | 1.741,50 | 1.804,11 | 1.802,43 | 1.740,00 | |
| EBITDA1,2 | 218,34 | 225,71 | 157,71 | 220,38 | 262,43 | 258,13 | 250,00 | |
| EBITDA-Margin3 | 12,76 | 12,95 | 10,12 | 12,66 | 14,55 | 14,32 | 14,37 | |
| EBIT1,4 | 134,69 | 117,90 | 25,08 | 115,40 | 133,67 | 149,56 | 119,00 | |
| EBIT-Margin5 | 7,87 | 6,77 | 1,61 | 6,63 | 7,41 | 8,30 | 6,84 | |
| Net Profit (Loss)1 | 71,19 | 60,07 | -26,90 | 47,56 | -51,02 | 56,11 | 63,00 | |
| Net-Margin6 | 4,16 | 3,45 | -1,73 | 2,73 | -2,83 | 3,11 | 3,62 | |
| Cashflow1,7 | 74,65 | 147,29 | 155,19 | 158,36 | 116,34 | 217,66 | 0,00 | |
| Earnings per share8 | 2,90 | 2,43 | -1,10 | 1,78 | -1,93 | 2,06 | 2,35 | |
| Dividend per share8 | 1,50 | 0,80 | 0,80 | 1,05 | 0,80 | 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 | 528,77 Mio € | 13.09.1995 | Halten | 9F29X572+RC |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 7,59 | 14,56 | 0,52 | 9,92 | 0,77 | 2,43 | 0,29 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,80 | 1,20 | 1,20 | 6,10% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 27.05.2025 | 14.05.2025 | 12.08.2025 | 12.11.2024 | 24.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -7,17% | -15,88% | -12,04% | -10,43% | +32,60% |
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