Nabaltec AG
ISIN: DE000A0KPPR7
WKN: A0KPPR
24 November 2023 09:31AM

Original-Research: Nabaltec AG (von NuWays AG): BUY

Nabaltec AG · ISIN: DE000A0KPPR7 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 18395

Original-Research: Nabaltec AG - von NuWays AG

Einstufung von NuWays AG zu Nabaltec AG

Unternehmen: Nabaltec AG
ISIN: DE000A0KPPR7

Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 24.11.2023
Kursziel: € 31,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr

Q3 review: better-than-feared margin thanks to boehmite; chg

Q3 sales decreased by 12% yoy to € 49.8m (eNuW: € 50.5m) as a result of continued weak end markets, which left a particularly strong mark on the group’s Specialty Alumina segment (-24% yoy to € 14.1m). Positively, demand for its high-margin product boehmite, which has been weak for more than one year, has begun to pick up. This explains the “only” 6% sales decline of the Functional Fillers segment to € 53.7m. In fact, monthly sales volumes should have improved from ~450t to roughly 600t as customers across Eastern Europe are gradually (but slowly) ramping up battery production volumes and Asian customers are slowly reverting back to regular orders.

Q3 EBIT came in better than feared at € 4.6m (eNuW: € 3.4m), a 9.3% margin driven by the improved product mix (higher boehmite and lower Specialty Alumina sales shares) and slightly lower input costs (vs. previous quarters) that compensated for general labour cost inflation.

FY guidance confirmed. At the beginning of August, the company adjusted its FY23 guidance to a 4-6% yoy sales decline (eNuW: 5% with an EBIT margin of 6-8% (eNuW new: 7.8%). While we still expect Nabaltec to meet the mid-point of the sales guidance, the upper end of the EBIT margin guidance should be in reach (9M: 8.4% margin), implying a margin of only 5.8% in Q4.

Balance sheet remains strong. At the end of Q3, Nabaltec’s balance sheet featured roughly € 15m net cash (€ 93m cash, € 15m short-term financial assets and € 90m debt). During the next 2-3 years, the company looks set to invest roughly € 45m into expanding production capacities of boehmite and APYRAL, a gap filler that is mixed with glues used in battery packs/EVs to redirect heat away from the
cells. Fully utilized boehmite and APYRAL capacity expansions would yield € 65-70m incremental sales and € 16m EBIT.

What to expect from 2024e. Nabaltec is seen to return to slight growth, thanks to stabilizing sales of core products, environmental friendly flame retardants, and a gradually improving order momentum for boehmite and APYRAL as European EV and battery productions are ramping up. The resulting improvement of the product mix and slight raw material/energy price deflation should allow for further expanding margins. Beyond 2024e, core products should also return to structural growth, in our view.

Nabaltec remains a BUY with an unchanged € 31 PT, based on FCFY 2024e.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28395.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research.

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. ++++++++++

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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 176,74 179,03 159,58 187,02 218,84 200,13 208,00
EBITDA1,2 30,59 32,34 23,55 37,29 42,37 31,00 30,00
EBITDA-Margin3 17,31 18,06 14,76 19,94 19,36 15,49 14,42
EBIT1,4 18,47 18,63 -15,86 24,55 29,17 18,34 17,20
EBIT-Margin5 10,45 10,41 -9,94 13,13 13,33 9,16 8,27
Net Profit (Loss)1 10,29 10,70 -19,65 16,26 26,38 11,42 11,00
Net-Margin6 5,82 5,98 -12,31 8,69 12,05 5,71 5,29
Cashflow1,7 16,06 22,37 24,31 33,16 32,44 16,45 0,00
Earnings per share8 1,17 1,22 -2,23 1,85 3,00 1,30 1,23
Dividend per share8 0,20 0,20 0,00 0,25 0,28 0,28 0,28
Quelle: boersengefluester.de and Company information
Explanation

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: Deloitte

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
Nabaltec
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A0KPPR DE000A0KPPR7 AG 118,36 Mio € 24.11.2006 Halten 8FXJ835J+MQ
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
9,54 17,62 0,54 12,88 0,85 7,19 0,59
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,28 0,28 0,28 2,08%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
25.06.2025 22.05.2025 21.08.2025 21.11.2024 06.05.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-2,18%
13,45 €
ATH 39,60 €
-6,48% -8,18% -30,67% -29,21% -13,23%

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