Original-Research: Nabaltec AG (von NuWays AG): BUY
Original-Research: Nabaltec AG - from NuWays AG
Classification of NuWays AG to Nabaltec AG
Company Name: Nabaltec AG
ISIN: DE000A0KPPR7
Reason for the research: Update
Recommendation: BUY
from: 06.03.2024
Target price: 25.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
FY23 profitability better than expected / valuation too pessimistic
Topic: While profitability in Q4 (preliminary figures) came in significantly better than expected, sales fell slightly short of expectations. Although FY24 is seen to also be burdened by the challenging macro environment, valuation has more than factored it in, in our view.
Q4 sales came in at € 44.2m, down 14% yoy (eNuW € 52.2m). The shortfall to our estimates was driven by the particularly weak Speciality Alumina (S.A.) segment where sales declined 31% yoy due to customers' further inventory wind-downs, generally weak demand (46% of sales from refractory customers). Functional Fillers (F.F.) came in as expected at € 32.4m (-6% yoy). FY23 sales decreased by 8.6%; with F.F. down 4% yoy to € 142m and S.A. down 12% yoy to € 58m. Positively, boehmite sustained its recovery, yet from low levels. H2 volumes stood at 3.1kt, up ~64% vs H1, leading to FY volumes of c. 5kt (flat yoy, eNuW). Nabaltec is also gaining further momentum with its gap filler, APYRAL.
Q4 EBIT came in strong at € 5.2m, down only 6% yoy (eNuW: € 3m), a margin of 11.7%. This was the result of a positive mix effect, i.e. decent development of higher margin products like boehmite, APYRAL and ATH from Nashtec vs. a strong decline at S.A. FY23 EBIT came in at € 18.3m, a 9.1% margin.
Cautious FY24 guidance. Management expects to grow FY24 sales slightly (eNuW new: 3.9%) with an EBIT margin of 7-9% (eNuW new: 8.6%). Growth is expected to be carried by a slight increase of boehmite volumes (+1kt yoy), further growing gap filler demand and improving utilization rates at its US plants, while the remainder of F.F. and S.A. should remain rather flat yoy.
The core business (ATH and S.A.) should remain solid going forward, yet with a certain degree of cyclicality as currently visible. Speciality products such as boehmite and APYRAL still have the potential to significantly drive earnings growth going forward. Yet, as a result of uncertainties regarding the build-up of significant European/US battery production volumes, timing and degree of growth remains difficult to assess. Mind you, boehmite is used to coat the separator film and the electrode in order to significantly improve safety/heat resistance of NMC, NMx and LFP batteries.
Unjustified valuation. Nabaltec is trading on 7.5x EV/EBIT FY24e (10y avg. at 11.9x) and a 30% discount to its book value while having a rock-solid balance sheet (€ 94m cash, € 4m net cash) , good margins and offering a 16% FCF yield. Remains a BUY with a new € 25 PT (old: € 31) based on FCFY 24e.
You can download the research here:
http://www.more-ir.de/d/29077.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
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
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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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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 | 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 | |
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 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,28 | 0,28 | 0,28 | 2,08% |
| 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 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -6,48% | -8,18% | -30,67% | -29,21% | -13,23% |
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