Original-Research: Nabaltec AG (von NuWays AG): BUY
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Original-Research: Nabaltec AG - from NuWays AG
Classification of NuWays AG to Nabaltec AG
Strong Q2 figures // FY guidance raised; chg. Q2 sales grew 11% yoy to € 54.4m (eNuW: € 55m) thanks to 18% volume growth. Functional Fillers (+16% yoy) compensated for the still lagging Specialty Alumina segment (-1% yoy). Besides a pick up of demand for boehmite (+20% yoy), its environmental flame retardants (~63% of group sales) were the key driver, benefiting from rising investments into data centres and renewable energy sources and an improving US construction industry. H1 group sales +2.2% yoy to € 108m. Q2 EBIT jumped 79% yoy to € 5.9m, a 10.8% margin (+4.2pp yoy) thanks to improved capacity utilizations but also lower energy costs. H1 EBIT +28% yoy to € 10.9m (9.9% margin). The strong operational performance coupled with working capital normalizations lead to an operating cash flow of € 24m in H1, FCF of € 10m was due to planned investments into boehmite and gap filler capacities. The balance sheet remains strong with € 93m of cash and a net cash position of € 2.5m. FY24 guidance raised. Thanks to continued operational improvements in Q2 and sufficient visibility throughout H2, management raised its FY24 targets, now expecting 2-4% yoy sales growth (old: xxx; eNuW old: +3.9%) and an EBIT margin of 8-10% (old: 7-9%; eNuW old: 8.6%). The lower end of the margin guidance looks conservative (eNuW), as it implies a margin of only 5.7% for H2 (eNuW 8.1%). We confirm our BUY rating with an unchanged € 25 PT based on FCFY 2025e; Nabaltec remains on our Alpha List. Why to own the stock:
You can download the research here: http://www.more-ir.de/d/30599.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 ++++++++++ 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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1973561 23.08.2024 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 | ||||||||
| 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 | ||||||
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| 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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