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
Continued solid performance, margins further improving; chg. Q3 sales came in at € 49.8m (eNuW: € 50.4m), largely flat yoy; 9M sales +1.5% yoy to € 158.2m. 8% higher volumes compensated for declining prices. Worth highlighting, demand for ATH used in data centers and renewable energy solutions and viscosity optimized hydroxides remained high, while boehmite continued to suffer from a supply/demand imbalance (related sales -46% yoy). More importantly, Q3 EBIT increased strongly by 30.4% yoy to € 6.0m with an implied margin of 11.8% (+2.6pp yoy); 9M EBIT of € 16.8m, a 10.6% margin. This was despite the particularly weak boehmite business and the continuously weak Specialty Alumina Segment (1.4% margin) as the company benefitted from generally higher utilization rates but also positive mix effects within Functional Fillers (segment margin +4.4pp yoy to 16.2%). The strong operational performance coupled with working capital normalizations lead to a 9M operating cash flow of € 32.2m (€ 8m in Q3), FCF amounted to € 10.8m due to planned CAPEX (€ 20.8m during 9M) into boehmite and gap filler capacities. The balance sheet remained strong with € 93.7m cash (€ 2.4m net cash). This and next year‘s op. cash flow should be sufficient to cover the company‘s current capex program with € 50-55m until the end of 2025. Upper end of FY EBIT margin guidance in reach. Management confirmed its FY24 guidance of 2-4% yoy sales growth and an 8-10% EBIT margin. While we expect the lower end of the sales guidance to be reached (eNuW: 1.7% yoy sales growth), the upper end of the margin guidance should be in reach. Our current 9.3% margin estimate would imply only a 4.9% margin in Q4 (10.6% after 9M). We confirm our BUY rating with an unchanged € 25 PT based on FCFY 2025e; Nabaltec remains on our Alpha List as we regard it as „too cheap to ignore“. At € 14 per share, Nabaltec trades roughly 18% below its book value of € 17, while offering 11.6% adj. FCFY, a strong balance sheet and significant midto long-term potential. Following the current investment program, Nabaltec should be able (once fully utilized) to generate some € 300m sales, € 55m EBITDA and € 40m FCF (eNuW). You can download the research here: http://www.more-ir.de/d/31417.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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2036131 22.11.2024 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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 179,03 | 159,58 | 187,02 | 218,84 | 200,13 | 208,00 | 0,00 | |
| EBITDA1,2 | 32,34 | 23,55 | 37,29 | 42,37 | 31,00 | 30,00 | 0,00 | |
| EBITDA-Margin3 | 18,06 | 14,76 | 19,94 | 19,36 | 15,49 | 14,42 | 0,00 | |
| EBIT1,4 | 18,63 | -15,86 | 24,55 | 29,17 | 18,34 | 17,20 | 0,00 | |
| EBIT-Margin5 | 10,41 | -9,94 | 13,13 | 13,33 | 9,16 | 8,27 | 0,00 | |
| Net Profit (Loss)1 | 10,70 | -19,65 | 16,26 | 26,38 | 11,42 | 11,00 | 0,00 | |
| Net-Margin6 | 5,98 | -12,31 | 8,69 | 12,05 | 5,71 | 5,29 | 0,00 | |
| Cashflow1,7 | 22,37 | 24,31 | 33,16 | 32,44 | 16,45 | 0,00 | 0,00 | |
| Earnings per share8 | 1,22 | -2,23 | 1,85 | 3,00 | 1,30 | 1,23 | 1,41 | |
| Dividend per share8 | 0,20 | 0,00 | 0,25 | 0,28 | 0,28 | 0,28 | 0,30 | |
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 | 136,40 Mio € | 24.11.2006 | Halten | 8FXJ835J+MQ |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 10,13 | 17,45 | 0,58 | 14,85 | 0,98 | 8,29 | 0,68 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,28 | 0,28 | 0,28 | 1,81% |
| 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 |
| +8,52% | +5,59% | +14,81% | -16,89% | +0,00% |
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