Original-Research: Nabaltec AG (von NuWays AG): Kaufen
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: Kaufen
from: 27.06.2024
Target price: EUR 25.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Further op. improvements // FY guidance conservative
Topic: Despite the recent 30% share price increase since the low in March, Nabaltec remains on our Alpha List with the key reasons for it being (1) further operational improvements in Q2 and a too conservative FY guidance, (2) the promising optionality of boehmite and (3) an attractive valuation with shares below the book value.
Following a solid Q1 with € 54m sales and a 9% EBIT margin, Nabaltec looks set to report further operational improvements in Q2; eNuW € 55m sales (+12% yoy) and a 9.1% EBIT margin (+2.4pp yoy). While demand growth for boehmite should remain muted, its environmental flame retardants (~63% of group sales) are seen to be the key driver as they benefit from rising investments into data centres.
FY guidance looks increasingly conservative. Mind you, management expects to grow FY24e sales slightly with an EBIT margin of 7-9%. Considering the expected (eNuW) H1 performance with € 109m sales (+2.7% yoy) and a 9.2% EBIT margin (+1.2pp yoy), the lower end of the margin guidance implies a margin of only 4.6% for the remainder of the year.
Lagging boehmite demand, yet a promising optionality. During the past 1.5 years, demand for boehmite, the high-margin coating material for separator foils and electrodes of lithium-ion batteries in EVs, has been weak with sales falling from € 24m in FY21 to € 17m last year. The main reason behind this was a strong oversupply in China (lacklustre EV demand growth), the core market for EV battery production as well as a slower than initially expected ramp up of production capacities in Europe and the US. Yet, with demand for ceramic coating solutions expected to 4x until 2028, boehmite should return to growth; eNuW: From € 17m in FY23 to € 25m by FY25e.
Valuation remains highly attractive. At € 16.2/share, Nabaltec still trades below its book value (€ 16.70/share at the end of Q1). For comparison, the company has historically been trading at ~2x P/BV throughout the last 10 years. At the same time, the company offers 10% FCF yield (FY24e) and a healthy balance sheet.
We confirm our BUY rating with an unchanged € 25 PT based on FCFY 2025e and
keep Nabaltec
on our Alpha List.
You can download the research here:
http://www.more-ir.de/d/30105.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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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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