Original-Research: R. STAHL AG (von NuWays AG): BUY
Original-Research: R. STAHL AG - von NuWays AG
Einstufung von NuWays AG zu R. STAHL AG
Unternehmen: R. STAHL AG
ISIN: DE000A1PHBB5
Anlass der Studie: Update
Empfehlung: BUY
seit: 16.02.2024
Kursziel: 31.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Q4 prelims: Operating turnaround intact; chg. est.
Topic: R. Stahl released solid FY23 preliminary figures, exceeding the company’s guidance on the topline. However, Q4 profitability and order intake were slightly weaker than expected due to a soft chemical industry in the DACH-region.
Preliminary Q4 sales came in at € 89.9m (eNuW: € 77.3m), a 25.2% yoy increase stemming from a strong order backlog and further improved supply chains as well as logistics situations. Preliminary FY23 sales were up 20.5% yoy at € 331m, exceeding the guidance range of € 305-320m and our expectations (eNuW: € 318m). Adj. EBITDA in Q4 stood at € 6.1m (eNuW: € 7.1m), up from € 5.7m yoy and with a slightly lower margin of 6.8% (- 1.1pp) due to a weak chemical business and wage inflation.
Strong order intake and backlog for FY23. R. Stahl’s order intake for FY23 increased 9.3% yoy, despite a weak Q4. With c. 20% of sales coming from the chemical industry, R. Stahl’s final quarter of FY23 was affected by a temporarily weak chemical sector. Despite a strong order intake for the first weeks of FY24, we expect the softening to carry well into FY24e. Nevertheless, FY24e sales should be supported by the strong € 115m in order backlog (+5.2% yoy) and structural growth drivers kicking in.
LNG delivers a material mid-term growth opportunity. Independence from Russian energy imports leads to a rising demand for LNG in Europe and R. Stahl offers a wide range of explosion-proof equipment for this approach. In 2023, the EU imported over 120 billion cubic meters (bcm) in LNG and grew its capacity by 40 bcm. As a leading provider of explosion protection solutions for LNG tankers, terminals and liquefaction/regassification plants, R. Stahl should clearly benefit from this trend.
Potential impairment of investments in associated companies burdens the financial result. In 2016, R. Stahl acquired a 25% stake in ZAVOD Goreltex, the second largest company for explosion protection in Russia (company news 16.09.2016). In our view, a full write-off for the € 10.3m carrying amount in FY23 is likely, as R. Stahl cannot participate in the earnings of ZAVOD Goreltex and lost its influence in the company.
Apart from the investment in ZAVOD Goreltex, R. Stahl’s operating turnaround is intact. We reiterate our BUY rating with an unchanged PT of € 31, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28905.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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-------------------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 | 280,11 | 274,78 | 246,59 | 248,11 | 274,34 | 330,56 | 343,00 | |
| EBITDA1,2 | 9,46 | 25,27 | 17,18 | 16,82 | 20,59 | 36,64 | 42,85 | |
| EBITDA-Margin3 | 3,38 | 9,20 | 6,97 | 6,78 | 7,51 | 11,08 | 12,49 | |
| EBIT1,4 | -4,16 | 6,34 | 0,49 | -0,06 | 3,85 | 19,12 | 24,85 | |
| EBIT-Margin5 | -1,49 | 2,31 | 0,20 | -0,02 | 1,40 | 5,78 | 7,25 | |
| Net Profit (Loss)1 | -7,00 | 1,35 | -3,53 | -4,93 | 1,93 | 0,18 | 11,85 | |
| Net-Margin6 | -2,50 | 0,49 | -1,43 | -1,99 | 0,70 | 0,05 | 3,46 | |
| Cashflow1,7 | 18,22 | 19,62 | 17,86 | 11,86 | 5,99 | 14,22 | 15,40 | |
| Earnings per share8 | -1,10 | 0,21 | -0,54 | -0,76 | 0,30 | 0,03 | 1,85 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
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: BDO
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 | ||||||
| R. Stahl | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A1PHBB | DE000A1PHBB5 | AG | 103,68 Mio € | 21.07.1997 | Kaufen | 8FXF6M37+44 |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 6,79 | 26,62 | 0,26 | -60,30 | 1,53 | 7,29 | 0,31 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 03.06.2025 | 06.05.2025 | 07.08.2025 | 06.11.2024 | 10.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -9,70% | -16,52% | -22,60% | -18,27% | -10,06% |
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