Original-Research: R. STAHL AG (von NuWays AG): BUY
Original-Research: R. STAHL AG - from NuWays AG
Classification of NuWays AG to R. STAHL AG
Company Name: R. STAHL AG
ISIN: DE000A1PHBB5
Reason for the research: Update
Recommendation: BUY
from: 29.02.2024
Target price: 31.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Several structural trends could drive mid-term growth
Topic: Despite a strong competitive quality, R. Stahl had difficulties translating it into operating performance between 2016 and 2021. Thanks to R. Stahl having done its homework by implementing changes on the back of efficiency and structural trends kicking in, shares look poised for a re-rating.
R. Stahl has begun to supply LED lightning solutions to a nuclear plant in UK (Hinkley Point C) with a total expected revenue of € 10-12m, of which c. € 3.5m are already booked as revenue in FY23e (eNuW). Importantly, the UK project is partially owned by the French utility company EDF, which also manages France’s 56 power reactors. C. 54 of these need to be refurbished within the next 20 years and 6 new reactors are planned by 2050. With an estimated potential revenue of € 5m per refurbished reactor and € 10m for the new ones, this implies a € 330m revenue opportunity for R. Stahl (eNuW).
LNG delivers a material mid-term growth opportunity. R. Stahl is the globally leading provider of explosion protection for LNG tankers, terminals and liquification/regassification plants (25-75% market shares). Independence from Russian energy imports leads to a rising demand for LNG in Europe. For instance, Germany opened its first LNG terminal in Wilhelmshaven during December 2022 to compensate for the Russian gas imports. Until 2027, nine LNG terminals are planned in Germany, to import capacities of up to 69 billion cubic meters, of which the majority is seen to come from USA and Qatar.
In contrast to the booming LNG business, the chemical industry in Germany was rather weak since the Russian invasion, due to substantially increased energy and gas prices. We expect the softening to carry well into FY24e, as the German chemical association (VCI) expects a revenue decline of 3% during 2024e for its home market (2023: -12%). Despite the short-term challenges, in the long-run we do not see the local chemical industry in severe danger. It should hence remain an integral part of the company.
Order intake increased for the third consecutive year up to € 343m (+9.3% yoy) leading to a strong order backlog of € 115m at the end of FY23e. We expect to see mid-single-digit sales growth for FY24e in combination with low double-digit EBITDA margins. Yet, valuation looks undemanding. Shares are trading on a mere 5.0x EV/EBITDA (9x PE) 2024e, clearly below the historical average of roughly 7x. This is despite the structural demand tailwinds, which should fuel mid-term sales and margin growth.
Hence, we reiterate our BUY rating with an unchanged PT of € 31, based on DCF.
You can download the research here:
http://www.more-ir.de/d/29027.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
++++++++++
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.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
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 | 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% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.