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
Strong Q2 numbers // FY guidance confirmed; chg. est. Topic: R. Stahl released strong Q2 numbers with sales and EBITDA above our estimates. Management confirmed its FY24e guidance, which looks well in reach (eNuW). Q2 sales grew 16.4% yoy to € 89.3m (eNuW: € 87m), driven by a solid order backlog of € 122m at the end of Q1 and a further ease in supply chains. Q2 adj. EBITDA increased disproportionately by 25.7% yoy to € 10.9m (eNuW: € 10.2m) thanks to a lower cost of materials ratio (30.6% vs. 34.4% in Q2’23) and despite higher personnel costs due to wage inflation. Further, other operating expenses came in unusually high (€ 16.4m vs. € 13.9m in Q2’23) due to negative one-offs from consulting costs incurred in connection with the EXcelerate strategy program, which should come down in Q3 and Q4. The adj. EBITDA margin increased by 0.9pp yoy to 12.2% and remains at a solid level. Solid order intake. After a subdued order intake in H2’23, driven by active destocking activities from customers due to an increasing stabilization of global supply chains and a muted European chemical industry, order intake in H1’24 recovered from a low level (€ 181m in H1’24 vs. € 157m in H2’23). Q2 order intake came in at € 88.5m, slightly below the € 89.3m last year but significantly above Q3&Q4’23. Order intake was supported by a slight recovery in the chemical industry and new orders in the nuclear sector (c. € 3m as stated in the CC). Book-to-bill came in at a healthy 0.99 leading to a solid order backlog of € 121m. Guidance confirmed: Management confirmed its FY24e guidance with sales between € 335 – 350m and adj. EBITDA in the range of € 35 – 45m. Supported by a strong H1 and a solid order backlog, it seems plausible for R. Stahl to reach its guidance in our view (eNuW: sales € 349; adj. EBITDA € 40m). Even more importantly, R. Stahl’s mid-term prospects remain bright as the company strongly benefits from (1) its superior market share along the LNG value chain (liquefaction and shipping: 75%, natural gas production: 50% and regasification 25%), (2) a rising need for production automation across offshore oil and gas rigs, and production plants of several industries, and (3) the ongoing nuclear renaissance across Europe. Hence, R. Stahl is well positioned to gradually improve margins, returns and cash flow generation. We reiterate our BUY rating with an unchanged € 29 PT, based on DCF. You can download the research here: http://www.more-ir.de/d/30411.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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
1964455 09.08.2024 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 | 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.
Contact
