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
Solid preliminary FY24 numbers but soft order intake; chg. est. Topic: R. Stahl released solid preliminary FY24 figures with sales in line and adj. EBITDA slightly below our estimates. Free cashflow increased significantly due to a reduction in working capital. Preliminary FY24 sales increased 4.1% yoy to € 344m in line with our estimates and the company’s guidance range (eNuW € 344m; guidance € 335-350m). On the other hand, Q4 sales decreased 7.9% yoy to € 83m due to a low backlog at the end of Q3. After a soft Q3’24, order intake continued to stay on a low level with € 72m (-2.8%) showing a similar pattern than last year with strong order intake in H1 and weaker demand in H2 (H1’24 € 181m, H2’24 € 147m). One reason for that was the still subdued European chemical industry but other sectors were affected as well due to the general economic slowdown and increasing political and economic uncertainties. Preliminary FY24 adj. EBITDA came in at € 34.4m, -10.9% yoy and slightly below our estimates (eNuW: € 36m, guidance € 35-40m). The margin decreased 1.7ppts yoy to a still solid 10% due to onetime costs from the implementation of the EXcelerate strategy program (c. € 3.7m in 9M’24) and higher personnel costs as a result of collective bargaining agreements. Q4 adj. EBITDA remained roughly flat yoy at € 6.3m (Q4’23 € 6.1m). FCFF improved significantly to € 14.7m (FY23 € 0.3m) thanks to a reduction in working capital. During the COVID-19 pandemic and its aftermath, R. Stahl increased its inventory level in order to remain able to deliver. As supply chains eased over the last year, R. Stahl managed to reduce its elevated working capital levels. We continue to like the stock, however due to the muted order intake, we reduced our estimates for FY25e. We now expect only a flat development in sales and a small decline in adj. EBITDA from a high level. The FY25e guidance will be released with the final FY24 numbers on April 10th. Reiterate BUY with an unchanged PT of € 25, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/31803.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: https://www.nuways-ag.com/research-feed 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. ++++++++++
Die EQS Distributionsservices umfassen gesetzliche Meldepflichten, Corporate News/Finanznachrichten und Pressemitteilungen. |
||||||||||||||||||||
2088311 19.02.2025 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 | 2024 | 2025e | ||
| Sales1 | 274,78 | 246,59 | 248,11 | 274,34 | 330,56 | 344,15 | 346,00 | |
| EBITDA1,2 | 25,27 | 17,18 | 16,82 | 20,59 | 36,64 | 33,82 | 36,70 | |
| EBITDA-Margin3 | 9,20 | 6,97 | 6,78 | 7,51 | 11,08 | 9,83 | 10,61 | |
| EBIT1,4 | 6,34 | 0,49 | -0,06 | 3,85 | 19,12 | 15,85 | 18,60 | |
| EBIT-Margin5 | 2,31 | 0,20 | -0,02 | 1,40 | 5,78 | 4,61 | 5,38 | |
| Net Profit (Loss)1 | 1,35 | -3,53 | -4,93 | 1,93 | 0,18 | 5,84 | 7,25 | |
| Net-Margin6 | 0,49 | -1,43 | -1,99 | 0,70 | 0,05 | 1,70 | 2,10 | |
| Cashflow1,7 | 19,62 | 17,86 | 11,86 | 5,99 | 14,22 | 28,56 | 23,00 | |
| Earnings per share8 | 0,21 | -0,54 | -0,76 | 0,30 | 0,03 | 0,90 | 1,12 | |
| 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 | 119,78 Mio € | 21.07.1997 | Kaufen | 8FXF6M37+44 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 12,00 | 26,42 | 0,45 | -75,61 | 1,66 | 4,19 | 0,35 |
|
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 | 04.11.2025 | 10.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +7,76% | +4,92% | +14,11% | -13,08% | +3,91% |
