R. STAHL AG
ISIN: DE000A1PHBB5
WKN: A1PHBB
10 May 2024 09:02AM

Original-Research: R. STAHL AG (von NuWays AG): Kaufen

R. STAHL AG · ISIN: DE000A1PHBB5 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19655

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: Kaufen
from: 10.05.2024
Target price: EUR 29.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr

Final Q1 out // Good start into 2024; chg. est.

Topic: R. Stahl reported a solid final Q1 underpinning the strong demand for electrical explosion protection solutions, which should continue due to favorable structural trends. Management confirmed FY24e guidance, which looks well in reach (eNuW).

To recap, Q1 sales grew 8.5% yoy to € 84.7m, driven by a strong order backlog of € 115m at the end of FY23. Further, while global supply chains remained partially disrupted in the previous year, there were no significant restrictions in Q1 FY24. Q1 adj. EBITDA decreased 19% to € 8.4m with a lower but still solid margin of 9.9% (-3.4 pp) due to inflationary effects from personnel costs, a higher material expense ratio and a € 2m one-off from the implementation of the EXcelerate strategy program; 12.3% adj. EBITDA margin excluding one-offs.

After a subdued order intake of € 74.5m in the fourth quarter, order intake came in surprisingly positive at € 92.3m, only slightly below the exceptionally strong order intake of last year’s Q1 (€ 96.7m). Driven by an increasing stabilization of global supply chains, the order intake in Q4 2023 was negatively affected by active destocking activities from customers in addition to a soft chemical industry in the DACH region. While demand in the chemical industry remained muted, the LNG, and petrochemical industry as well as the nuclear sector showed positive momentum during Q1. Due to the strong order intake, order backlog increased 6% to a solid level of € 122m (end of FY23: € 115m).

Management confirmed its FY24e guidance with sales in the range of € 335 – 350m and adj. EBITDA between € 35 – 45m. Thanks to the good start into the year and a solid order backlog, the guidance seems to be well in reach (eNuW sales: € 347m; adj. EBITDA: € 39.7m). 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.

With that, R. Stahl is well positioned to gradually improve margins, returns and cash flow generation. As shares are trading on only 5.9x EV/EBITDA 2024e we confirm our BUY rating with an unchanged € 29 PT, based on DCF.

You can download the research here:
http://www.more-ir.de/d/29655.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. ++++++++++

-------------------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
Quelle: boersengefluester.de and Company information
Explanation

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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,00%
16,10 €
ATH 48,21 €
-9,70% -16,52% -22,60% -18,27% -10,06%

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