R. STAHL AG
ISIN: DE000A1PHBB5
WKN: A1PHBB
11 June 2024 10:11AM

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

R. STAHL AG · ISIN: DE000A1PHBB5 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20011

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: 11.06.2024
Target price: EUR 29.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr

Operating turnaround intact thanks to several structural trends

LNG remains 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 lead to a rising demand for LNG in Europe. Of the nine planned LNG terminals in Germany, five floating terminals are already running, and another terminal (Wilhelmshaven II) is set to become operational in H2 2024. Germany is next to China and the Netherlands one of the most important LNG importers in the world and is expected to further expand its import capacity in the coming years. LNG accounts currently for c. 10% of R. Stahl’s revenue (eNuW) and is seen to be one of the key growth drivers in the mid-term.

Lighting in the German chemical industry. After seven quarters of declining production volumes, the chemical industry returned to yoy growth in Q1 (5.4%). At the end of 2023, the German Chemical Association (VCI) expected a slight yoy decline of production volumes for 2024. This has now changed to a 3.5% increase due to the good start into 2024. Nevertheless, according to VCI president Markus Steilemann the situation remains tense as Germany is still too expensive for chemical production which can only be changed by politics. Higher production volumes could lead to increasing investments in the chemical industry and with that to a higher demand for R. Stahl’s explosion protection products. We estimate the chemical industry to be responsible for c. 1/3 of R. Stahl’s revenues.

Nuclear shows positive momentum. R. Stahl is supplying lighting technology worth c. € 10-12m (eNuW) for the two reactors currently being built at the Hinkley Point C nuclear power plant in the UK. Even more important, 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 at least 6 new reactors are planned by 2050. With an estimated revenue of € 5m per refurbished reactor and € 10m for the new ones, this implies a € 330m revenue opportunity for R. Stahl (eNuW).

Demand for R. Stahl’s products remains high. Order intake in Q1 FY24 came in at € 92.3m, a 24% increase qoq and only slightly below the extraordinarily strong Q1 FY23 (€ 96.7m). Hence, we expect to see mid-single-digit sales growth for FY24e in combination with low double-digit EBITDA margins. Reiterate BUY with an unchanged PT of € 29.00 based on DCF.

You can download the research here:
http://www.more-ir.de/d/30011.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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