Original-Research: MAX Automation SE (von NuWays AG): BUY
Original-Research: MAX Automation SE - von NuWays AG
Einstufung von NuWays AG zu MAX Automation SE
Unternehmen: MAX Automation SE
ISIN: DE000A2DA588
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 10.11.2023
Kursziel: € 7,30
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Konstantin Völk
Fully on track despite mixed Q3; chg. est.
MAX delivered mixed results for Q3 2023, with sound top-line growth but pressure on margins. Q3 group sales rose slightly by 1.4% yoy to € 109.1m (Q3 2022: € 107.6m) while Q3 EBITDA fell sharply by 35% yoy to € 9.6m (Q3 2022: € 14.8m). Hence, the EBITDA margin declined by 4.9pp yoy to 8.8%. However, Q3 2022 was an extraordinarily strong quarter and compared to the FY 2022 EBITDA margin, the current Q3 margin is still 0.6pp higher. The postponement of some larger orders was the main reason for the margin decrease, while also burdening top-line growth. In detail:
bdtronic grew sales by 48% yoy to € 26.0m along with a slight EBITDA margin improvement by 0.2pp to a solid 14.4%. Driven by the strong top-line growth, EBITDA rose by 50% yoy to € 3.7m. This result was carried by strong demand for bdtronics’ dispensing and trickle impregnation technology, used for the impregnation of electric motors in e-vehicles.
Vecoplan's revenues fell by 1.8% yoy to € 46.2m, caused by the Recycling / Waste and Wood / Biomass division, which continued to fall short of expectations due to the ongoing reluctance of customers to invest. EBITDA fell by 14.5% yoy to € 5.7m, with a margin of 12.5% (Q3 2022: 14.3%).
Amongst the other subsidiaries, AIM micro stood out positively: sales increased by c. 23% yoy to € 1.6m while EBITDA rose disproportionately by 34% up to € 0.7m, due to economies of scale.
Q3 group order intake fell by c. 31% yoy to € 78m, with the book-to-bill in the third quarter arriving at only 0.72x, which reflects a more cautious customer base across almost all subsidiaries. Order intake was particularly soft for Vecoplan (-23% yoy to € 38.3m), NSM + Jücker (-61% yoy to € 6.9m) and Elwema (-69% yoy to € 5.1m), reflecting macro uncertainties and order postponements. Order backlog of the continuing operations fell by c. 12% to € 267m.
MAX confirmed its FY23e guidance of € 410m to € 470m sales (eNuw: € 444m) and € 38m to € 44m EBITDA (eNuW: € 43.9m). This appears sensible, in our view, as it implies a flat yoy topline development and a 3.5% margin in Q4 2023 at mid-point. The due diligence for a potential divestment of MA micro is still ongoing. A successful transaction would uncover hidden value and thus serve as a major share price catalyst, in our view. Reiterate BUY with a new PT of € 7.30 (old: € 7.40) based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28227.pdf
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
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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.
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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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 | 403,99 | 425,49 | 307,00 | 349,08 | 409,19 | 397,37 | 367,00 | |
| EBITDA1,2 | -20,25 | -0,89 | 5,66 | 25,72 | 25,72 | 34,56 | 29,40 | |
| EBITDA-Margin3 | -5,01 | -0,21 | 1,84 | 7,37 | 6,29 | 8,70 | 8,01 | |
| EBIT1,4 | -42,14 | -15,80 | -19,49 | 11,56 | 21,99 | 19,16 | 14,00 | |
| EBIT-Margin5 | -10,43 | -3,71 | -6,35 | 3,31 | 5,37 | 4,82 | 3,82 | |
| Net Profit (Loss)1 | -43,56 | -35,48 | -26,33 | -0,89 | 14,97 | 15,18 | 11,60 | |
| Net-Margin6 | -10,78 | -8,34 | -8,58 | -0,26 | 3,66 | 3,82 | 3,16 | |
| Cashflow1,7 | 20,55 | -20,88 | 32,03 | 27,67 | -2,87 | 17,19 | 0,00 | |
| Earnings per share8 | -1,32 | -1,18 | -0,90 | -0,05 | 0,39 | 0,37 | 0,40 | |
| 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: PricewaterhouseCoopers
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 | ||||||
| MAX Automation | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2DA58 | DE000A2DA588 | SE | 182,65 Mio € | 27.05.1994 | Kaufen | 9F5FGXVJ+XV |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 12,92 | 15,45 | 0,84 | -65,96 | 1,52 | 10,62 | 0,46 |
|
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 |
| 30.05.2024 | 14.05.2024 | 02.08.2024 | 08.11.2024 | 12.03.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +9,12% | +5,35% | +7,27% | +8,77% | +0,00% |
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