MAX Automation SE
ISIN: DE000A2DA588
WKN: A2DA58
05 December 2023 09:01AM

Original-Research: MAX Automation SE (von NuWays AG): BUY

MAX Automation SE · ISIN: DE000A2DA588 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 18479

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: Update
Empfehlung: BUY
seit: 05.12.2023
Kursziel: € 8,20
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Konstantin Völk

Strong growth opportunities carried by structural trends; PT up

Despite a strong competitive quality and structural growth drivers, MAX Automation had difficulties translating it into operating performance between 2016 and 2020. Thanks to MAX having done its homework by adjusting its portfolio and structural trends kicking in, shares look poised for a re-rating.

Until 2025e, MAX Automation should be able to grow sales to € 510m while achieving disproportionate EBITDA growth of 15% (2022-25e CAGR) thanks to:

Structural growth drivers: MAX's subsidiary bdtronic is a leading provider of trickling impregnation, which significantly improves performance and safety metrics of electric drive trains. With the number of electric vehicles likely to continue to soar during the foreseeable future, the need for its automated solutions, that enable particularly high production speed without sacrificing quality, should enable bdtronc’s sales to grow >20% annually.

Defensible competitive quality: Bdtronic's trickling impregnation business is based on highly specific know-how and a strong reputation, establishing lock-in effects and hence high entry barriers. Once the impregnation machines are installed, it is costly for OEMs to switch to different suppliers, enabling bdtronic a lucrative service business, allowing for EBITDA margins north of 17% for bdtronic (eNuW).

With that, MAX’s group KPIs should also further improve: EBIT margins (5.4% in FY22 -> 7.6%), ROCEs (9.4% in FY22 to >11%) and free cashflow generation (neg. in FY22 to € 20m) going forward.

In addition to the improving operating performance, a successful divestment of the subsidiary MA micro (company news 08.09.2023) should be a notable share price catalyst, revealing that the value of the “parts” clearly exceeds the current Enterprise Value of the MAX Automation group, in our view. A strategic buyer should be willing to pay at least 10x EBITDA for this highly profitable and return-rich specialty business, implying a purchase price of above € 100m (eNuW).

Importantly, even after a divestment, MAX would own hidden Mittelstand champions such as bdtronic and Vecoplan, amongst other, whose combined value alone would well exceed the remaining (theoretical) € 200m EV of the group ex MA micro (eNuW), underpinning the undervaluation of the stock. Hence, we reiterate our BUY rating with an increased € 8.20 PT (old: € 7.30) based on DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28479.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 ++++++++++
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. ++++++++++

-------------------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
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: 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
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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
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
30.05.2024 14.05.2024 02.08.2024 08.11.2024 12.03.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,00%
6,20 €
ATH 9,32 €
+9,12% +5,35% +7,27% +8,77% +0,00%

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