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: Update
Empfehlung: BUY
seit: 18.01.2024
Kursziel: 8.20
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Konstantin Völk
MAX lays the foundation for outperformance in 2024
Topic: MAX Automation has another promising year in front of it. We expect the company to grow its topline by 7% in 2024e while sustaining last year’s profitability (eNuW).
Topline growth ahead: With several structural trends kicking in, MAX should be able to grow its revenue in the current fiscal year at a mid-single-digit growth rate. Around 35% of the growth is expected to come alone from MAX’s crown jewel bdtronic (eNuW). With c. 80% of bdtronic’s revenue coming from dispensing solutions mainly in the automotive sector, bdtronic largely profits from an increasing number of electric components inside and outside the vehicles. Different dispensing applications are used to protect electric control units from overheating, vibration during driving and environmental influences such as salt or dirt. MAX largest holding, Vecoplan, is expected to grow by 6% in 2024e (eNuW), outpacing the slow growing recycling market, due to its strong competitive quality. Vecoplan is an expert in producing machines and plants for shredding, conveying, and processing of primary and secondary raw materials, such as wood or plastic.
Consistent profitability: We expect MAX to deliver an EBITDA margin of 9.8% in 2024e, which is roughly in line with 2023e (eNuW). Going forward, margins should further improve to > 10% by 2025e due to economies of scale but more importantly due to an improving product mix from bdtronic. Despite labour cost pressure, the company has not only strong growth potential but can also improve margins in a tough market due to its technological leadership.
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 unchanged € 8.20 PT based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28703.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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