Original-Research: MAX Automation SE (von NuWays AG): BUY
Original-Research: MAX Automation SE - from NuWays AG
Classification of NuWays AG to MAX Automation SE
Company Name: MAX Automation SE
ISIN: DE000A2DA588
Reason for the research: Update
Recommendation: BUY
from: 13.03.2024
Target price: 8.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
Excellent growth and profitability, soft order intake; chg.
Topic: MAX released strong FY23 results, with sales and EBITDA in line with expectations and the company’s guidance. The sales process of the subsidiary MA micro, which is now recognized as discontinued operations, is still ongoing.
FY23 sales (incl. MA micro) rose by 8.3% to € 443m (eNuW: € 444m), in line with the guidance range of € 410-470m due to a strong contribution from bdtronic (+59% yoy), offsetting the weaker Vecoplan, NSM + Jücker and MA micro. Q4 sales grew slightly by 3.2% yoy to € 117m (eNuW: € 117m). FY23 EBITDA (incl. MA micro) came in at € 43.2m (eNuW: € 43.9m) a 28% increase yoy, hitting the upper end of the guidance range of € 38-44m. This implies a 9.8% margin, up 1.5pp yoy due to normalized material prices and strong performance of bdtronic. Q4 EBITDA increased 155% yoy to € 6.2m (eNuW: € 6.9m) with a margin of 5.3% (+ 3.2pp yoy) due to a weak Q4 in FY22.
Group order intake from continued operations decreased by 16% to € 341m, leading to an order backlog of € 206m (-21% yoy), impacted from investment reluctance due to the ongoing economic uncertainty and higher interest costs. Mind you, FY22 benefited from COVID-19 catch-up effects and FY23 order intake and backlog are still on a historical high level.
Outlook for FY24e for continuing operations: MAX guides for sales of € 390-450m, in line with eNuW (€ 425m), carried by a € 206m group backlog and a healthy order pipeline. FY24e EBITDA should come in between € 31-38m (eNuW: € 32.7m). Despite the lower order backlog, the guidance seems to be in reach due to the postponement of some larger orders from Q4 FY23 into FY24e as well as improving supply chains and material prices.
bdtronic showed a dynamic top- and bottom-line development (see page two), as a result of the fulfillment of the high order backlog and continued strong demand for dispensing and impregnation. Sales increased 59% yoy to € 104m (eNuW: € 94.7m) and EBITDA rose by 58% with a flat development in margins at 14%, due to large investments into growth (e.g. personell, PPE). Order intake rose by 11% yoy to a new record high of € 104m, flagging the technological leadership and ongoing structural trends such as electrification of the automotive industry. Order intake in Q4 came in rather weak at € 11m compared to € 29m in Q4 FY22, due to the postponement of a major order to FY24e.
We expect bdtronic to deliver another year of double-digit growth in FY24e (eNuW: 12%).
Vecoplan delivered low-single-digit growth in sales and EBITDA, while margins remained roughly unchanged at 11.5% (FY22: 11.3%). Order intake fell by 15.6% yoy to € 145m, due to investment reluctance in Europe and US and the postponement of orders. However, the highly profitable service business, which accounts for c. 1/3 of sales, recorded significant growth during FY23.
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. This would reveal, that the value of the “parts” clearly exceeds the current Enterprise Value of the MAX Automation group, in our view.
We reiterate our BUY rating with an unchanged € 8.20 PT based on DCF.
You can download the research here:
http://www.more-ir.de/d/29133.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research.
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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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 | 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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