Original-Research: MAX Automation SE (von NuWays AG): Buy
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Original-Research: MAX Automation SE - from NuWays AG
Classification of NuWays AG to MAX Automation SE
Guidance revision // muted Q3 ahead; chg. est. & PT Topic: MAX will release its Q3 numbers on November 8th. We expect sales and margins to remain muted. Further, on Tuesday evening, the company cut its FY24e guidance. Investment reluctance among customers puts pressure on MAX: due to the current challenging macro, restrictive financing conditions and persistently high price levels, customers hesitate to place orders. Order intake in H1’24e fell by 14% to € 167m and backlog by 11% to € 184m. bdtronic is particularly impacted as the demand for EVs slowed down in the recent quarters. Consequently, we expect Q3 sales to decrease 9.9% yoy to € 90m. EBITDA should come in at € 7.1m (eNuW), with a 7.9% margin. Bdtronic impacted from cyclical demand: bdtronic has significantly expanded its capacity in FY23 due to an extraordinarily strong demand for its impregnation and dispensing machines and occupied c. 120 external services on the peak to handle the rapidly increased order intake. However, as the demand for electric vehicles in the US and Europe calmed down in H1’24, OEMs hesitate to expand their EV capacities. Therefore, bdtronic’s cyclical order intake decreased sharply by 52% yoy to € 32m (H1’24 backlog € 34m, -56% yoy). While bdtronic had to increase its capacity in FY23, they are now suffering from overcapacity and external personnel can be reduced only slowly and successively because of their idiosyncratic know-how within specific projects. We expect the situation to remain challenging throughout H2’24e and expect sales of € 17m and € 0.6m EBITDA in Q3 for bdtronic. Elwema shows resilience: in contrast to bdtronic, Elwema’s order intake showed a very positive development and rose by 32% to € 40m in H1’24 thanks to a solid demand for combustion engines in the US. Thanks to a steady stream of follow-up orders and long lead times of 12-18 months, the company secured already enough projects for FY25e. FY24e guidance revised: MAX revised its forecast for the current fiscal year due to a decline in order intake. Sales are now expected to come in at € 350-380m (previously: € 390-450m; eNuW old: € 378m) with an EBITDA in the range of € 27-31m (previously: € 31-38m; eNuW old: € 31m). Despite the challenging macroeconomic environment, the new guidance looks plausible in our view (eNuW sales € 366m, EBITDA € 29m). Nevertheless, as mid-term prospects remain intact, we reiterate BUY with a new PT of € 7.00 (old: € 7.50), based on DCF. You can download the research here: http://www.more-ir.de/d/31161.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. ++++++++++
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2020525 01.11.2024 CET/CEST
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 |
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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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