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
Q2 figures out: order intake is the silver lining H1 EBITDA fell even more steeply, plunging 75% yoy to € 3.9m with Q2 EBITDA coming in at € 3.8m (-50% yoy) reflecting not only the volume shortfall but also elevated cost structures and underutilized capacity. Roughly two weeks ago, management already cut the FY25 guidance to € 300-340m sales and € 12-18m EBITDA (eNuW: € 310m sales and € 12.8m EBITDA). Mind you, the magnitude of the EBITDA guidance reduction was partially impacted by one-off expenses (in addition to a lower top line), estimated at around € 5m (eNuW), aimed at aligning cost structures across the portfolio. Importantly, all related costs will be fully recognized in FY25, leading to a reduced cost base from the following year onward. The clear silver lining in the quarter was the improvement in order momentum. Order intake in Q2 reached € 92.6m, marking a 7.4% increase compared to € 86.2m in the same period last year. On a half-year basis, total order intake rose 5.7% to € 176.5m (H1 2024: € 166.9m). The individual portfolio companies showed a mixed picture. While bdtronic and Vecoplan reported stabilizing H1 order intake, NSM + Jücker showed an 82% yoy increase to € 24.5m carried by a demand recovery for packaging solutions. With this, the order backlog at the end of H1 increased by 13.3% yoy to € 174.8m. This rising backlog provides a more solid foundation for revenue stabilization in the second half and could support a gradual recovery into FY26, provided execution and project conversion improve. We confirm our BUY rating with an unchanged € 6.50 PT based on a DCF with its stake in ZEAL Network accounting for roughly 25% of the company‘s Enterprise Value. You can download the research here: max-automation-se-2025-08-05-previewreview-en-04a53 For additional information visit our website: https://www.nuways-ag.com/research-feed 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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2179346 05.08.2025 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | ||
| Sales1 | 307,00 | 349,08 | 409,19 | 397,37 | 365,99 | 315,00 | 0,00 | |
| EBITDA1,2 | 5,66 | 25,72 | 25,72 | 34,56 | 29,28 | 14,00 | 0,00 | |
| EBITDA-Margin3 | 1,84 | 7,37 | 6,29 | 8,70 | 8,00 | 4,44 | 0,00 | |
| EBIT1,4 | -19,49 | 11,56 | 21,99 | 19,16 | 17,57 | 5,00 | 0,00 | |
| EBIT-Margin5 | -6,35 | 3,31 | 5,37 | 4,82 | 4,80 | 1,59 | 0,00 | |
| Net Profit (Loss)1 | -26,33 | -0,89 | 14,97 | 15,18 | 60,54 | 0,50 | 0,00 | |
| Net-Margin6 | -8,58 | -0,26 | 3,66 | 3,82 | 16,54 | 0,16 | 0,00 | |
| Cashflow1,7 | 32,03 | 27,67 | -2,87 | 17,19 | 19,05 | 0,00 | 0,00 | |
| Earnings per share8 | -0,90 | -0,05 | 0,39 | 0,37 | 1,47 | 0,01 | 0,14 | |
| 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 | 179,82 Mio € | 27.05.1994 | Kaufen | 9F5FGXVJ+XV |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 19,82 | 15,92 | 1,24 | -155,71 | 0,94 | 9,44 | 0,49 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 28.05.2026 | 15.05.2025 | 31.07.2026 | 07.11.2025 | 20.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -5,50% | -18,73% | +11,66% | -23,99% | +0,00% |
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