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

Classification of NuWays AG to MAX Automation SE

Company Name:	MAX Automation SE
ISIN:	DE000A2DA588
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 7.0
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Q3 results: Strong Q3 order uptick to support improved H2

MAX Automation delivered a solid set of Q3 2025 results on Friday, marked by a slight recovery in demand exceeding reduced expectations after prolonged demand softness in H1.

Group revenues of € 91.8 m, a 8.2% yoy increase, came in ahead of our expectations (eNuW: € 86.6m) and was significantly driven by a stronger than anticipated acceleration in business activity across segments following a weak H1 where sales were down 18% yoy.

While Q3 EBITDA declined by 42% yoy to € 5.4m it still beat our expectations (eNuW: € 3.9). The yoy decline only due to the absence of a positive one-off effect related to the litigation in last year’s Q3, which had increased operating income. Adjusting for last year’s one-off effect, the underlying profitability rose, reaching a margin of 6.1% (+40bps). This was driven by ongoing tight cost control as well as a slightly improved materials expense ratio.

Cautiously improving order momentum was demonstrated by an increase in group order intake of 32.3% yoy to € 88.1m (book-to-bill ratio of 0.96x vs 0.79x in Q3 2024). This uptick was partially driven by NSM + Jücker (improved demand for packaging solutions) and ELWEMA (follow up orders). Their combined order intake came in at € 27.4m, up 221% yoy. Further, bdtronic benefitted from higher interest in its dispensing technology, leading to an order intake growth of 23.5% yoy to € 22.6m, the highest levels since Q1 2023. For Vecoplan demand came in mixed as order intake grew by only 2.9% yoy to € 35.9m as the waste & recycle solutions were able to grow, offsetting still low demand for wood processing solutions.

Net debt and Working Capital reductions underlined the company’s stabilization efforts. Working Capital was reduced by 18.9% due to higher order prepayments for new orders, lower inventory and improved payments conditions. At the end of Q3, net debt stood at € 26.8m, down 46.5% yoy, through which the equity ratio improved to 54.6%.

The FY25 guidance of € 300-340m sales and € 12-18m EBITDA was confirmed. Thanks to the solid 9M results, coupled with a decent order book, the lower to mid-point of this guidance should be in reach; eNuW new: € 302m sales, € 13.6m EBITDA.
Looking ahead, these developments could indicate another solid quarter with Q4 2025. However, with continued limited visibility in regards to long-term demand developments, only a slow and continuous recovery can be expected conservatively for FY 26. Further minor cost reductions should likely improve the company’s bottom line.

We confirm our BUY rating with a raised PT of € 7.00 (previously € 6.5), based of DCF, with its stake in ZEAL Network accounting for roughly 23% of the company’s Enterprise Value.

 

You can download the research here: max-automation-se-2025-11-10-previewreview-en-e95ee_nd
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
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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