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
Q4 & FY 25: Beating expectations in a difficult year Max Automation published its annual report for FY25. Despite several challenges, results came in ahead of expectations. In detail: Q4 revenue came in ahead of expectations across most segments totalling € 88.3m (eNuW: € 73.9m), but still down 5.1% yoy, due to a lower contribution from Vecoplan and ELWEMA compared to the previous year, partially mitigated by bdtronic- and AIM micro-contributions. Q4 EBITDA rose sharply by 42.4% yoy to € 6.3m (eNuW: € 4.3m) on account of stronger contributions from AIM micro and NSM + Jücker and general cost measures taken. Order momentum across the group decreased towards the end of the year with order intake of € 74m (-8.5% yoy). Smaller segments improved, while larger segments lagged. bdtronic saw a decrease in market activity in Q4, after stronger developments during the year. Vecoplan showed improvements in recycling but continued to face muted investment demand in wood, biomass and services. AIM micro was a notable standout, delivering material improvements in order intake, revenue and EBITDA contribution despite its small base. NSM + Jücker posted stable revenue alongside stronger order intake and improved profitability. ELWEMA saw order intake improve yoy, though revenue and bottom-line contribution came in slightly weaker. FY 25 guidance was met and came in ahead of expectations. Revenue stood at € 335m (eNuW: € 320m), implying an 8.6% decrease yoy. The strong Q4 result helped to partially mitigate effects from a weak H1 and a low order book at the end of 2024. EBITDA fell by 46.8% to € 15.6m (eNuW: € 13.6m), driven by the weaker top line, one-off costs related to cost cutting measures in bdtronic and Vecoplan. On the positive side, full-year order intake improved 7.8% yoy to € 338.8m, supported by large orders placed with NSM + Jücker and ELWEMA. Improved balance sheet metrics. Net debt fell by € 31.5m. The equity ratio correspondently rose from 54.6% to 57%. Working capital decreased by 30% to € 73.7m (1.7% w/c ratio), which should be sustainable, in our view. The meaningful working capital release further underlines improving capital efficiency and supports our positive stance on the name. Looking into FY26, management provided guidance of € 320-370m in revenue and € 12-18m in EBITDA, which we view as an inflection point towards stabilization. We consider this guidance achievable and project broadly stable revenue of € 336m (eNuW) and EBITDA of € 14.2m (eNuW), reflecting resilience in profitability on a largely flat top line. We maintain our BUY recommendation with a price target of € 7.00 based on DCF. You can download the research here: max-automation-se-2026-03-24-previewreview-en-52404 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++
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2296392 24.03.2026 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 | 2025 | 2026e | ||
| Sales1 | 307,00 | 349,08 | 409,19 | 397,37 | 365,99 | 334,54 | 350,00 | |
| EBITDA1,2 | 5,66 | 25,72 | 25,72 | 34,56 | 29,28 | 15,57 | 16,00 | |
| EBITDA-Margin3 | 1,84 | 7,37 | 6,29 | 8,70 | 8,00 | 4,65 | 4,57 | |
| EBIT1,4 | -19,49 | 11,56 | 21,99 | 19,16 | 17,57 | 3,07 | 4,00 | |
| EBIT-Margin5 | -6,35 | 3,31 | 5,37 | 4,82 | 4,80 | 0,92 | 1,14 | |
| Net Profit (Loss)1 | -26,33 | -0,89 | 14,97 | 15,18 | 60,54 | -4,45 | -1,50 | |
| Net-Margin6 | -8,58 | -0,26 | 3,66 | 3,82 | 16,54 | -1,33 | -0,43 | |
| Cashflow1,7 | 32,03 | 27,67 | -2,87 | 17,19 | 19,05 | 38,72 | 0,00 | |
| Earnings per share8 | -0,90 | -0,05 | 0,39 | 0,37 | 1,47 | -0,11 | -0,04 | |
| 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 | 185,59 Mio € | 27.05.1994 | Halten | 9F5FGXVJ+XV |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 20,45 | 12,12 | 1,69 | -51,14 | 0,96 | 4,79 | 0,55 |
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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 | 15.05.2026 | 31.07.2026 | 07.11.2025 | 20.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +10,73% | -10,27% | +11,66% | -24,50% | +0,00% |
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