Original-Research: MAX Automation SE (von NuWays AG): Kaufen
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: Kaufen
from: 29.04.2024
Target price: EUR 8.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
MAX achieved attractive sales price for MA micro; chg. est.
Topic: MAX Automation has come to an agreement on the divestment of its subsidiary MA micro with an attractive purchase price, sale of MA micro anticipated in the second half of FY24e.
MAX Automation announced the sale of MA micro (intention was announced in September 2023), which was already part of discontinued operations at the end of FY23 to the Japanese conglomerate, Hitachi Ltd. The purchase price of € 71.5 - 76.5m is still subject to the FY24e performance of MA micro.
After the acquisition is completed, MA micro will join JR Automation Technologies, a Hitachi group company, and market leader in providing advanced automation solutions and digital technologies in the robotics systems integration business. The transaction is subject to various customary conditions, in particular the granting of merger control approvals and is expected to be closed in the second half of FY24e. MAX intends to use the proceeds from the sale primarily to reduce financial liabilities by partially repaying the syndicated loan (end of FY23: € 120.8m).
The sale has no influence on our financial estimates of FY24e as MA micro was already part of discontinued operations. However, as the proceeds will be used to partially repay the syndicated loan (eNuW: 10% interest rate), annual interest expenses should decline by € 7.4m, potentially boosting EPS by 40% (eNuW), not reflected in our estimates until the transaction closed.
Taking into account the weak operating performance of MA micro during the last year (-28% revenue yoy, -17% EBITDA yoy) and a likely further deterioration in FY24 due to the subdued order momentum (eNuW), the purchase price looks attractive in our view (eNuW FY24e: Sales € 40m, € 6.6m EBITDA). The implied sales multiple of 11x EV/EBITDA is 30% above the group’s current valuation of 8.5x, which underpins the undervaluation of the stock. Mind you, the crown jewel bdtronic and Vecoplan have bright business prospects and should be worth considerably more than 8.0x EV/EBITDA.
We reiterate BUY with an unchanged € 8.20 PT based on DCF.
You can download the research here:
http://www.more-ir.de/d/29553.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
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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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