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: 15.05.2024
Target price: EUR 8.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
Muted start into the year but solid order intake; chg. est.
Topic: MAX released mixed Q1 results with muted sales and slight pressure on margins in line with expectations. However, order intake moderately improved qoq from a low level in the last three quarters supported by continuous follow-up orders from ELWEMA.
Q1 group sales declined slightly by 6.1% yoy to € 91m (eNuW: € 92m) reflecting the low order backlog compared to last year. Q1 EBITDA fell by 18% yoy to € 7.9m (eNuW: € 7.6m) due to the lower top-line, wage inflation and a product mix shift within bdtronic. Hence, the margin declined by 1.2pp yoy to 8.8%.
After three weaker quarters, order intake in Q1 showed first signs of a recovery. Q1 group order intake increased 26% qoq to € 90m but decreased 21% yoy compared to the exceptionally strong Q1 FY23. Order intake in the second half of FY23 suffered from investment restraints reflecting a challenging macroeconomic environment, restrictive financing conditions and persistently high price levels. The ongoing weakness of the global economy was in particular delt in the German mechanical and plant engineering sector. We expect the situation to improve modestly in the second half of FY24e, which should translate to increasing revenue in FY25e.
bdtronic continued its growth story and increased sales by 50% yoy to € 29.6m supported by a high order backlog and strong service business. However, EBITDA stayed unchanged yoy at € 3.3m along with a margin decrease of 5.6pp to 11.1%. This was largely influenced by a product mix shift to the lower margin impregnation business as well as wage inflation and an increase in personnel.
Vecoplan’s revenues came in at € 38.7m, a 16.2% decrease yoy. EBITDA fell by 27% to € 4.1m with a slight margin reduction of 1.6pp to 10.5% due to investment reluctance in the recycling/waste division and positive one-offs from the reversal of provisions in the previous year. We expect Vecoplan to stabilize on a plateau this year with a flat development in sales and a slight decrease in EBITDA.
MAX confirmed its FY24e guidance of € 390-450m sales (eNuW: € 411m) and € 31-38m EBITDA (eNuW: € 33m). This appears sensible in our view as it implies a 5.7% top-line increase and a flat development in EBITDA at midpoint.
We reiterate BUY with an unchanged PT of € 8.20, based on DCF.
You can download the research here:
http://www.more-ir.de/d/29745.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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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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