Original-Research: Einhell Germany AG (von NuWays AG): Buy
|
Original-Research: Einhell Germany AG - from NuWays AG
Classification of NuWays AG to Einhell Germany AG
Final Q3 results out & guidance confirmed; chg. est. Topic: Einhell released strong final Q3 numbers in line with preliminary results. Further, Einhell confirmed its previously increased FY24e guidance (company news 10 October). Q3 sales increased 14.5% yoy to € 263m thanks to the ongoing strong demand for the company’s Power X-Change products (9M’24: 50% PXC share; +5ppts yoy). Q3 sales in Western Europe incl. DACH increased 24.7% to € 146m, still making up the bulk of overall revenue with c. 55% of Group sales. Sales in Eastern Europe came in at € 29.8m, a 7.6% increase yoy supported by a strong demand from Turkey despite the difficult local economic environment. Overseas and Other Countries showed a flat yoy sales development at € 72.8m, driven by a solid performance of Einhell Australia but offset by top-line challenges in Einhell Canada and South Africa. EBT for Q3’24 increased disproportionately by 22.5% to € 22.6m with an EBT margin of 8.6% (+0.6ppts yoy) mainly due to a decreased material cost ratio and operating leverage leading to a decreased personnel cost ratio. The ratio of material cost declined 2.1ppts yoy to 58.2% thanks to the increasing share of PXC products, which tend to deliver higher gross margins. While personnel costs rose 8.5% yoy to € 36.4m due to wage inflation and higher variable compensation, headcount decreased 2.5% yoy predominantly due to reductions in Thailand and the sale of Einhell Colombia on 31 May 2024. However, despite the absolute increase in personnel costs, the expense ratio decreased 0.8ppts yoy thanks to a higher turnover. On the other hand, other operating expenses increased disproportionately by 19.5% to € 45.3m (17.2% of sales; +0.7ppts yoy) mainly due to higher advertising costs. Einhell confirmed its FY24e guidance of € 1,070m sales and an EBT margin in the range of 8.0-8.5%. In our view, the new guidance looks still plausible thanks to the strong demand for Einhell’s Power XChange products and the favorable top-line development in 9M. Further, we expect a 0.4ppts yoy increase in EBT margin to 8.2% as an increasing PXC share and operating leverage is kicking in. Going forward, we expect the positive momentum to continue during FY25e (eNuW sales: € 1,145m). Reiterate BUY with an unchanged PT of € 86 based on DCF. You can download the research here: http://www.more-ir.de/d/31321.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 ++++++++++ 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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||||
2030709 15.11.2024 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 | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 577,90 | 605,69 | 724,68 | 927,42 | 1.032,52 | 971,53 | 1.070,00 | |
| EBITDA1,2 | 43,50 | 43,47 | 68,63 | 94,43 | 107,22 | 97,27 | 110,00 | |
| EBITDA-Margin3 | 7,53 | 7,18 | 9,47 | 10,18 | 10,38 | 10,01 | 10,28 | |
| EBIT1,4 | 38,66 | 35,04 | 59,01 | 82,38 | 92,52 | 81,06 | 90,00 | |
| EBIT-Margin5 | 6,69 | 5,79 | 8,14 | 8,88 | 8,96 | 8,34 | 8,41 | |
| Net Profit (Loss)1 | 26,13 | 24,58 | 41,81 | 60,15 | 60,80 | 51,56 | 61,00 | |
| Net-Margin6 | 4,52 | 4,06 | 5,77 | 6,49 | 5,89 | 5,31 | 5,70 | |
| Cashflow1,7 | -13,76 | 56,01 | 36,31 | -151,44 | 40,77 | 211,68 | 0,00 | |
| Earnings per share8 | 2,30 | 2,13 | 3,63 | 5,19 | 5,29 | 5,19 | 5,40 | |
| Dividend per share8 | 0,56 | 0,46 | 0,73 | 0,87 | 0,97 | 0,97 | 0,97 | |
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: Rödl & Partner
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 | ||||||
| Einhell Germany VZ | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A40ESU | DE000A40ESU3 | AG | 712,23 Mio € | 06.12.1999 | Kaufen | 8FWJMMPX+GJ |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 11,23 | 15,33 | 0,73 | 19,37 | 2,16 | 3,36 | 0,73 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,97 | 0,97 | 0,97 | 1,54% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 27.06.2025 | 22.05.2024 | 22.08.2024 | 14.11.2024 | 24.04.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -1,40% | +18,14% | +4,97% | +12,47% | +1.406,23% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
