Original-Research: Einhell Germany AG (von NuWays AG): Buy
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Original-Research: Einhell Germany AG - from NuWays AG
Classification of NuWays AG to Einhell Germany AG
Another strong year ahead for Einhell; chg. est. Topic: After an already strong FY24e, Einhell should in our view also in FY25e convince with solid sales growth and a further margin expansion. Sales are expected to increase to € 1,145m in FY25e due to a strong demand for Einhell’s Power X-Change products and steadily increasing market share in Einhell’s core markets. In H1’24, Einhell was already by far the largest player for cordless garden tools with a market share of 39% in Germany (vs. 36% in FY23) and 19% for cordless tools (vs. 17% in FY23). Next to the Western European region, Einhell Australia is also growing fast with € 148m sales in 9M’24 (vs. € 126m in 9M’23), accounting for c. 18% of total sales. Furthermore, we expect Einhell to increase its EBT margin to 8.6% (eNuW) next year thanks to the increasing share of PXC products (9M’24: 50% share; +5ppts yoy), lower freight costs, a decrease in headcount and positive operating leverage. Going forward, Einhell should benefit from the structural trend towards cordless battery-powered tools thanks to (1) high convenience of cordless tools compared to conventional tools as they are more flexible, offer a high level of safety and have less emissions and maintenance. (2) A rising technological capability of Li-Ion battery systems, including improved recharging speed, durability, energy management and maximum load. (3) Reasonable pricing of Li-Ion battery systems thanks to mass market production, making powerful battery systems applicable for a wide range of semi-professional DIY products. On top of that the current valuation of the stock is undemanding not only based on an intrinsic valuation via DCF but also compared to its listed peers as the stock is currently trading at only 12x trailing P/E and 9x trailing EV/EBIT, despite its strong fundamentals. Hence, we reiterate BUY with an unchanged PT of € 86 based on DCF. You can download the research here: http://www.more-ir.de/d/31589.pdf 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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2063195 08.01.2025 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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 605,69 | 724,68 | 927,42 | 1.032,52 | 971,53 | 1.070,00 | 0,00 | |
| EBITDA1,2 | 43,47 | 68,63 | 94,43 | 107,22 | 97,27 | 110,00 | 0,00 | |
| EBITDA-Margin3 | 7,18 | 9,47 | 10,18 | 10,38 | 10,01 | 10,28 | 0,00 | |
| EBIT1,4 | 35,04 | 59,01 | 82,38 | 92,52 | 81,06 | 90,00 | 0,00 | |
| EBIT-Margin5 | 5,79 | 8,14 | 8,88 | 8,96 | 8,34 | 8,41 | 0,00 | |
| Net Profit (Loss)1 | 24,58 | 41,81 | 60,15 | 60,80 | 51,56 | 61,00 | 0,00 | |
| Net-Margin6 | 4,06 | 5,77 | 6,49 | 5,89 | 5,31 | 5,70 | 0,00 | |
| Cashflow1,7 | 56,01 | 36,31 | -151,44 | 40,77 | 211,68 | 0,00 | 0,00 | |
| Earnings per share8 | 2,13 | 3,63 | 5,19 | 5,29 | 5,19 | 5,40 | 5,60 | |
| Dividend per share8 | 0,46 | 0,73 | 0,87 | 0,97 | 0,97 | 0,97 | 1,03 | |
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 | ||||||
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| Einhell Germany VZ | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A40ESU | DE000A40ESU3 | AG | 726,95 Mio € | 06.12.1999 | Kaufen | 8FWJMMPX+GJ |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 11,32 | 15,12 | 0,75 | 19,77 | 2,20 | 3,43 | 0,75 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,97 | 0,97 | 0,97 | 1,51% |
| 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 |
| -0,33% | +0,00% | +1,90% | +0,00% | +1.437,36% |
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