BUY
|
Original-Research: INDUS Holding AG - von NuWays AG
Einstufung von NuWays AG zu INDUS Holding AG
Solid preliminary FY24 // Acquisition pipeline in full swing; chg. Topic: INDUS released solid preliminary FY24 numbers with sales in line and EBIT slightly above our estimates and the company’s guidance range. Further, with already three acquisitions, INDUS’ M&A pipeline is in full swing. Preliminary FY24 sales came in at € 1.72bn (eNuW: € 1.72bn; guidance € 1.70-1.80bn), 4.5% below last year due to the challenging macro environment. However, compared to H1’24, the topline already improved notably with € 882m sales in H2’24 vs. € 839m in H1’24. Q4’24 stayed flat yoy at € 439m. Preliminary FY24 EBIT decreased 15.3% yoy to € 127m (eNuW: € 121m; guidance € 115-125m) due to negative economies of scale and price pressure in Materials. Q4’24 EBIT dropped 5.6% to € 30.8m. Nevertheless, despite the difficult economic environment, INDUS could still achieve a solid FY24 EBIT margin of 7.4% (-0.9pp yoy; c. 7.0% in Q4). Engineering sales remained roughly unchanged yoy at € 597m (eNuW: € 580m) while EBIT declined 20% yoy to € 46m (7.7% margin) due to an unfavorable product mix in H1. Materials sales came in at € 565m (eNuW: € 570m), 8.9% below last year affected by price pressure and volume decline in particular in the agricultural and construction technology field. EBIT dropped by 20% yoy to € 46m with a still solid 8.2% margin. Infrastructure sales declined slightly by 3.9% to € 560m (eNuW: € 567m) and EBIT rose by 6.1% yoy to € 52m (9.4% margin) despite a subdued housing construction supply sector. Strong acquisition side: INDUS has already announced three add-on acquisitions this year all with closing date on 01.01.2025. Two of them, the Swedish Electro Trading ET AB (c. € 5m sales) and the German Kettler GmbH (c. € 9m sales) were acquired by Hauff-Technik, which belongs to the Infrastructure segment. The third company HBS Bolzenschweiss-Systeme GmbH & CO. KG (c. € 13m sales) was acquired by Peiseler group, which is part of Engineering. All companies show solid profitability with EBIT margins above 10% and we estimate the acquisition multiples to be in the range of 5.5-6.5 EV/EBIT. Hence, the purchase price should be around € 21m in total (eNuW). INDUS is showing a disciplined and thoughtful approach to M&A in our opinion by acquiring established niche players at reasonable multiples. Reiterate BUY with an unchanged PT of € 34 based on FCFY’24e. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/31823.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: https://www.nuways-ag.com/research-feed Kontakt für Rückfragen: 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. ++++++++++
Die EQS Distributionsservices umfassen gesetzliche Meldepflichten, Corporate News/Finanznachrichten und Pressemitteilungen. |
||||||||||||||||||||
2089479 21.02.2025 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.