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Original-Research: INDUS Holding AG - von NuWays AG
21.02.2025 / 09:00 CET/CEST
Veröffentlichung einer Research, übermittelt durch EQS News - ein Service
der EQS Group.
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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Einstufung von NuWays AG zu INDUS Holding AG
Unternehmen: INDUS Holding AG
ISIN: DE0006200108
Anlass der Studie: Update
Empfehlung: BUY
seit: 21.02.2025
Kursziel: EUR 34.00
Kursziel auf Sicht von: 12 months
Letzte Ratingänderung:
Analyst: Christian Sandherr
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 EUR 1.72bn (eNuW: EUR 1.72bn; guidance EUR
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 EUR 882m sales in H2'24 vs. EUR 839m in H1'24. Q4'24
stayed flat yoy at EUR 439m.
Preliminary FY24 EBIT decreased 15.3% yoy to EUR 127m (eNuW: EUR 121m; guidance
EUR 115-125m) due
to negative economies of scale and price pressure in Materials. Q4'24 EBIT
dropped 5.6% to EUR 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 EUR 597m (eNuW: EUR 580m)
while EBIT declined
20% yoy to EUR 46m (7.7% margin) due to an unfavorable product mix in H1.
Materials sales came in at EUR
565m (eNuW: EUR 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 EUR 46m with a still solid
8.2% margin. Infrastructure sales declined slightly by 3.9% to EUR 560m (eNuW:
EUR 567m) and EBIT rose
by 6.1% yoy to EUR 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. EUR 5m sales) and the
German Kettler GmbH (c. EUR 9m sales) were acquired by Hauff-Technik, which
belongs to the Infrastructure
segment. The third company HBS Bolzenschweiss-Systeme GmbH & CO. KG (c. EUR
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 EUR 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 EUR 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
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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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2089479 21.02.2025 CET/CEST
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