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Original-Research: INDUS Holding AG - from NuWays AG
13.11.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to INDUS Holding AG
Company Name: INDUS Holding AG
ISIN: DE0006200108
Reason for the research: Update
Recommendation: BUY
Target price: EUR 34
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Q3 results surprise with significantly stronger bottom-line
INDUS reported Q3 results with a surprisingly strong adj. EBITA. Here are
the key takeaways:
Sales in Q3 came at EUR 437.4m, down 1% yoy (eNuW: EUR 456m, eCons: EUR 448.1m).
Key drivers were the weak performance in Engineering and Material Solutions,
which Infrastructure largely compensated for. EUR 8.4m were attributable to
first-time consolidation of acquisitions. A positive surprise was adj. EBITA
of EUR 48.1m rising by 10% yoy, well above expectations (eNuW: 36.4m, eCons. EUR
37.1m) despite a significant raw material headwind, especially tungsten.
This led to a particularly strong increase in EBIT of 36% yoy to EUR 43.3m,
implying a 9.9% margin (eNuW 31m, eCons. EUR31.1m). Currency effects
contributed costs of EUR 2.2m, due to the continued dollar weakness.
Engineering sales declined to EUR 138.5m (-9.2% yoy, eNuW: EUR 147m), due to a
combination of significant end market weakness in mechanical engineering
concerning plant equipment demand as anticipated VDMA data. New acquisitions
HBS and METFAB contributed positively to the segment's performance. The
segment's adjusted EBITA of EUR 12.4m (8.9% margin) was down 26% yoy.
Material Solutions recorded a 3.3% yoy sales decline to EUR 137.4m (eNuW: EUR
152m). This decrease is mainly associated with a higher comparable base
including revenues of EUR 13.5m from discontinued IMECO. Tungsten availability
is confirmed to be restored now (for the time being), yet negative impacts
on margins were unavoidable. Strict cost measures compensated for the
negative effects. Adjusted EBITA rose 30% to EUR 16.4m.
Infrastructure sales growth of 8.8% yoy to EUR 161.4m (eNuW: EUR157m) was driven
by strong results in almost all portfolio companies of the segment and
positive pricing effects. The new acquisitions supported with excellent
results. The Q3 adjusted EBITA contribution of EUR 22.3m, up 8.8% and with a
13.8% margin, significantly supported the group's bottom line. The
comparable base included a positive one-off effect of EUR 2.6 m from the sale
of a BETOMAX subsidiary, without which the increase would have been 12% yoy.
The company generated substantial FCF of EUR 66.6m in Q3, due to a notably
higher operating cash flow (better op. performance and less working
capital). 9m FCF stood at EUR 58.7m and should further increase with the
seasonally Q4. Mind you, management confirmed to outlook of >EUR 90m for FY25.
This is more than sufficient to fund further acquisitions. As indicated in
the report, further signings in Q4 2025 are a possibility.
9m order intake grew 17.2% yoy, mainly due to a 35.5% yoy higher order
intake in Engineering, which should positively impact the segment's top-line
in 2027/28. Infrastructure and Materials Solutions also recorded increased
demand with 9m order intake up 10% and 6.4% respectively.
FY 25 Guidance of EUR 1.7-1.85bn revenue and EUR 130-165m adjusted EBITA was
confirmed. Taking into account the 9m results, a seasonally strong
Engineering business in Q4 and a solid result for Materials Solutions, the
lower end of the FY revenue guidance and the mid-point of the adjusted EBITA
guidance should be in reach, in our view. BUY with an unchanged EUR 34.0 PT
based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=59908cbc2bf19b80273f21e4a5b5f086
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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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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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