^
Original-Research: INDUS Holding AG - from Parmantier & Cie. GmbH
17.11.2025 / 12:55 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
---------------------------------------------------------------------------
Classification of Parmantier & Cie. GmbH to INDUS Holding AG
Company Name: INDUS Holding AG
ISIN: DE0006200108
Reason for the research: Update
Recommendation: Buy
from: 17.11.2025
Target price: 35.00 Euro
Target price on sight of: 12 month
Last rating change: none
Analyst: Daniel Großjohann, Thomas Schießle
Q3: Adjusted EBITA exceeds market expectations, market environment remains
challenging - Group outlook for 2025 confirmed
The Q3 figures (sales: EUR437.4 million (-1.3%); adj. EBITA: EUR48.1 million
(+10%)) significantly exceeded market expectations in terms of earnings.
This was due to consistent cost management. We expect INDUS to continue the
trend shown during the year. While we are slightly reducing our revenue
forecast for 2025, we are raising the adjusted EBITA margin slightly. Both
key figures remain within the confirmed guidance. INDUS shares are currently
trading at a P/E ratio of 9.1, and the dividend yield is above 5% - we
confirm our buy recommendation.
P&L. Although revenue in Q3 2025 was slightly below the previous year's
figure at EUR437.4 million (-1.3%), EBIT (EUR43.3 million; +36.2%) and EPS
(EUR1.33; +95.6%) significantly exceeded the Q3 2024 figures. This is due,
among other things, to consistent cost management. The lower tax rate after
nine months (15.9% vs. 34.9%) - with slightly lower EBT (EUR73.6 million; -
4.2%) - resulted in EPS of EUR2.46 (+30.1%), which is already significantly
higher than the previous year's EPS.
Order intake. Nine-month group order intake (EUR1,429 million) grew by 17.2%
compared with the same period last year. Once again, the most significant
increase was in the Engineering segment (+35.5%), but order intake in the
other two segments, Infrastructure (+10%) and Materials Solutions (+6.5%),
also improved compared with the same period last year. The Group
book-to-bill ratio was 1.12. However, it should be noted that some of the
major orders won in plant engineering will not be recognised as revenue
until 2027 and 2028.
Group outlook: For the 2025 financial year, INDUS continues to forecast
sales of between EUR1.70 billion and EUR1.85 billion, with adjusted EBITA
expected to be between EUR130 million and EUR165 million. This corresponds to an
adjusted EBITA margin of between 7.5% and 9%. Free cash flow is expected to
exceed EUR90 million.
DISCLAIMER
LEGAL NOTICE
This research report ('Investment Recommendation') was prepared by
Parmantier & Cie. Research, with contributions from Mr. Grossjohann, and is
distributed solely by Parmantier & Cie. Research. It is intended only for
the recipient and may not be shared with other entities, even if they are
part of the same corporate group, without prior written consent. The report
contains selected information and makes no claim to completeness. The
investment recommendation is based on publicly available information
('Information'), which is considered correct and complete. However,
Parmantier & Cie. Research does not verify or guarantee the accuracy or
completeness of this information. Any potential errors or omissions do not
create liability for Parmantier & Cie. Research, which assumes no liability
for direct, indirect, or consequential damages.
In particular, Parmantier & Cie. Research accepts no responsibility for the
accuracy of statements, forecasts, or other content in this investment
recommendation concerning the analyzed companies, their subsidiaries,
strategies, economic conditions, market and competitive positions,
regulatory frameworks, and similar factors. While care has been taken in
preparing this report, errors or omissions cannot be excluded. Parmantier &
Cie. Research, including its partners and employees, accepts no liability
for the accuracy or completeness of statements, estimates, or conclusions
derived from the provided information in this investment recommendation.
To the extent this investment recommendation is provided as part of an
existing contractual relationship (e.g., financial advisory services),
Parmantier & Cie. Research's liability is limited to cases of gross
negligence or intentional misconduct. In cases of breach of essential
obligations, liability is limited to simple negligence but is restricted to
foreseeable and typical damages in all cases. This investment recommendation
does not constitute an offer or solicitation to buy or sell securities.
Partners, managing directors, or employees of Parmantier & Cie. Research or
its subsidiaries may hold responsible positions, such as supervisory board
mandates, in the companies mentioned in this report. The opinions expressed
in this investment recommendation may change without notice and reflect the
personal view of the research analyst. Unless otherwise stated, no part of
the research analyst's compensation is directly or indirectly related to the
recommendations or opinions contained in this report. All rights reserved.
You can download the research here: Research
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=13670542ae6478eb9ee7baa8fca9977a
Contact for questions:
PARMANTIER & Cie. GmbH
info@parmantiercie.com
---------------------------------------------------------------------------
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=bd1b72d1-c3aa-11f0-be29-0694d9af22cf&lang=en
---------------------------------------------------------------------------
2231028 17.11.2025 CET/CEST
°