Original-Research: MAX Automation SE - from NuWays AG

Classification of NuWays AG to MAX Automation SE

Company Name: MAX Automation SE

ISIN: DE000A2DA588

Reason for the research: Update

Recommendation: Kaufen

from: 15.05.2024

Target price: EUR 8.20

Target price on sight of: 12 Monaten

Last rating change:

Analyst: Konstantin Völk

Muted start into the year but solid order intake; chg. est.

Topic: MAX released mixed Q1 results with muted sales and slight pressure

on margins in line with expectations. However, order intake moderately

improved qoq from a low level in the last three quarters

supported by continuous follow-up orders from ELWEMA.

Q1 group sales declined slightly by 6.1% yoy to EUR 91m (eNuW: EUR 92m)

reflecting the low order backlog compared to last year. Q1 EBITDA fell by

18% yoy to EUR 7.9m (eNuW: EUR 7.6m) due to the lower top-line, wage inflation

and a product mix shift within bdtronic. Hence, the margin declined by

1.2pp yoy to 8.8%.

After three weaker quarters, order intake in Q1 showed first signs of a

recovery. Q1 group order intake increased 26% qoq to EUR 90m but decreased

21% yoy compared to the exceptionally strong Q1 FY23. Order intake in the

second half of FY23 suffered from investment restraints reflecting a

challenging macroeconomic environment, restrictive financing conditions and

persistently high price levels. The ongoing weakness of the global economy

was in particular delt in the German mechanical and plant engineering

sector. We expect the situation to improve modestly in the second half of

FY24e, which should translate to increasing revenue in FY25e.

bdtronic continued its growth story and increased sales by 50% yoy to EUR

29.6m supported by a high order backlog and strong service business.

However, EBITDA stayed unchanged yoy at EUR 3.3m along with a margin decrease

of 5.6pp to 11.1%. This was largely influenced by a product mix shift to

the lower margin impregnation business as well as wage inflation and an

increase in personnel.

Vecoplan's revenues came in at EUR 38.7m, a 16.2% decrease yoy. EBITDA fell

by 27% to EUR 4.1m with a slight margin reduction of 1.6pp to 10.5% due to

investment reluctance in the recycling/waste division and positive one-offs

from the reversal of provisions in the previous year. We expect Vecoplan to

stabilize on a plateau this year with a flat development in sales and a

slight decrease in EBITDA.

MAX confirmed its FY24e guidance of EUR 390-450m sales (eNuW: EUR 411m) and EUR

31-38m EBITDA (eNuW: EUR 33m). This appears sensible in our view as it

implies a 5.7% top-line increase and a flat development in EBITDA at


We reiterate BUY with an unchanged PT of EUR 8.20, based on DCF.

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