Original-Research

MAX Automation SE (von NuWays AG): BUY 19.05.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

Werte zum Artikel
Name Aktuell Diff. Börse
MAX Automation 4,255 EUR +3,28 % Lang & Schwarz

Original-Research: MAX Automation SE - from NuWays AG

19.05.2026 / 09:00 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 NuWays AG to MAX Automation SE

Company Name: MAX Automation SE
ISIN: DE000A2DA588
 
Reason for the research: Update
Recommendation: BUY
Target price: EUR 7
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

Solid operational start into challenging 2026

MAX published its Q1 2026 figures. These showcased a resilient performance in challenging market environments, pointing towards first signs of structurally improving demand across most of the group's portfolio companies. In detail:

Q1 revenue rose 18.9% yoy to € 82.6m (eNuW: € 83.6), carried by double-digit increases across all portfolio companies, except for Vecoplan impacted by low-capacity utilization. ELWEMA especially profited with a 77% yoy revenue increase (to € 17m) from a large project received in Q2 2025 as well as follow-up orders. bdtronic's contribution rose by 33% yoy (to € 21m) through the recognition of percentage-of-completion method projects. Overall demand seems to further increase, yet coming from low levels.

Q1 EBITDA of € 3.3m (eNuW: € 4.9m) showed a notable improvement over the € 0.1m delivered in Q1 25. The stronger margin of 4% (vs 0.2%) was supported by positive contributions from the four positively performing portfolio companies and especially strong margins on the ELWEMA orders. Last year's right-sizing initiative further support margins across several portfolio companies

Order intake rose 12.9% yoy to € 86.9m, driven in particular by large follow-up orders for ELWEMA. These follow up orders secure the pipeline into 2027. Furthermore, bdtronic increased its intake by 48%. These positive developments compensated for weaker intake at Vecoplan and NSM + Jücker, which fell significantly (25.9% and 55.8% yoy respectively). The order backlog improved by 3.2% yoy to € 159m. The book-to-bill ratio reached 1.05.

Balance sheet and Cash Flow slightly weaker. Given stronger order intake in certain portfolio companies, a need for moderate working capital growth (+5.4% yoy) weighed on the operating CF of € 0.7m. MAX reported a solid 54.3% equity ratio. Importantly, MAX successfully extended its syndicated loan agreement to March 2029.

Cutting back on reporting obligations. As of March 26, the company has switched its stock exchange listing from Prime to General Standard to cut back on administrative tasks and shift its focus towards further operational growth.

FY26 Guidance confirmed. In Q1 MAX was seen to navigate the challenging market environments driven primarily by project-based customer orders from the automotive industry and the waste disposal/wood processing industry impacted by the war in Ukraine. Operational improvements outlined above point to a mixed, but resilient performance. Supported by Q1 figures, MAX confirmed its FY26 guidance of € 320m to € 370m in revenue and € 12m to € 18m in EBITDA. Projecting largely flat yoy revenue of € 336m (eNuW) and a 9.6% drop in EBITDA (eNuW) due to low capacity utilization, but supported by capacity adjustment and cost savings initiatives, the FY26 guidance looks achievable, in our view.

Maintaining BUY at € 7.0, based on DCF.

You can download the research here: max-automation-se-2026-05-19-update-en-38795
For additional information visit our website: https://www.nuways-ag.com/research

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
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
View original content: EQS News


2329514  19.05.2026 CET/CEST

Kommentare (0) ... diskutiere mit.
Werbung

Handeln Sie Aktien bei SMARTBROKER+ für 0 Euro!* Profitieren Sie von kostenloser Depotführung, Zugriff auf 29 deutsche und internationale Börsenplätze und unschlagbar günstigen Konditionen – alles in einer innovativen, brandneuen App. Jetzt zu SMARTBROKER+ wechseln und durchstarten!

*Ab 500 EUR Ordervolumen über gettex. Zzgl. marktüblicher Spreads und Zuwendungen.

k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
Schreib den ersten Kommentar!

Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer