10.11.2021 Masterflex SE  DE0005492938

DGAP-News: Masterflex SE business development exceeds plan - Medium-term double-digit EBIT margin target already almost achieved


DGAP-News: Masterflex SE / Key word(s): Quarter Results/Quarterly / Interim Statement
Masterflex SE business development exceeds plan - Medium-term double-digit EBIT margin target already almost achieved

10.11.2021 / 07:32
The issuer is solely responsible for the content of this announcement.

Masterflex SE business development exceeds plan - Medium-term double-digit EBIT margin target already almost achieved

- Growth in the 9-month period above plan

- Consolidated revenue 6.8% above previous year's level with EUR 59.6 million (9M/2020: EUR 55.8 million)

- Consolidated operational EBIT increases by 64.7% to EUR 5.8 million (9M/2020: EUR 3.5 million)

- High order backlog of EUR 15.4 million underlines sales and earnings targets

- Medium-term earnings target of "double digit" already almost achieved with 9.7% EBIT margin

- More exact and upwardly adjusted forecast for the full year

Gelsenkirchen, November 10, 2021 - The Masterflex Group nearly reached the pre-corona level of 2019 with revenue of EUR 59.6 million (9M/2020: EUR 55.8 million, 9M/2019: EUR 62.5 million). Compared to the previous year, the Masterflex Group was able to generate a revenue growth of 6.8%. Although not all customer industries have yet recovered from after-effects of the corona pandemic, overall growth has continued to gain momentum.

Considered in isolation, the Group was already able to return to its pre-corona level in terms of revenue in the third quarter at EUR 20.7 million (Q3/2020: EUR 18.4 euros, Q3/2019: EUR 20.6 million). The high order backlog of the Group at EUR 15.4 million as of September 30, 2021 (December 31, 2020: EUR 9.4 million) underlines the sales and earnings targets. At the same time, the successful implementation of the "Back to Double Digit" program (B2DD) is reflected in higher profitability. Thus, after nine months, the Masterflex Group is ahead of plan in terms of the targets set so far for the year 2021 as a whole.

Operating earnings before interest and taxes (operating EBIT) improved significantly to EUR 5.8 million (9M/2020: EUR 3.5 million) in the first nine months of 2021 - despite rising raw material prices and the related higher stockpilling of critical materials - resulting in a significant year-on-year increase of 64.7%. The Masterflex Group has therefore exceeded the earnings level before corona in the same period of 2019 (9M/2019: EUR 5.3 million) despite a lower revenue base, which is also reflected in a higher operating EBIT margin. The EBIT margin increased significantly to 9.7% in 9M/2021 (9M/2020: 6.3%, 9M/2019: 8.4%). The Masterflex Group is thus on track for a double-digit EBIT margin with its "Back to Double Digit" restructuring program.

Consolidated EBITDA reached EUR 9.3 million (9M/2020: EUR 6.6 million) in the nine-month period and consolidated net income EUR 3.8 million (9M/2020: EUR 1.4 million). Accordingly, earnings per share rose to EUR 0.39, compared with EUR 0.15 in the same period of the previous year.

Developments in the customer industries were heterogeneous. As in previous quarters, the traditional industrial hose business in the mechanical engineering and automotive sectors in particular showed strong demand momentum. Catch-up effects as a result of the restrained demand in the fiscal year 2020 as well as the conversion to more sustainable production processes had a positive impact on revenue development here. In this area, the Masterflex Group benefited in particular from the high level of material expertise and hose diversity in its portfolio.

Business in the medical technology sector continues to be characterized by the fact that, on the one hand, the special economic situation resulting from COVID-19-relevant equipment has leveled off and, on the other hand, there was a lack of growth impetus in the actual core business in medical technology. Postponements of surgical procedures are still the order of the day, which means that the pre-pandemic level has not yet been reached again for surgeries. In particular, investments and work for new projects and the start of series production of products already developed are still being postponed by a few customers. In line with the long-term orientation of the Masterflex Group, the product portfolio of medical technology hose solutions was consistently further expanded in the first three quarters of 2021. At the same time, production capacities were expanded in line with planning in order to be prepared for the expected growth and catch-up phase.

Activities in the aviation industry continued to progress at a low level. All other companies reported higher sales and earnings year-on-year. Positive growth impetus also came from Asia. However, the increasing shortage of raw materials slightly slowed down the growth momentum in the various sectors.

Dr. Andreas Bastin, CEO of the Masterflex Group: "We are very satisfied with our development in the first nine months. Despite all the challenges arising from the aftermath of the corona pandemic, the tense supply chains and the related rising raw material prices, our growth has stabilized and our profitability is developing in the right direction. We are more convinced than ever that, starting from a good fiscal year 2021, we will achieve the mid-term targets that we have communicated. We have a solid order intake and the fact that not all customer industries by any means have found their way back to growth leaves even further room for improvement."

Forecast adjusted upwards

At the end of the third quarter, the Masterflex Group's revenue forecast for the year, which was based on an increase in revenue of 2% to 5%, is above the upper end of the target range. Based on a solid order situation, it is foreseeable that the Masterflex Group will perform better than originally planned in terms of revenue for the full year 2021, which allows the annual targets to be specified and increased.

For this reason, the Management Board expects revenue within a range of EUR 76 million to EUR 78 million for the full year 2021. This equates to year-on-year revenue growth of 5% to 8%. Operating EBIT for the full year 2021 is expected to be significantly above the level of the fiscal year 2020 (EUR 3.2 million) and above the level of the fiscal year 2019 (EUR 5.1 million) - in line with the business development in the first nine months of the current fiscal year, which underscores the successful implementation of the B2DD program given the lower revenue base compared to 2019. Therefore, the Management sees the Masterflex Group full on track to achieve a double-digit EBIT margin again from 2022 on, as previously communicated.

Key Figures

in EUR thousand 09/30/2021* 09/30/2020* Change
Consolidated revenue 59,577 55.778 6.8%
EBITDA 9,344 6,624 41.1%
EBIT (operational) 5,761 3,497 64.7%
EBIT 5,670 2,770 104.7%
EBT 5,076 2,106 141.0%
Financial result -594 -664 10.5%
Consolidated result 3,763 1,429 163.3%
Consolidated earnings per share (EUR) 0.39 0.15 160.0%
EBIT margin (operational) 9.7% 6.3%  
Net return on sales 6.3% 2.6%  
Employees (number) 556 635 -12.4%
in EUR thousand 09/30/2021* 09/30/2020* Change
Consolidated equity 44,958 41,285 8.9%
Consolidated total assets 79,196 76,354 3.7%
Consolidated equity ratio 56.4% 54.1%  
*) unaudited

The 9-month report as of September 30, 2021 is available at masterflexgroup/investor-relations.


About Masterflex SE:

The Masterflex Group is an expert on the development and manufacture of sophisticated connection and hose systems. With 14 operating units in Europe, America and Asia, the Group is represented nearly worldwide. Current drivers of its growth include internationalization, innovation, operational excellence and digitalization. Masterflex shares (GSIN 549293) have been listed in the Prime Standard of the German Stock Exchange since 2000.

IR Contact:

Susan Hoffmeister
Investor Relations
Phone: +49 89 125 09 03-33
[email protected]

10.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Masterflex SE
Willy-Brandt-Allee 300
45891 Gelsenkirchen
Phone: +49 (0)209 970770
Fax: +49 (0)209 9707733
E-mail: [email protected]
Internet: www.MasterflexGroup.com
ISIN: DE0005492938
WKN: 549 293
Indices: Prime all share
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1247022

End of News DGAP News Service

1247022  10.11.2021 


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 74,68 77,24 79,97 71,88 79,07 100,27 101,12
EBITDA1,2 10,26 9,59 9,66 7,89 10,67 16,44 17,87
EBITDA-Marge3 13,74 12,42 12,08 10,98 13,49 16,40
EBIT1,4 6,60 6,10 4,54 2,34 5,34 11,39 12,30
EBIT-Marge5 8,84 7,90 5,68 3,26 6,75 11,36 12,16
Jahresüberschuss1 4,30 3,22 2,44 0,80 3,30 7,83 8,04
Netto-Marge6 5,76 4,17 3,05 1,11 4,17 7,81 7,95
Cashflow1,7 8,34 4,68 6,60 11,55 6,81 10,11 12,36
Ergebnis je Aktie8 0,45 0,35 0,26 0,08 0,34 0,81 0,83
Dividende8 0,07 0,07 0,07 0,08 0,12 0,20 0,05
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: BDO

WKN Kurs in € Einschätzung Börsenwert in Mio. €
549293 10,550 Kaufen 102,89
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
10,34 17,05 0,61 22,74
1,88 8,32 1,02 6,49
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,20 0,25 2,37 12.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
08.05.2024 07.08.2024 06.11.2024 28.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
11,26% 18,37% 26,20% -11,34%
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Kunststoffe , 549293 , MZX , XETR:MZX