22.02.2024 INDUS Holding AG  DE0006200108

Original-Research: INDUS Holding AG (von NuWays AG): BUY


 

Original-Research: INDUS Holding AG - from NuWays AG

Classification of NuWays AG to INDUS Holding AG

Company Name: INDUS Holding AG
ISIN: DE0006200108

Reason for the research: Update
Recommendation: BUY
from: 22.02.2024
Target price: 36.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr

Solid FY23 prelims // focus on strong FCF & share buyback; chg.

Topic: While prelim. FY23 sales and EBIT came in largely as expected, the strong FCF generation of € 190m is well above expectations. On top, INDUS announced a 4.1% share buyback at € 23.

Preliminary FY23 sales remained stable yoy at € 1.80bn (eNuW: € 1.82bn), despite unfavourable economic conditions in the construction industry; Q4 sales -5.0% yoy to € 436m. Thanks to a strong Engineering Segment, FY23 operating EBIT came in at € 150m (eNuW: € 152m), implying a 8.3% margin, up 0.9pp yoy and above the guidance range of 7-8%; Q4 EBIT of € 32.7m, a 7.5% margin.

The Engineering segment delivered slight revenue growth and noticeable growth in earnings for FY23e. Sales in the Infrastructure segment were flattish yoy with a slightly lower EBIT as the slowdown in the construction sector impacted several portfolio companies, particularly in H1. Revenues in the Materials segment decreased modestly but with a significantly higher EBIT due to price increases.

Most importantly, Free cashflow came in above € 190m materially improving yoy (2022: € 102m), exceeding the guidance of € 100m and eNuW of € 89m, caused by further noticeable working capital normalizations. As a result, net debt decreased by € 87.3m to € 506m, strengthened the equity ratio to 37.3% (FY22: 36.8%). Further, the strong cashflow generation gives INDUS with additional financial flexibility regarding acquisitions and dividend payments.

Thanks to the INDUS announced a share buyback for up to 1.1m shares at a price of € 23 during the period from February 22nd, 2024 to March 1st, 2024. Thus, the volume of the buyback amounts up to € 25.3m in aggregate, leading to approximately 4.09% of the company’s registered share capital. This underlines not only the strong cash generation of the company but also the current undervaluation.

FY24e guidance in line with expectations. Management anticipates revenues in the range of € 1.85-1.95bn (eNuW: € 1.88bn) with an EBIT between € 145-165m in FY24e (eNuW: € 150m). Despite of the continuously challenging end markets and general macroeconomic conditions, we regard the guidance as doable due to price increases and slight pickup of demand across several portfolio companies.

Trading at only 4.1x EV/EBITDA 2023e, 59% below its historical average, INDUS remains attractively priced. We reiterate our BUY rating with an increased PT of € 36 (old: € 34) based on FCFY 2024e.

You can download the research here:
http://www.more-ir.de/d/28957.pdf
For additional information visit our website www.nuways-ag.com/research.

Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [email protected]
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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

-------------------transmitted by EQS Group AG.-------------------

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.



Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023
Umsatzerlöse1 1.640,64 1.710,79 1.742,80 1.558,55 1.741,50 1.804,11 1.802,43
EBITDA1,2 215,30 218,34 225,71 157,71 220,38 262,43 258,13
EBITDA-Marge3 13,12 12,76 12,95 10,12 12,66 14,55
EBIT1,4 152,87 134,69 117,90 25,08 115,40 133,67 149,56
EBIT-Marge5 9,32 7,87 6,77 1,61 6,63 7,41 8,30
Jahresüberschuss1 83,07 71,19 60,07 -26,90 47,56 -51,02 56,11
Netto-Marge6 5,06 4,16 3,45 -1,73 2,73 -2,83 3,11
Cashflow1,7 123,96 74,65 147,29 155,19 158,36 116,34 217,66
Ergebnis je Aktie8 3,37 2,90 2,43 -1,10 1,78 -1,93 2,06
Dividende8 1,50 1,50 0,80 0,80 1,05 0,80 1,35
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: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
Indus Holding
WKN Kurs in € Einschätzung Börsenwert in Mio. €
620010 20,150 Halten 541,95
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
7,78 14,59 0,53 10,17
KBV KCV KUV EV/EBITDA
0,79 2,49 0,30 4,17
Dividende '22 in € Dividende '23 in € Div.-Rendite '23
in %
Hauptversammlung
0,80 1,20 5,96 22.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
14.05.2024 13.08.2024 12.11.2024 20.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-6,76% -14,27% -9,84% 5,50%
    
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Beteiligungen , 620010 , INH , XETR:INH