29.02.2024 R. STAHL AG  DE000A1PHBB5

Original-Research: R. STAHL AG (von NuWays AG): BUY


Original-Research: R. STAHL AG - from NuWays AG

Classification of NuWays AG to R. STAHL AG

Company Name: R. STAHL AG

Reason for the research: Update
Recommendation: BUY
from: 29.02.2024
Target price: 31.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr

Several structural trends could drive mid-term growth

Topic: Despite a strong competitive quality, R. Stahl had difficulties translating it into operating performance between 2016 and 2021. Thanks to R. Stahl having done its homework by implementing changes on the back of efficiency and structural trends kicking in, shares look poised for a re-rating.

R. Stahl has begun to supply LED lightning solutions to a nuclear plant in UK (Hinkley Point C) with a total expected revenue of € 10-12m, of which c. € 3.5m are already booked as revenue in FY23e (eNuW). Importantly, the UK project is partially owned by the French utility company EDF, which also manages France’s 56 power reactors. C. 54 of these need to be refurbished within the next 20 years and 6 new reactors are planned by 2050. With an estimated potential revenue of € 5m per refurbished reactor and € 10m for the new ones, this implies a € 330m revenue opportunity for R. Stahl (eNuW).

LNG delivers a material mid-term growth opportunity. R. Stahl is the globally leading provider of explosion protection for LNG tankers, terminals and liquification/regassification plants (25-75% market shares). Independence from Russian energy imports leads to a rising demand for LNG in Europe. For instance, Germany opened its first LNG terminal in Wilhelmshaven during December 2022 to compensate for the Russian gas imports. Until 2027, nine LNG terminals are planned in Germany, to import capacities of up to 69 billion cubic meters, of which the majority is seen to come from USA and Qatar.

In contrast to the booming LNG business, the chemical industry in Germany was rather weak since the Russian invasion, due to substantially increased energy and gas prices. We expect the softening to carry well into FY24e, as the German chemical association (VCI) expects a revenue decline of 3% during 2024e for its home market (2023: -12%). Despite the short-term challenges, in the long-run we do not see the local chemical industry in severe danger. It should hence remain an integral part of the company.

Order intake increased for the third consecutive year up to € 343m (+9.3% yoy) leading to a strong order backlog of € 115m at the end of FY23e. We expect to see mid-single-digit sales growth for FY24e in combination with low double-digit EBITDA margins. Yet, valuation looks undemanding. Shares are trading on a mere 5.0x EV/EBITDA (9x PE) 2024e, clearly below the historical average of roughly 7x. This is despite the structural demand tailwinds, which should fuel mid-term sales and margin growth.

Hence, we reiterate our BUY rating with an unchanged PT of € 31, based on DCF.

You can download the research here:
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 2023e
Umsatzerlöse1 268,46 280,11 274,78 246,59 248,11 274,34 330,56
EBITDA1,2 7,00 9,46 25,27 17,18 16,82 20,59 36,64
EBITDA-Marge3 2,61 3,38 9,20 6,97 6,78 7,51
EBIT1,4 -10,69 -4,16 6,34 0,49 -0,06 3,85 19,12
EBIT-Marge5 -3,98 -1,49 2,31 0,20 -0,02 1,40 5,78
Jahresüberschuss1 -21,78 -7,00 1,35 -3,53 -4,93 1,93 0,18
Netto-Marge6 -8,11 -2,50 0,49 -1,43 -1,99 0,70 0,03
Cashflow1,7 19,75 18,22 19,62 17,86 11,86 5,99 14,22
Ergebnis je Aktie8 -3,28 -1,10 0,21 -0,54 -0,76 0,30 0,03
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,60
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

R. Stahl
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A1PHBB 21,800 Kaufen 140,39
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
9,20 27,29 0,32 -654,55
2,08 9,87 0,42 6,78
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,00 0,00 0,00 27.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
08.05.2024 08.08.2024 06.11.2024 17.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
1,54% -1,18% 3,85% 2,86%
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