15.03.2024 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: 15.03.2024
Target price: 36.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr

Bolt-on acquisitions into global megatrends; chg.

Topic: INDUS successfully completed the share repurchase program announced on February 21st. Further, the German conglomerate expanded their portfolio in the field of infrastructure networks and AI-based industrial automation.

Share buyback at an attractive price: During the period from February 22nd to March 1st, INDUS conducted a public buyback for 1.1m shares at a price of € 23 per share, which are now held as treasury shares. The volume amounts to € 25.3m in aggregate or approximately 4.09% of the company’s share capital. At the current trading price INDUS offers an attractive return on investment capital, thus we view the buyback as a good capital allocation decision.

Investment into Germany’s future infrastructure: INDUS announced the successful acquisition of the remaining 50% stake in Hauff-Technik GRIDCOM (sales: € 21m). By that, they are strengthening the existing portfolio in the field of infrastructure networks with the subsidiaries Weigand Bau GmbH and Turmbau Steffens & Nölle GmbH. Hauff-Technik GRIDCOM produces passive components for the fiberoptic infrastructure. INDUS became already in 1986 the sole shareholder of Hauff-Technik GmbH & Co. KG, which acquired 50% of Hauff-Technik GRIDCOM in 2016. While the purchase price was not disclosed, we would expect it to be in the mid single-digit €m range for the 50% stake.

Investment in AI-based industrial automation: INDUS acquired Gestalt Robotics GmbH, a specialist in the field of AI-based automation for industrial applications (sales: € 5m). We expect the acquisition price to be in the low to mid single-digit €m range. By acquiring Gestalt Robotics, INDUS is expanding its engineering segment and lays the foundation to profit from the fast growing AI market.

Attractive cashflow generation: INDUS delivered a preliminary FY23 FCF north of € 190m, materially improving yoy (FY22: € 102m) and exceeding the management target of € 100m, thanks to further noticeable working capital normalizations. Supported by the divestment of the loss-making automotive-related business in FY23, we expect INDUS to deliver FCF of € 100m in a normalized year, making it a cash cow with an attractive normalized FCF-Yield of c. 9%.

INDUS remains attractively priced trading at only 4.3x EV/EBITDA 2024e, which is 28% below its 10y historical average. Hence, we reiterate BUY with an unchanged PT of € 36 based on FCFY 2024e.

You can download the research here:
http://www.more-ir.de/d/29165.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. 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 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 27,650 Halten 743,66
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
7,90 14,58 0,55 13,96
KBV KCV KUV EV/EBITDA
1,08 3,42 0,41 4,95
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,80 1,20 4,34 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
8,41% 22,73% 23,71% 6,55%
    
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Beteiligungen , 620010 , INH , XETR:INH