25.04.2024 Einhell Germany AG  DE0005654933

Original-Research: Einhell Germany AG (von NuWays AG): Kaufen


 

Original-Research: Einhell Germany AG - from NuWays AG

Classification of NuWays AG to Einhell Germany AG

Company Name: Einhell Germany AG
ISIN: DE0005654933

Reason for the research: Update
Recommendation: Kaufen
from: 25.04.2024
Target price: EUR 227.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Mark Schüssler

Q4 in line with prelims // solid FY24 guidance; chg.

Einhell released Q4 results in line with prelims, showing a slowdown versus previous quarters. Group sales decreased by 5% yoy to € 216m, bringing full year sales to € 972m (-6% yoy). In DACH, Einhell continued to experience a somewhat muted consumer sentiment, explaining why regional sales declined by 8.1% yoy. Meanwhile, both Western and Eastern Europe experienced healthy yoy growth of 7.2% (Q3: 1.5% yoy) and 17.8% (Q3: 32.1% yoy), respectively, while overseas markets experienced a pronounced contraction of 16.7% yoy (Q3: 4.8% yoy), mainly driven by adverse currency translation effects (relative weakness of Australian and Canadian dollar) as well as muted consumer sentiment in Australia.

While the gross margin rose 2.8pp yoy to 43.2% supported by easing supply-chain constraints and higher PXC share (44% of sales or +4pp yoy), Q4 EBT fell by 31% yoy to € 12.6m, bringing full year EBT to € 75.4m (7.8% margin vs. 8.5% in FY22). This largely resulted from (1) negative operating leverage due to fewer orders by DIY chains (high inventories built up in previous years) and (2) PPA effects from the acquistions in Canada and Thailand (adjusted for these effects EBT margin would have been c. 8%). Still, Einhell was able to exceed pre-pandemic levels (Q4'19: 4%) and managed to significantly reduce working capital (-28% yoy) and thus boost FCF generation in FY'23 to € 197m (eNuW: € 175m, +514% yoy), which should indicate fewer promotional activity going forward.

The company issued a solid FY24 guidance with sales expected to grow by 6% yoy to € 1,030m (eNuW: € 1,030m, eCons: € 1,039m) partially driven by an easier comparable base as well as easing consumer sentiment in DACH (38% of sales), along with overseas markets (26% of sales) likely benefiting from the introduction / continued expansion of the Power X-Change platform (e.g. Canada). The EBT margin is seen to come in at 7.5-8.0% (eNuW new: 7.9%, eNuw old: 8.2%), implying an EBT of € 77-82m. This should be supported by the sustained trend towards higher-margin Power X-Change products leading to positive mix effects, offset by higher personnel expenses stemming from acquistions in Vietnam and Thailand and higher marketing expenses. The latter should strengthen Einhell's brand in preparation for entering new markets through the acquisition of a smaller local DIY brand and gradually replacing the assortment with best-in-class price/value PXC products.

Against this backdrop, valuation looks undemanding, trading at 9.6x PER 24e and a 10.5% FCF yield.
BUY, PT € 227, based on DCF.

You can download the research here:
http://www.more-ir.de/d/29515.pdf
For additional information visit our website www.nuways-ag.com/research.

Contact for questions
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 553,35 577,90 605,69 724,68 927,42 1.032,52 971,53
EBITDA1,2 43,76 43,50 43,47 68,63 94,43 107,22 97,27
EBITDA-Marge3 7,91 7,53 7,18 9,47 10,18 10,38
EBIT1,4 38,51 38,66 35,04 59,01 82,38 92,52 81,06
EBIT-Marge5 6,96 6,69 5,79 8,14 8,88 8,96 8,34
Jahresüberschuss1 21,56 26,13 24,58 41,81 60,15 60,80 51,56
Netto-Marge6 3,90 4,52 4,06 5,77 6,49 5,89 5,31
Cashflow1,7 -9,19 -13,76 56,01 36,31 -151,44 40,77 211,68
Ergebnis je Aktie8 5,60 6,90 6,40 10,90 15,56 15,86 15,56
Dividende8 1,20 1,40 1,40 2,20 2,60 2,90 0,80
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: Rödl & Partner

INVESTOR-INFORMATIONEN
©boersengefluester.de
Einhell Germany VZ
WKN Kurs in € Einschätzung Börsenwert in Mio. €
565493 175,000 Kaufen 660,52
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
10,42 11,93 0,87 17,97
KBV KCV KUV EV/EBITDA
2,00 3,12 0,68 6,89
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
2,90 2,90 1,66 28.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
22.05.2024 24.08.2023 22.11.2023 24.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
7,53% 14,48% 6,06% 14,53%
    
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu Einhell Germany AG  ISIN: DE0005654933 können Sie bei EQS abrufen


Konsumgüter , 565493 , EIN3 , XETR:EIN3