29.04.2024 MAX Automation SE  DE000A2DA588

Original-Research: MAX Automation SE (von NuWays AG): Kaufen


Original-Research: MAX Automation SE - from NuWays AG

Classification of NuWays AG to MAX Automation SE

Company Name: MAX Automation SE
ISIN: DE000A2DA588

Reason for the research: Update
Recommendation: Kaufen
from: 29.04.2024
Target price: EUR 8.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk

MAX achieved attractive sales price for MA micro; chg. est.

Topic: MAX Automation has come to an agreement on the divestment of its subsidiary MA micro with an attractive purchase price, sale of MA micro anticipated in the second half of FY24e.

MAX Automation announced the sale of MA micro (intention was announced in September 2023), which was already part of discontinued operations at the end of FY23 to the Japanese conglomerate, Hitachi Ltd. The purchase price of € 71.5 - 76.5m is still subject to the FY24e performance of MA micro.

After the acquisition is completed, MA micro will join JR Automation Technologies, a Hitachi group company, and market leader in providing advanced automation solutions and digital technologies in the robotics systems integration business. The transaction is subject to various customary conditions, in particular the granting of merger control approvals and is expected to be closed in the second half of FY24e. MAX intends to use the proceeds from the sale primarily to reduce financial liabilities by partially repaying the syndicated loan (end of FY23: € 120.8m).

The sale has no influence on our financial estimates of FY24e as MA micro was already part of discontinued operations. However, as the proceeds will be used to partially repay the syndicated loan (eNuW: 10% interest rate), annual interest expenses should decline by € 7.4m, potentially boosting EPS by 40% (eNuW), not reflected in our estimates until the transaction closed.

Taking into account the weak operating performance of MA micro during the last year (-28% revenue yoy, -17% EBITDA yoy) and a likely further deterioration in FY24 due to the subdued order momentum (eNuW), the purchase price looks attractive in our view (eNuW FY24e: Sales € 40m, € 6.6m EBITDA). The implied sales multiple of 11x EV/EBITDA is 30% above the group’s current valuation of 8.5x, which underpins the undervaluation of the stock. Mind you, the crown jewel bdtronic and Vecoplan have bright business prospects and should be worth considerably more than 8.0x EV/EBITDA.

We reiterate BUY with an unchanged € 8.20 PT based on DCF.

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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 376,18 403,99 425,49 307,00 349,08 409,19 397,37
EBITDA1,2 28,87 -20,25 -0,89 5,66 25,72 25,72 34,56
EBITDA-Marge3 7,67 -5,01 -0,21 1,84 7,37 6,29
EBIT1,4 20,19 -42,14 -15,80 -19,49 11,56 21,99 19,16
EBIT-Marge5 5,37 -10,43 -3,71 -6,35 3,31 5,37 4,82
Jahresüberschuss1 14,13 -43,56 -35,48 -26,33 -0,89 14,97 15,18
Netto-Marge6 3,76 -10,78 -8,34 -8,58 -0,26 3,66 3,82
Cashflow1,7 18,69 20,55 -20,88 32,03 27,67 -2,87 17,19
Ergebnis je Aktie8 0,50 -1,32 -1,18 -0,90 -0,05 0,39 0,37
Dividende8 0,15 0,00 0,00 0,00 0,00 0,00 0,15
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

MAX Automation
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A2DA58 6,000 Kaufen 176,76
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
11,76 14,72 0,80 -63,83
1,54 10,28 0,44 7,97
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,00 0,00 0,00 30.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
14.05.2024 02.08.2024 08.11.2024 12.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
0,00% 1,45% 3,81% 4,53%
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Automatisierung , A2DA58 , MXHN , XETR:MXHN