05.06.2024 INDUS Holding AG  DE0006200108

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


 

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: Kaufen
from: 05.06.2024
Target price: EUR 36.00
Last rating change:
Analyst: Christian Sandherr

RS feedback: Well-filled M&A pipeline to support further growth

Topic: On Monday, we hosted a digital roundtable with INDUS. Here are our key takeaways:

Well-filled M&A pipeline: INDUS has a substantial budget of € 70m for M&A in FY24e, due to the large cash position of € 266m at the end of FY23, driven by a strong FCF of € 199m in FY23. As of yet, INDUS has spent approx. € 20m and the pipeline for growth as well as add-on acquisitions remains filled. Industries of particular interest for INDUS are automation technologies within the Engineering segment, recycling within Materials and sustainable infrastructure. In our view, now is a good time for value accretive acquisitions in the German Mittelstand, as valuation multiples in recent years have come down.

Operationally, Infrastructure should compensate for a weaker Materials and Engineering Segment in FY24e: Sales in Engineering declined 8.9% yoy in Q1 due to the slowdown particularly in the sorting systems and packaging technology segment. Incoming orders for the entire industry were 10% below the previous year’s level in real terms, however, a recovery is expected for the second half of FY24e. Materials in Q1 was affected by declining volumes and massive price pressure from customers (-11% in sales yoy). While in Q1 & Q2 FY23 the Materials segment benefited from lower cost of materials (12% EBIT margin in Q1 FY23, +3.1pp yoy), now these cost reductions are passed through to customers, leading to pressure on the top-line and more normalized levels of profitability.

In contrast, we expect to see an increase in EBIT for Infrastructure in FY24e. The business climate in the construction industry is slightly improving and raw material prices such as steel and timber are falling. Furthermore, the portfolio company Aurora, a specialist in heating and air-conditioning systems (c. 14%
of segment sales), recently realized a substantial improvement in operating efficiency.

Solid FCF expected for FY24e: Due to a lower seasonal working capital increase in the first quarter, free cash flow in Q1 improved significantly to € 6.1m (Q1 FY23: € 7.5m) adjusted for the € 14.4m onetime cash inflow from a property sale in Q1 2023. However, we also expect the seasonal working capital reduction in the second half of the year to be lower than usual. FCF should come in again in the low triple-digit area (eNuW: € 104m). Importantly, at the current valuation INDUS provides an attractive adjusted FCF yield of c. 10% (eNuW).
INDUS remains a BUY with an unchanged PT of € 36, based on FCFY 2024e.

You can download the research here:
http://www.more-ir.de/d/29975.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 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