Original-Research: INDUS Holding AG (von NuWays AG): BUY
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Original-Research: INDUS Holding AG - von NuWays AG
Einstufung von NuWays AG zu INDUS Holding AG
Unternehmen: INDUS Holding AG
ISIN: DE0006200108
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 15.11.2023
Kursziel: EUR 36,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Mixed Q3, Infrastructure affected by weak economy; chg. est.
Topic: INDUS reported mixed results for Q3 with sales above but margins
below estimates. Management cut the guidance to adjust for a soft
construction sector, which is still impacted by a weaker economic
environment.
Q3 sales grew by 0.2% yoy to EUR 460m (eNuW: EUR 446m) as Engineering (+ 6.3%
yoy to EUR 154m) compensated for a weaker growth in Materials (-5.7% yoy to EUR
153m) and Infrastructure (+0.6% yoy to EUR 153m). The slowdown in the
construction sector impacted the majority of portfolio companies in the
infrastructure segment. The new construction business was impacted in
particular, whereas the renovation business was less affected.
Q3 EBIT increased by 209% yoy to EUR 32.1m (eNuW: EUR 38.9m), with a margin of
7.0% (+ 4.7pp yoy). However, Q3 2022 was affected by an impairment charge
of EUR 39.8m, which was largely related to goodwill. Adjusting for this
charge, one can see that the adjusted operating profit of EUR 49.7m in Q3
2023 remained flat compared to last year (Q3 2022: EUR 50.2m). This is
despite significant cost increases within
the infrastructure segment (e.g. wage inflation, material prices), which
could largely be offset by higher selling prices.
FY'23 guidance reduced. Management lowered its expected sales range down to
EUR 1.8-1.9bn from previously EUR 1.9-2.0bn (eNuW: EUR 1.82bn). INDUS still aims
for an EBIT between EUR 145-165m but anticipates being at the lower end of
the range (eNuW: EUR 152m). Considering the portfolio realignment after the
sale of the lossmaking subsidiaries SCHÄFER and SELZER as part of the
'PARKOUR' efficiency program, the guided EBIT margin of 7.0-8.0% seems to
be well in reach (eNuW: 8.3%). Regarding the top-line growth, our
expectation is at the lower end of the guidance, reflecting the difficult
economic environment in Germany, which accounts for 50% of sales.
Indus remains attractively priced trading at only 4.4x EV/EBITDA 2023e,
which is 37% below its historical average. Furthermore, the company is
already delivering ROCEs above cost of capital and has the potential to
become an attractive dividend stock with a dividend yield in the upcoming
year of 6% based on a dividend per share of EUR 1.20 (eNuW) for FY'23.
Hence, we reiterate our BUY rating with an unchanged EUR 36 PT based on FCFY
2024e.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28287.pdf
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: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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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.
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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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