^ Original-Research: INDUS Holding AG - von NuWays AG

21.02.2025 / 09:00 CET/CEST Veröffentlichung einer Research, übermittelt durch EQS News - ein Service der EQS Group. 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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Einstufung von NuWays AG zu INDUS Holding AG

Unternehmen: INDUS Holding AG ISIN: DE0006200108

Anlass der Studie: Update Empfehlung: BUY seit: 21.02.2025 Kursziel: EUR 34.00 Kursziel auf Sicht von: 12 months Letzte Ratingänderung: Analyst: Christian Sandherr

Solid preliminary FY24 // Acquisition pipeline in full swing; chg.

Topic: INDUS released solid preliminary FY24 numbers with sales in line and EBIT slightly above our estimates and the company's guidance range. Further, with already three acquisitions, INDUS' M&A pipeline is in full swing.

Preliminary FY24 sales came in at EUR 1.72bn (eNuW: EUR 1.72bn; guidance EUR 1.70-1.80bn), 4.5% below last year due to the challenging macro environment. However, compared to H1'24, the topline already improved notably with EUR 882m sales in H2'24 vs. EUR 839m in H1'24. Q4'24 stayed flat yoy at EUR 439m. Preliminary FY24 EBIT decreased 15.3% yoy to EUR 127m (eNuW: EUR 121m; guidance EUR 115-125m) due to negative economies of scale and price pressure in Materials. Q4'24 EBIT dropped 5.6% to EUR 30.8m. Nevertheless, despite the difficult economic environment, INDUS could still achieve a solid FY24 EBIT margin of 7.4% (-0.9pp yoy; c. 7.0% in Q4).

Engineering sales remained roughly unchanged yoy at EUR 597m (eNuW: EUR 580m) while EBIT declined 20% yoy to EUR 46m (7.7% margin) due to an unfavorable product mix in H1. Materials sales came in at EUR 565m (eNuW: EUR 570m), 8.9% below last year affected by price pressure and volume decline in particular in the agricultural and construction technology field. EBIT dropped by 20% yoy to EUR 46m with a still solid 8.2% margin. Infrastructure sales declined slightly by 3.9% to EUR 560m (eNuW: EUR 567m) and EBIT rose by 6.1% yoy to EUR 52m (9.4% margin) despite a subdued housing construction supply sector.

Strong acquisition side: INDUS has already announced three add-on acquisitions this year all with closing date on 01.01.2025. Two of them, the Swedish Electro Trading ET AB (c. EUR 5m sales) and the German Kettler GmbH (c. EUR 9m sales) were acquired by Hauff-Technik, which belongs to the Infrastructure segment. The third company HBS Bolzenschweiss-Systeme GmbH & CO. KG (c. EUR 13m sales) was acquired by Peiseler group, which is part of Engineering. All companies show solid profitability with EBIT margins above 10% and we estimate the acquisition multiples to be in the range of 5.5-6.5 EV/EBIT. Hence, the purchase price should be around EUR 21m in total (eNuW). INDUS is showing a disciplined and thoughtful approach to M&A in our opinion by acquiring established niche players at reasonable multiples.

Reiterate BUY with an unchanged PT of EUR 34 based on FCFY'24e.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/31823.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: https://www.nuways-ag.com/research-feed

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 ++++++++++ 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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2089479 21.02.2025 CET/CEST

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Quelle: dpa-Afx