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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.

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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 month

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 estimate

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) wa

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 i

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

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

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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