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23.08.2024 09:06 Original-Research: Nabaltec AG (von NuWays AG): BUY ^ Original-Research: Nabaltec AG - from NuWays AG 23.08.2024 / 09:06 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of 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. --------------------------------------------------------------------------- Classification of NuWays AG to Nabaltec AG Company Name: Nabaltec AG ISIN: DE000A0KPPR7 Reason for the research: Update Recommendation: BUY from: 23.08.2024 Target price: EUR 25.00 Last rating change: Analyst: Christian Sandherr Strong Q2 figures // FY guidance raised; chg. Q2 sales grew 11% yoy to EUR 54.4m (eNuW: EUR 55m) thanks to 18% volume growth. Functional Fillers (+16% yoy) compensated for the still lagging Specialty Alumina segment (-1% yoy). Besides a pick up of demand for boehmite (+20% yoy), its environmental flame retardants (~63% of group sales) were the key driver, benefiting from rising investments into data centres and renewable energy sources and an improving US construction industry. H1 group sales +2.2% yoy to EUR 108m. Q2 EBIT jumped 79% yoy to EUR 5.9m, a 10.8% margin (+4.2pp yoy) thanks to improved capacity utilizations but also lower energy costs. H1 EBIT +28% yoy to EUR 10.9m (9.9% margin). The strong operational performance coupled with working capital normalizations lead to an operating cash flow of EUR 24m in H1, FCF of EUR 10m was due to planned investments into boehmite and gap filler capacities. The balance sheet remains strong with EUR 93m of cash and a net cash position of EUR 2.5m. FY24 guidance raised. Thanks to continued operational improvements in Q2 and sufficient visibility throughout H2, management raised its FY24 targets, now expecting 2-4% yoy sales growth (old: xxx; eNuW old: +3.9%) and an EBIT margin of 8-10% (old: 7-9%; eNuW old: 8.6%). The lower end of the margin guidance looks conservative (eNuW), as it implies a margin of only 5.7% for H2 (eNuW 8.1%). We confirm our BUY rating with an unchanged EUR 25 PT based on FCFY 2025e; Nabaltec remains on our Alpha List. Why to own the stock: * Improving end markets. As highlighted during the earnings call, the positive momentum across its key end markets is seen to continue throughout H1, especially within the US. * Regulatory tailwinds should fuel the core business with environmental friendly flame retardants (ATH). Demand for those is driven by tightening regulation, wherever cables and hard plastics are used (e.g. buildings, cars, trains, etc.) to maximize escape times during a fire. * Upside from boehmite. Despite the current weakness, boehmite still has the potential to notably contribute to EPS growth going forward. At the current valuation, this seems to be completely priced out. * Attractive valuation. Nabaltec trades on a 5% discount to its book value (vs. historical avg. of 2x P/ BV), while offering a healthy balance sheet and ongoing op. improvements. You can download the research here: http://www.more-ir.de/d/30599.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: 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. ++++++++++ --------------------------------------------------------------------------- The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com --------------------------------------------------------------------------- 1973561 23.08.2024 CET/CEST ° Weitere Nachrichten |
Name | Kurs | Währung | Datum | Zeit | Handelsplatz |
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NABALTEC AG | 15,400 | EUR | 23.08.24 | 17:36 | Xetra |
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