Märkte & Kurse

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Original-Research: MAX Automation SE - from NuWays AG

17.07.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to MAX Automation SE

     Company Name:                MAX Automation SE
     ISIN:                        DE000A2DA588

     Reason for the research:     Update
     Recommendation:              BUY
     from:                        17.07.2025
     Target price:                EUR 6.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

Challenging market conditions weigh on operations; chg. est.

MAX Automation reduced its FY25 guidance to EUR 300-340m sales (old: EUR

340-400m, old eNuW: EUR 364m) and EUR 12-18m EBITDA (old: EUR 21-28m, old NuW: EUR

25m) based on preliminary H1 figures (H1 report to be published on August
1st) and the related updated FY projections of the individual portfolio
companies.

The revision of the sales forecast is primarily attributable to a slowdown
and delay in order intake during the first half of 2025. Mind you, in Q1 the
company reported a 14% yoy order intake decrease with a 18% lower order
backlog.

This development is closely linked to challenging macroeconomic conditions
and increased unpredictability surrounding U.S. customs regulations, which
have led to hesitancy among customers when it comes to placing new orders.
Moreover, a number of planned projects - especially those related to the
automotive and environmental technology industries - have been pushed back
to later dates.

The significant EBITDA guidance reduction is partially driven by one-off
expenses (next to the reduced top-line) in the mid-single-digit million
range (eNuW: EUR 5m) geared towards right-sizing cost structures across the
portfolio. Importantly, costs associated with the planned measures will
entirely be booked in FY25 and should lead to a decreased cost base from
next year onwards.

MAX' portfolio remains well-positioned for long-term value creation,
underpinned by its exposure to structurally attractive end markets. Core
holdings such as bdtronic, Vecoplan, ELWEMA, and NSM + Jücker operate in
niche segments including e-mobility, environmental technology/recycling, and
industrial automation, all of which are supported by enduring macro trends.
Yet, timing of the return to strong structural growth remains uncertain. The
group's decentralized structure enables operational focus at the subsidiary
level, while ongoing cost and efficiency measures are expected to support
margin improvement from FY26 onwards.

We confirm our BUY rating with an updated EUR 6.5 PT (old: EUR 7) based on DCF
with roughly 25% of the EV covered by its minority stake of the listed ZEAL
Network.



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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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2170962 17.07.2025 CET/CEST

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