Märkte & Kurse

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Original-Research: INDUS Holding AG - from NuWays AG

30.07.2026 / 09:00 CET/CEST
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Classification of NuWays AG to INDUS Holding AG

     Company Name:                INDUS Holding AG
     ISIN:                        DE0006200108

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 41
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann

Material momentum triggers sig. guidance hike; PT Up

Yesterday, INDUS significantly hiked its guidance in expectation of an
exceptional Q2 result, given strong momentum in Material Solutions related
to the tungsten special situation. In detail:

Prel. Q2 revenue rose by 20.6% yoy to EUR 523.7m, notably beating our
expectation of EUR 486m. The key contributor was Material Solutions, with
portfolio company BETEK performing exceptionally strongly amidst the current
supply shortage in tungsten products. It benefitted from pricing, additional
high-margin orders across all application areas, and gained market share. We
attribute EUR 50-60m (eNuW) of revenue to this special situation as a positive
one-off effect. At the same time, the other two segments were indicated to
have performed in line with expectations.

Prel. Q2 adj. EBITA skyrocketed by 160.5% yoy to EUR 81m (eNuW: EUR 37.6m) as
the adj. EBITA margin expanded by 8.2pp yoy to 15.3%, mainly benefitting
from the substantially higher margins on current orders in Material
Solutions. In our view, this reflects a positive one-off of EUR 40-45m (eNuW).

FY26 guidance significantly raised. INDUS now expects to reach EUR 1.9-2.1bn
in revenue, EUR 220-260m in adj. EBITA and an 11-13% adj. EBITA margin,
instead of EUR 1.85-2.05bn in sales and EUR 160-190m in adj. EBITA at an adj.
EBITA margin of 8-10%. In our view, the increase (especially on the margin
side) should mainly result from the positive one-off effect related to
tungsten and hence does not reflect a sustainable margin level going
forward.

Special situation to boost FY26 EPS. We project EPS to double compared to
FY25 to EUR 5.5/share, as Chinese export restrictions and high tungsten
demand, partially driven by global defense, seem unlikely to normalize in
the short term (at least in H2) at this point. We hence assume that BETEK's
current commercial momentum will largely persist in FY26. In our opinion,
this windfall potentially provides room for accelerated inorganic growth or
additional shareholder returns.

Confirming BUY at a raised PT of EUR 41 (previously EUR 37), as we move from
FCFY26 to FCFY27 to better reflect a more normalized operational picture of
the group.


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https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f4adae2d5222f6fc95cfb66ee5ae57e8

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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
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2373996 30.07.2026 CET/CEST

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