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INDUS HOLDING AG
Suchanfrage Börsenlexikon
ISIN: DE0006200108 WKN: 620010 Typ: Aktie DIVe: 5,90% KGVe: 7,85
 
21,950 EUR
+0,05
+0,23%
Echtzeitkurs: 26.09.24, 22:26:23
Aktuell gehandelt: 3.926 Stk.
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21,800
22,350
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Perf. 1 Jahr +12,08%
Perf. 5 Jahre -41,13%
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Ausgewählte Nachricht zu dieser Aktie
14.08.2024-

Original-Research: INDUS Holding AG (von NuWays AG): BUY

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

14.08.2024 / 09:02 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.

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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
from: 14.08.2024
Target price: EUR 34.00
Last rating change:
Analyst: Christian Sandherr

Mixed Q2, Engineering affected by weak economy; chg. est.

Topic: INDUS released its Q2 numbers with sales in line and EBIT above our
estimates, despite a challenging macro environment. The company lowered
their guidance as already anticipated by us in our last Update (company
news: July 31st).

Q2 sales decreased by 5.4% yoy to EUR 429m (eNuW: EUR 437m), impacted by
customers' current reluctance to buy and spend as a result of the weak
German economy. Q2 EBIT came in at EUR 37.4m (eNuW: EUR 32.1m), implying a
margin of 8.7%, almost unchanged yoy (Q2'23: 8.8%), despite pressure from
wage inflation. Order intake in H1'24 fell slightly by 1.3% yoy to EUR 828m
mainly due to a weaker Materials segment (-9% yoy). Order backlog increased
by 1.2% to a solid EUR 720m.

Engineering: Sales came in at EUR 137m (eNuW: EUR 147m), -1.4% yoy due to a
lower demand for sorting plants and packaging technology. EBIT decreased 37%
to EUR 6.5m (eNuW: EUR 8.8m) due to an unfavorable product mix. However, higher
sales and a more profitable product mix are expected for H2'24e.

Infrastructure: Top-line decreased 3.3% to EUR 145m (eNuW: EUR 142m). While the
momentum in commercial construction is slightly picking up, the demand in
residential and public construction is still muted. EBIT increased 27.4% yoy
to EUR 18.3m, thanks to several cost-cutting measures.

Materials: Sales decreased by 10.6% yoy to EUR 147m (eNuW: EUR 148m) affected by
declining prices and a slowdown in the agricultural industry (c. 20% of
Betek's sales). Operating income declined only by 10.3% yoy to EUR 16.0m
(eNuW: EUR 11.1m), despite significant pricing pressure from customers.

M&A pipeline well filled: INDUS is currently working on several
acquisitions, as the multiples for private companies especially in the
German Mittelstand came down in recent years. The conglomerate holds on to
its target to spend EUR 70m on M&A in FY24e of which it spend EUR 18.5m at the
time. Further, as stated in the conference call, we should expect to see the
closing of two acquisitions within the coming weeks.

INDUS remains a clear BUY in our view as the company is (1) trading at only
6.6x forward P/E (eNuW), (2) offers an expected dividend yield of 5.7% (eNuW
FY24e: EUR 1.2 per share), and (3) delivers a strong FCFY24e of c. 10%.
Consequently, we included INDUS to our Alpha list.

Reiterate BUY with a new PT of EUR 34 (old: EUR 36), based on FCFY24e.

You can download the research here: http://www.more-ir.de/d/30457.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.
++++++++++

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The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

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1967507 14.08.2024 CET/CEST

°
Name Kurs Währung Datum Zeit HP*
INDUS HOLDING AG 21,750 EUR 26.09.24 21:58 Lang & S...
 
Weitere Nachrichten zu dieser Aktie
Seiten:  1 2 3    Anzahl: 48 Treffer     
Datum Zeit Nachrichtenüberschrift
26.09.2024 09:01 Original-Research: INDUS Holding AG (von NuWays AG...
09.09.2024 09:08 Maschinenbau-Verband senkt Prognose zur Produktion
02.09.2024 09:02 Original-Research: INDUS Holding AG (von NuWays AG...
30.08.2024 11:01 EQS-News: INDUS erwirbt neue Beteiligung für ihr ...
14.08.2024 09:02 Original-Research: INDUS Holding AG (von NuWays AG...
13.08.2024 08:03 Beteiligungsgesellschaft Indus Holding verdient op...
13.08.2024 07:49 EQS-News: INDUS entwickelt sich in schwierigem Umf...
31.07.2024 12:14 Schwache Konjunktur: Beteiligungsgesellschaft Indu...
31.07.2024 11:52 EQS-Adhoc: INDUS Holding AG: INDUS reduziert Umsat...
30.07.2024 09:01 Original-Research: INDUS Holding AG (von NuWays AG...
29.07.2024 11:29 EQS-News: REMINDER - 3. Zürcher Investorentag am ...
17.07.2024 08:37 EQS-News: Soziale Nachhaltigkeit: INDUS setzt auf ...
27.06.2024 10:14 EQS-News: 3. Zürcher Investorentag - 11. Septembe...
06.06.2024 11:50 EQS-News: INDUS schließt Erwerb der britischen CO...
05.06.2024 09:02 Original-Research: INDUS Holding AG (von NuWays AG...
22.05.2024 17:11 EQS-News: INDUS-Hauptversammlung stellt Spielraum ...
15.05.2024 09:36 Original-Research: INDUS Holding AG (von NuWays AG...
14.05.2024 15:20 dpa-AFX-Überblick: UNTERNEHMEN vom 14.05.2024 - 1...
14.05.2024 10:14 ROUNDUP: Indus bestätigt Prognose nach schwachem ...
14.05.2024 07:38 Indus startet wie erwartet schwach ins Jahr - Prog...

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