Märkte & Kurse

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Original-Research: INDUS Holding AG - from Parmantier & Cie. GmbH

19.05.2025 / 11:08 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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 Parmantier & Cie. GmbH to INDUS Holding AG

     Company Name:                INDUS Holding AG
     ISIN:                        DE0006200108

     Reason for the research:     Update Q1 2025
     Recommendation:              Buy
     from:                        19.05.2025
     Target price:                32,25 Euro
     Target price on sight of:    12 month
     Last rating change:          no change
     Analyst:                     Daniel Großjohann, Thomas Schießle

Q1 2025 impacted by economic environment - indirect consequences of US
tariff policy lead to forecast adjustment

The Q1 figures reflected economic and seasonal effects. Sales (EUR402.4
million; -1.9%) and adjusted EBITA (EUR24.9 million; -21%) were weaker than in
Q1 2024, as expected. A few days before the figures were published, INDUS
had already referred in an ad hoc announcement to supply chain problems
indirectly attributable to US tariff policy. While INDUS is protected
against US tariffs by a local-to-local strategy, Chinese countermeasures -
specifically export controls on tungsten - have caused uncertainty regarding
future tungsten deliveries at its highest-revenue subsidiary, BETEK. We
continue to expect an economic recovery in the second half of the year, but
are adjusting our revenue forecast for 2025. Even based on the updated
estimates, INDUS is attractively valued with a 2025 P/E ratio of 9.9 and a
dividend yield of over 5%.
Both order intake (EUR455.1 million; +2.6%) and order backlog (EUR664.5 million;
+4.4%) showed growth at Group level in Q1. However, these are mainly
attributable to two subsidiaries in the Engineering segment and are
therefore of limited significance. Nevertheless, the sales guidance for the
Infrastructure segment has already been raised slightly following a good
sales performance in Q1.
INDUS strengthened its position in the second tier in Q1 with three
acquisitions (HBS, Kettler and Electro Trading), investing a total of EUR11.2
million. The balance sheet remains solid, with an equity ratio of 38.8% as
of 31 March 2025.
Q1 EPS of EUR0.63 (Q1 24: EUR0.38) was positively influenced by a one-off tax
effect.
Outlook: For the 2025 financial year, INDUS is planning sales of between

EUR1.70 billion and EUR1.85 billion (previously EUR1.75 billion to EUR1.85 billion),

with adjusted EBITA now expected to be between EUR130 million and EUR165 million.

This corresponds to an adjusted EBITA margin of between 7.5% and 9%
(previously: 8.5% to 10%).


DISCLAIMER
LEGAL NOTICE
This research report ('Investment Recommendation') was prepared by
Parmantier & Cie. Research, with contributions from Mr. Grossjohann, and is
distributed solely by Parmantier & Cie. Research. It is intended only for
the recipient and may not be shared with other entities, even if they are
part of the same corporate group, without prior written consent. The report
contains selected information and makes no claim to completeness. The
investment recommendation is based on publicly available information
('Information'), which is considered correct and complete. However,
Parmantier & Cie. Research does not verify or guarantee the accuracy or
completeness of this information. Any potential errors or omissions do not
create liability for Parmantier & Cie. Research, which assumes no liability
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In particular, Parmantier & Cie. Research accepts no responsibility for the
accuracy of statements, forecasts, or other content in this investment
recommendation concerning the analyzed companies, their subsidiaries,
strategies, economic conditions, market and competitive positions,
regulatory frameworks, and similar factors. While care has been taken in
preparing this report, errors or omissions cannot be excluded. Parmantier &
Cie. Research, including its partners and employees, accepts no liability
for the accuracy or completeness of statements, estimates, or conclusions
derived from the provided information in this investment recommendation.
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in this investment recommendation may change without notice and reflect the
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info@parmantiercie.com

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2140610 19.05.2025 CET/CEST

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