Original-Research: MAX Automation SE (von NuWays AG)

Original-Research: MAX Automation SE - von NuWays AG

Einstufung von NuWays AG zu MAX Automation SE

Unternehmen: MAX Automation SE
ISIN: DE000A2DA588

Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 10.11.2023
Kursziel: € 7,30
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung: 
Analyst: Konstantin Völk

Fully on track despite mixed Q3; chg. est.
MAX delivered mixed results for Q3 2023, with sound top-line growth but
pressure on margins. Q3 group sales rose slightly by 1.4% yoy to € 109.1m
(Q3 2022: € 107.6m) while Q3 EBITDA fell sharply by 35% yoy to € 9.6m (Q3
2022: € 14.8m). Hence, the EBITDA margin declined by 4.9pp yoy to 8.8%.
However, Q3 2022 was an extraordinarily strong quarter and compared to the
FY 2022 EBITDA margin, the current Q3 margin is still 0.6pp higher. The
postponement of some larger orders was the main reason for the margin
decrease, while also burdening top-line growth. In detail:
bdtronic grew sales by 48% yoy to € 26.0m along with a slight EBITDA margin
improvement by 0.2pp to a solid 14.4%. Driven by the strong top-line
growth, EBITDA rose by 50% yoy to € 3.7m. This result was carried by strong
demand for bdtronics’ dispensing and trickle impregnation technology, used
for the impregnation of electric motors in e-vehicles.
Vecoplan's revenues fell by 1.8% yoy to € 46.2m, caused by the Recycling /
Waste and Wood / Biomass division, which continued to fall short of
expectations due to the ongoing reluctance of customers to invest. EBITDA
fell by 14.5% yoy to € 5.7m, with a margin of 12.5% (Q3 2022: 14.3%).
Amongst the other subsidiaries, AIM micro stood out positively: sales
increased by c. 23% yoy to € 1.6m while EBITDA rose disproportionately by
34% up to € 0.7m, due to economies of scale.
Q3 group order intake fell by c. 31% yoy to € 78m, with the book-to-bill in
the third quarter arriving at only 0.72x, which reflects a more cautious
customer base across almost all subsidiaries. Order intake was particularly
soft for Vecoplan (-23% yoy to € 38.3m), NSM + Jücker (-61% yoy to € 6.9m)
and Elwema (-69% yoy to € 5.1m), reflecting macro uncertainties and order
postponements. Order backlog of the continuing operations fell by c. 12% to
€ 267m.
MAX confirmed its FY23e guidance of € 410m to € 470m sales (eNuw: € 444m)
and € 38m to € 44m EBITDA (eNuW: € 43.9m). This appears sensible, in our
view, as it implies a flat yoy topline development and a 3.5% margin in Q4
2023 at mid-point. The due diligence for a potential divestment of MA micro
is still ongoing. A successful transaction would uncover hidden value and
thus serve as a major share price catalyst, in our view. Reiterate BUY with
a new PT of € 7.30 (old: € 7.40) based on DCF.

Die vollständige Analyse können Sie hier downloaden:
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden

Kontakt für Rückfragen
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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-------------------übermittelt durch die EQS Group AG.-------------------

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Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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