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: Update
Empfehlung: BUY
seit: 18.01.2024
Kursziel: 8.20
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung: 
Analyst: Konstantin Völk

MAX lays the foundation for outperformance in 2024
Topic: MAX Automation has another promising year in front of it. We expect
the company to grow its topline by 7% in 2024e while sustaining last year’s
profitability (eNuW).
Topline growth ahead: With several structural trends kicking in, MAX should
be able to grow its revenue in the current fiscal year at a
mid-single-digit growth rate. Around 35% of the growth is expected to come
alone from MAX’s crown jewel bdtronic (eNuW). With c. 80% of bdtronic’s
revenue coming from dispensing solutions mainly in the automotive sector,
bdtronic largely profits from an increasing number of electric components
inside and outside the vehicles. Different dispensing applications are used
to protect electric control units from overheating, vibration during
driving and environmental influences such as salt or dirt. MAX largest
holding, Vecoplan, is expected to grow by 6% in 2024e (eNuW), outpacing the
slow growing recycling market, due to its strong competitive quality.
Vecoplan is an expert in producing machines and plants for shredding,
conveying, and processing of primary and secondary raw materials, such as
wood or plastic.
Consistent profitability: We expect MAX to deliver an EBITDA margin of 9.8%
in 2024e, which is roughly in line with 2023e (eNuW). Going forward,
margins should further improve to > 10% by 2025e due to economies of scale
but more importantly due to an improving product mix from bdtronic. Despite
labour cost pressure, the company has not only strong growth potential but
can also improve margins in a tough market due to its technological
In addition to the improving operating performance, a successful divestment
of the subsidiary MA micro (company news 08.09.2023) should be a notable
share price catalyst, revealing that the value of the “parts” clearly
exceeds the current Enterprise Value of the MAX Automation group, in our
view. A strategic buyer should be willing to pay at least 10x EBITDA for
this highly profitable and return-rich specialty business, implying a
purchase price of above € 100m (eNuW).
Importantly, even after a divestment, MAX would own hidden Mittelstand
champions such as bdtronic and Vecoplan, amongst other, whose combined
value alone would well exceed the remaining (theoretical) € 200m EV of the
group ex MA micro (eNuW), underpinning the undervaluation of the stock.
Hence, we reiterate our BUY rating with an unchanged € 8.20 PT based on

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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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