2025 ahead ayondo Franchise coming soon
Happy 
xMas Holidays
xMas Holidays
xMas Holidays
|
Original-Research: R. STAHL AG - from NuWays AG
Classification of NuWays AG to R. STAHL AG
Solid Q3 preview // FY guidance in reach Topic: R. Stahl will release its Q3 report on November 6th. We expect moderate sales growth and a slight decrease in EBIT from a high comparable base. Sales are expected to come in at € 90m, 4.7% above last year (eNuW), supported by a lower but still solid order backlog of € 121m end of H1’24. EBIT is seen to come in at € 7.5m (-12% yoy), leading to a sound 8.3% EBIT margin (-1.5ppts yoy). While extraordinary costs from the EXcelerate strategy program should be lower in Q3 and Q4, as already 80% of the costs have occurred, an increase in personnel costs could put pressure on profitability. We expect an increase from € 33.6m in Q3’23 up to € 36.0m (40% of sales vs. 37.6% in Q3’23), of which c. 70% should be attributable to wage inflation and 30% to a higher headcount (1,754 end of H1’24 vs. 1,715 end of H1’23). Solid order intake expected: After the subdued order intake in H2’23, driven by active destocking activities from customers due to an increasing stabilization of global supply chains and a muted European chemical industry, order intake in H1’24 recovered from a low level (€ 181m in H1’24 vs. € 157m in H2’23). As demand in the chemical industry is slightly picking up and thanks to structural trends such as LNG and nuclear, we expect order intake to remain on a solid level (eNuW: € 88m). FY sales and adj. EBITDA guidance in reach: Management forecasts sales in the range of € 335-350m (eNuW: € 349m) and an adj. EBITDA of € 35-45m (eNuW: € 40m). The forecast looks reasonable to us and might be even a bit conservative on the top-line carried by an unbroken demand for electrical explosion protection solutions in the LNG and gas industry and a solid order backlog. R. Stahl’s mid-term prospects remain bright as the company strongly benefits from (1) its superior market share along the LNG value chain, (2) a rising need for production automation across offshore oil and gas rigs, and production plants of several industries and (3) the ongoing nuclear renaissance across Europe. We reiterate our BUY rating with an unchanged PT of € 29.00, based on DCF. You can download the research here: http://www.more-ir.de/d/31091.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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||||
2013917 23.10.2024 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.
