Original-Research: INDUS Holding AG (von NuWays AG): HOLD - T-Online
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INDUS will report its Q3 figures on November 12th. These should reflect
impacting BETEK. Here is what to expect:
Total sales in Q3 to grow 20.2% yoy to EUR 526m (eNuW). Growth should again be
tungsten special situation. Further growth acceleration is seen to come from
Adj. EBITA is seen to rise by 49.5% yoy in Q3 to EUR 72m (eNuW), mainly driven
and to be supported by improved capacity utilization in Engineering. The
adj. EBITA margin is expected to rise by 3pp yoy to 13.7%.
Materials Solutions should remain the key driver. We expect to see 44% yoy
sales growth to EUR 198m (eNuW), mainly driven by pricing while the adj. EBITA
margin should rise 5pp yoy to 17% (eNuW), leading to an adj. EBITA
contribution of EUR 33.6m, doubling yoy.
Infrastructure to deliver strong growth in Q3. With the underlying
Economics) and order intake up 23.3% yoy in H1, segment sales are seen to
rise by 9.5% yoy to EUR 177m (eNuW). The adj. EBITA margin is to rise by 0.1pp
yoy to 13.9% and the segment is to contribute EUR 24.6m (eNuW) in adj. EBITA,
Engineering to show margin improvements. We expect to see 9.1% yoy sales
mixed, but improved environment (VDMA) and by some EUR 7.8m (eNuW) inorganic
growth from the acquisitions of PRO VIDEO and AMIRA. This compares to a weak
concerning plant equipment demand. The adj. EBITA margin should improve by
0.8pp yoy to 9.8% (eNuW) with higher capacity utilization and higher margin
contributions from the acquisitions made. This is seen to result in an adj.
M&A acceleration in Q4 26e in line with expectations. In October 26, INDUS
sold minor portfolio company MEWESTA in Materials Solutions (c. EUR 5m annual
revenue) as part of its active portfolio management. This was followed by
the add-on acquisition of BNB (70% stake, c. EUR 7m annual revenue) to
portfolio company BETOMAX and INDUS's concrete technology field. With two
interview, one additional acquisition in Q4 remains possible.
Adjusting our forecast. To reflect the divestment and acquisition made, we
adjust our estimates. While we expect no material impact on FY26e, we
slightly raise our sales and adj. EBITA estimates from FY27e. For FY26e, we
now project EUR 2.03bn in sales and EUR 247m in adj. EBITA pointing to INDUS
reaching the mid of its FY26e sales guidance of EUR 1.9-2.1bn and the upper
half of its adj. EBITA guidance of EUR 220-260m. Maintaining HOLD with an
unchanged PT of EUR 41, based on FCFY27e.
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=9339b045fee4d8227d4cd074c6f6a9fe
LinkedIn: https://www.linkedin.com/company/nuwaysag
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