Original-Research: R. STAHL AG (von NuWays AG): BUY

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Original-Research: R. STAHL AG - von NuWays AG

19.02.2025 / 09:01 CET/CEST

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Einstufung von NuWays AG zu R. STAHL AG

Unternehmen: R. STAHL AG

ISIN: DE000A1PHBB5

Anlass der Studie: Update

Empfehlung: BUY

seit: 19.02.2025

Kursziel: EUR 25.00

Kursziel auf Sicht von: 12 months

Letzte Ratingänderung:

Analyst: Christian Sandherr

Solid preliminary FY24 numbers but soft order intake; chg. est.

Topic: R. Stahl released solid preliminary FY24 figures with sales in line

and adj. EBITDA slightly below

our estimates. Free cashflow increased significantly due to a reduction in

working capital.

Preliminary FY24 sales increased 4.1% yoy to EUR 344m in line with our

estimates and the company's

guidance range (eNuW EUR 344m; guidance EUR 335-350m). On the other hand, Q4

sales decreased 7.9%

yoy to EUR 83m due to a low backlog at the end of Q3.

After a soft Q3'24, order intake continued to stay on a low level with EUR 72m

(-2.8%) showing a similar

pattern than last year with strong order intake in H1 and weaker demand in

H2 (H1'24 EUR 181m, H2'24 EUR

147m). One reason for that was the still subdued European chemical industry

but other sectors were affected

as well due to the general economic slowdown and increasing political and

economic uncertainties.

Preliminary FY24 adj. EBITDA came in at EUR 34.4m, -10.9% yoy and slightly

below our estimates

(eNuW: EUR 36m, guidance EUR 35-40m). The margin decreased 1.7ppts yoy to a

still solid 10% due to onetime

costs from the implementation of the EXcelerate strategy program (c. EUR 3.7m

in 9M'24) and higher

personnel costs as a result of collective bargaining agreements. Q4 adj.

EBITDA remained roughly flat

yoy at EUR 6.3m (Q4'23 EUR 6.1m).

FCFF improved significantly to EUR 14.7m (FY23 EUR 0.3m) thanks to a reduction

in working capital. During

the COVID-19 pandemic and its aftermath, R. Stahl increased its inventory

level in order to remain able

to deliver. As supply chains eased over the last year, R. Stahl managed to

reduce its elevated working

capital levels.

We continue to like the stock, however due to the muted order intake, we

reduced our estimates for

FY25e. We now expect only a flat development in sales and a small decline in

adj. EBITDA from a high

level. The FY25e guidance will be released with the final FY24 numbers on

April 10th.

Reiterate BUY with an unchanged PT of EUR 25, based on DCF.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/31803.pdf

Die Analyse oder weiterführende Informationen zu dieser können Sie hier

downloaden: https://www.nuways-ag.com/research-feed

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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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2088311 19.02.2025 CET/CEST

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