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

19.02.2025 / 09:01 CET/CEST
Veröffentlichung einer Research, übermittelt durch EQS News - ein Service
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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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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.
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2088311 19.02.2025 CET/CEST

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