Kolumne, ORE

Original-Research: R.

11.06.2024 - 10:11:32

Original-Research: R. STAHL AG (von NuWays AG): Kaufen. STAHL AG - from NuWays AG Classification of NuWays AG to R.

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

Classification of NuWays AG to R. STAHL AG

Company Name: R. STAHL AG

Reason for the research: Update
Recommendation: Kaufen
from: 11.06.2024
Target price: EUR 29.00
Target price on sight of: 12 Monaten
Last rating change: 
Analyst: Christian Sandherr

Operating turnaround intact thanks to several structural trends
LNG remains a material mid-term growth opportunity. R. Stahl is the
globally leading provider of explosion protection for LNG tankers,
terminals and liquification/regassification plants (25-75% market shares).
Independence from Russian energy imports lead to a rising demand for LNG in
Europe. Of the nine planned LNG terminals in Germany, five floating
terminals are already running, and another terminal (Wilhelmshaven II) is
set to become operational in H2 2024. Germany is next to China and the
Netherlands one of the most important LNG importers in the world and is
expected to further expand its import capacity in the coming years. LNG
accounts currently for c. 10% of R. Stahl's revenue (eNuW) and is seen to
be one of the key growth drivers in the mid-term.
Lighting in the German chemical industry. After seven quarters of declining
production volumes, the chemical industry returned to yoy growth in Q1
(5.4%). At the end of 2023, the German Chemical Association (VCI) expected
a slight yoy decline of production volumes for 2024. This has now changed
to a 3.5% increase due to the good start into 2024. Nevertheless, according
to VCI president Markus Steilemann the situation remains tense as Germany
is still too expensive for chemical production which can only be changed by
politics. Higher production volumes could lead to increasing investments in
the chemical industry and with that to a higher demand for R. Stahl's
explosion protection products. We estimate the chemical industry to be
responsible for c. 1/3 of R. Stahl's revenues.
Nuclear shows positive momentum. R. Stahl is supplying lighting technology
worth c. EUR 10-12m (eNuW) for the two reactors currently being built at the
Hinkley Point C nuclear power plant in the UK. Even more important, the UK
project is partially owned by the French utility company EDF, which also
manages France's 56 power reactors. C. 54 of these need to be refurbished
within the next 20 years and at least 6 new reactors are planned by 2050.
With an estimated revenue of EUR 5m per refurbished reactor and EUR 10m for the
new ones, this implies a EUR 330m revenue opportunity for R. Stahl (eNuW).
Demand for R. Stahl's products remains high. Order intake in Q1 FY24 came
in at EUR 92.3m, a 24% increase qoq and only slightly below the
extraordinarily strong Q1 FY23 (EUR 96.7m). Hence, we expect to see
mid-single-digit sales growth for FY24e in combination with low
double-digit EBITDA margins. Reiterate BUY with an unchanged PT of EUR 29.00
based on DCF.

You can download the research here:
For additional information visit our website

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.

-------------------transmitted by EQS Group AG.-------------------

The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.

@ dpa.de

Weitere Meldungen

Original-Research: PSI Software SE (von GSC Research GmbH): Kaufen Original-Research: PSI Software SE - von GSC Research GmbH Einstufung von GSC Research GmbH zu PSI Software SE Unternehmen: PSI Software SE ISIN: DE000A0Z1JH9 Anlass der Studie: Geschäftszahlen 2023 Empfehlung: Kaufen seit: 25.06.2024 Kursziel: 32,00 Euro Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: 06.05.2022, vormals Halten Analyst: Thorsten Renner 2023 bleibt beim Ergebnis hinter den Erwartungen zurück Das Geschäftsjahr 2023 gestaltete sich bereits sehr herausfordernd für die PSI Software SE. (Boerse, 25.06.2024 - 08:01) weiterlesen...

Original-Research: Verve Group SE (von GBC AG): Kaufen Original-Research: Verve Group SE - von GBC AG Einstufung von GBC AG zu Verve Group SE Unternehmen: Verve Group SE ISIN: SE0018538068 Anlass der Studie: Researchstudie (Note) Empfehlung: Kaufen Kursziel: 6,00 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker Jun-Übernahme sorgt für deutlichen Umsatz- und Ergebniszuwachs und eine signifikante Stärkung der Demand-Side; Die Integration des Zukaufs eröffnet erhebliche Umsatzsynergien; Deutliche Erhöhung der Prognosen und des Kursziels; "Kaufen"-Rating bestätigt Am 18.06.2024 hat die Verve Group SE (Verve) die Vertragsunterzeichnung der vollständigen Übernahme der Jun Group, einem führenden Technologieunternehmen für mobile Werbung mit dem Schwerpunkt auf die Demand-Side und starke Geschäftsbeziehungen zu führenden US-Marken- und -Medienagenturen, bekanntgegeben. (Boerse, 24.06.2024 - 12:02) weiterlesen...

Original-Research: Verve Group SE (von GBC AG): BUY Original-Research: Verve Group SE - from GBC AG Classification of GBC AG to Verve Group SE Company Name: Verve Group SE ISIN: SE0018538068 Reason for the research: Research study (Note) Recommendation: BUY Target price: 6.00 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker Jun acquisition ensures significant sales and earnings growth and a significant strengthening of the demand side; the integration of the acquisition opens up considerable sales synergies; significant increase in forecasts and price target; 'BUY' rating confirmed On 18 June 2024, Verve Group SE (Verve) announced the signing of an agreement to fully acquire Jun Group, a leading mobile advertising technology company with a focus on the demand side and strong business relationships with leading US brands and media agencies. (Boerse, 24.06.2024 - 12:01) weiterlesen...

Original-Research: APONTIS PHARMA AG (von First Berlin Equity Research GmbH):... Original-Research: APONTIS PHARMA AG - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to APONTIS PHARMA AG Company Name: APONTIS PHARMA AG ISIN: DE000A3CMGM5 Reason for the research: Initiation of Coverage Recommendation: Buy from: 24.06.2024 Target price: EUR 17.00 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research on 24/06/2024 initiated coverage on APONTIS PHARMA AG (ISIN: DE000A3CMGM5/ Bloomberg: APPH GR). (Boerse, 24.06.2024 - 11:01) weiterlesen...

Original-Research: Verve Group SE (von First Berlin Equity Research GmbH): Ka... Original-Research: Verve Group SE - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Verve Group SE Company Name: Verve Group SE ISIN: SE0018538068 Reason for the research: M&A Update Recommendation: Kaufen from: 24.06.2024 Target price: EUR4,90 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Verve Group SE (ISIN: SE0018538068) veröffentlicht. (Boerse, 24.06.2024 - 09:16) weiterlesen...

Original-Research: Partec AG (von Montega AG): - Original-Research: Partec AG - von Montega AG Einstufung von Montega AG zu Partec AG Unternehmen: Partec AG ISIN: DE000A3E5A34 Anlass der Studie: Suspension of Coverage Empfehlung: - seit: 21.06.2024 Kursziel: - Kursziel auf Sicht von: - Letzte Ratingänderung: - Analyst: - Coverage wird eingestellt Mit dem heutigen Tag stellen wir die Coverage der ParTec AG ein. (Boerse, 21.06.2024 - 17:01) weiterlesen...