Original-Research: R.
16.02.2024 - 09:01:31Original-Research: R. STAHL AG (von NuWays AG): BUY. STAHL AG - von NuWays AG Einstufung von NuWays AG zu R.
Original-Research: R. STAHL AG - von NuWays AG Einstufung von NuWays AG zu R. STAHL AG Unternehmen: R. STAHL AG ISIN: DE000A1PHBB5 Anlass der Studie: Update Empfehlung: BUY seit: 16.02.2024 Kursziel: 31.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Q4 prelims: Operating turnaround intact; chg. est. Topic: R. Stahl released solid FY23 preliminary figures, exceeding the company's guidance on the topline. However, Q4 profitability and order intake were slightly weaker than expected due to a soft chemical industry in the DACH-region. Preliminary Q4 sales came in at EUR 89.9m (eNuW: EUR 77.3m), a 25.2% yoy increase stemming from a strong order backlog and further improved supply chains as well as logistics situations. Preliminary FY23 sales were up 20.5% yoy at EUR 331m, exceeding the guidance range of EUR 305-320m and our expectations (eNuW: EUR 318m). Adj. EBITDA in Q4 stood at EUR 6.1m (eNuW: EUR 7.1m), up from EUR 5.7m yoy and with a slightly lower margin of 6.8% (- 1.1pp) due to a weak chemical business and wage inflation. Strong order intake and backlog for FY23. R. Stahl's order intake for FY23 increased 9.3% yoy, despite a weak Q4. With c. 20% of sales coming from the chemical industry, R. Stahl's final quarter of FY23 was affected by a temporarily weak chemical sector. Despite a strong order intake for the first weeks of FY24, we expect the softening to carry well into FY24e. Nevertheless, FY24e sales should be supported by the strong EUR 115m in order backlog (+5.2% yoy) and structural growth drivers kicking in. LNG delivers a material mid-term growth opportunity. Independence from Russian energy imports leads to a rising demand for LNG in Europe and R. Stahl offers a wide range of explosion-proof equipment for this approach. In 2023, the EU imported over 120 billion cubic meters (bcm) in LNG and grew its capacity by 40 bcm. As a leading provider of explosion protection solutions for LNG tankers, terminals and liquefaction/regassification plants, R. Stahl should clearly benefit from this trend. Potential impairment of investments in associated companies burdens the financial result. In 2016, R. Stahl acquired a 25% stake in ZAVOD Goreltex, the second largest company for explosion protection in Russia (company news 16.09.2016). In our view, a full write-off for the EUR 10.3m carrying amount in FY23 is likely, as R. Stahl cannot participate in the earnings of ZAVOD Goreltex and lost its influence in the company. Apart from the investment in ZAVOD Goreltex, R. Stahl's operating turnaround is intact. We reiterate our BUY rating with an unchanged PT of EUR 31, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28905.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. 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 ++++++++++ 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. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
