Original-Research: INDUS Holding AG (von NuWays AG): BUY

30.12.2025 / 09:26 CET/CEST

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Classification of NuWays AG to INDUS Holding AG

Company Name: INDUS Holding AG

ISIN: DE0006200108

Reason for the research: Update

Recommendation: BUY

from: 30.12.2025

Target price: EUR 34.50

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Ending the year on a high note; PT Up

Last week, INDUS signed another acquisition, meeting market expectations of

one additional dealbefore the end of the year. In detail:

PRO VIDEO is to strengthen Engineering from 2026 onwards. 80% of shares in

the leadingsupplier of professional media solutions for audiovisual

large-scale projects in Germany with an annual revenue of about EUR 24m were

signed for now.

Closing and consolidation may be expected to follow upon receiving

regulatory approval from theGerman Federal Cartel Office. Mind you, this

approval process has two phases, with phase twounlikely to apply in this

case and being conditional on concerns raised in phase one. We expect

PROVIDEO contributions from Q2 2026 onwards.

Taking a closer look at PRO VIDEO, the company specializes in providing safe

and complexcommunication rooms for companies (i.e. Microsoft, BASF,

Bertelsmann), government-relatedentities and educational facilities, such as

universities. Although information revealed so far is limited,this target is

likely a particularly attractive addition to INDUS, due to high margins

implied by its highrevenue/FTE ratio, typically low maintenance CAPEX

associated with commonly asset-lightstructures in the conference room

solutions markets, low overlap with the residual engineeringportfolio and

possible company-internal use cases which should allow for efficiency gains

and crossselling opportunities. Market research indicates that conference

room solutions should grow at aCAGR of more than 10% until 2032, vastly

outpacing most other media niche markets.

Expected PRO VIDEO contributions to INDUS in FY26e looks set to be EUR 16-18m

in revenuewith an EBITDA margin of around 15% (eNuW), assuming consolidation

from Q2 2026 onwards.With this, the acquisition does not only look

strategically sensible but also value accretive, inour view.

Spending spree to last. Next year, INDUS plans to spend up to EUR 100m (eNuW),

which would be inline with the company's spending targets announced at its

CMD last year. Mind you, INDUS plans tospend a total of EUR 500m until the end

of 2030 on M&A. With an average acquisition multiple of 7-7.5xEV/EBITA, the

company could add at least EUR 70m of EBITA during the next five years (vs

FY24).

Looking ahead, we maintain our FY25e revenue estimate of EUR 1.74bn and raise

our top-lineassumptions for FY26e to 1.85bn, leading to an increased PT of EUR

34.5 (old: EUR 34) , based onFCFY26e. At the same time, we reiterate our BUY

rating.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=f3003b8f5cfd188665014ea538c98e6e

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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

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