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

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 € 344m in line with our estimates and the company’s guidance range (eNuW € 344m; guidance € 335-350m). On the other hand, Q4 sales decreased 7.9% yoy to € 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 € 72m (-2.8%) showing a similar pattern than last year with strong order intake in H1 and weaker demand in H2 (H1’24 € 181m, H2’24 € 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 € 34.4m, -10.9% yoy and slightly below our estimates (eNuW: € 36m, guidance € 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. € 3.7m in 9M’24) and higher personnel costs as a result of collective bargaining agreements. Q4 adj. EBITDA remained roughly flat yoy at € 6.3m (Q4’23 € 6.1m). FCFF improved significantly to € 14.7m (FY23 € 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 € 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 ++++++++++ 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. ++++++++++