Original-Research: MAX Automation SE - from NuWays AG
Classification of NuWays AG to MAX Automation SE
Q2 figures out: order intake is the silver lining H1 EBITDA fell even more steeply, plunging 75% yoy to € 3.9m with Q2 EBITDA coming in at € 3.8m (-50% yoy) reflecting not only the volume shortfall but also elevated cost structures and underutilized capacity. Roughly two weeks ago, management already cut the FY25 guidance to € 300-340m sales and € 12-18m EBITDA (eNuW: € 310m sales and € 12.8m EBITDA). Mind you, the magnitude of the EBITDA guidance reduction was partially impacted by one-off expenses (in addition to a lower top line), estimated at around € 5m (eNuW), aimed at aligning cost structures across the portfolio. Importantly, all related costs will be fully recognized in FY25, leading to a reduced cost base from the following year onward. The clear silver lining in the quarter was the improvement in order momentum. Order intake in Q2 reached € 92.6m, marking a 7.4% increase compared to € 86.2m in the same period last year. On a half-year basis, total order intake rose 5.7% to € 176.5m (H1 2024: € 166.9m). The individual portfolio companies showed a mixed picture. While bdtronic and Vecoplan reported stabilizing H1 order intake, NSM + Jücker showed an 82% yoy increase to € 24.5m carried by a demand recovery for packaging solutions. With this, the order backlog at the end of H1 increased by 13.3% yoy to € 174.8m. This rising backlog provides a more solid foundation for revenue stabilization in the second half and could support a gradual recovery into FY26, provided execution and project conversion improve. We confirm our BUY rating with an unchanged € 6.50 PT based on a DCF with its stake in ZEAL Network accounting for roughly 25% of the company's Enterprise Value. You can download the research here: max-automation-se-2025-08-05-previewreview-en-04a53 For additional information visit our website: https://www.nuways-ag.com/research-feed 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. ++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||||
2179346 05.08.2025 CET/CEST
