Original-Research: Nabaltec AG (von NuWays AG): Kaufen

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Original-Research: Nabaltec AG - von NuWays AG

Einstufung von NuWays AG zu Nabaltec AG

Unternehmen: Nabaltec AG

ISIN: DE000A0KPPR7

Anlass der Studie: Update

Empfehlung: Kaufen

seit: 26.04.2024

Kursziel: EUR 25.00

Kursziel auf Sicht von: 12 Monaten

Letzte Ratingänderung:

Analyst: Christian Sandherr

Final FY23 as expected, solid start into FY24

2023 figures inline with prelims. To recap: FY23 sales decreased by 8.5%

yoy to EUR 200m, largely driven by the highly cyclical Specialty Alumina

segment, which reported sales of EUR 57.8m (-18.5% yoy). On the contrary,

Functional Fillers' sales decreased by only 3.9% to EUR 142.3m, as revenues

from boehmite and gap fillers grew by 6.1% yoy to EUR 22.4m, whereas boehmite

alone showed a 9% yoy sales decline. Positively, the FY EBIT margin stood

at 9.2% (-4.2pp yoy), EUR 18.3m absolute EBIT. Despite the muted operational

performance and a 14% increase of working capital, the company generated EUR

2m of FCF.

Nabaltec also released solid Q1 prelims, which render the FY24 guidance

sensible. Q1 sales decreased 5.3% yoy to EUR 54m, largely due to a tough

comparable base (Q1 FY23 with 4% growth vs a 12% decline during the

remainder of FY23). Compared to the average of the past three quarters, Q1

sales were up 14%. In fact, the EBIT margin slightly increased by 0.2pp yoy

to 9.3% (absolute EBIT of EUR 5m).

With this, the lower end of the FY24 EBIT margin guidance looks well in

reach, if not conservative as it implies a margin of only 6.2% for the

remainder of the year. This compares to our 8.2% margin estimate for the

rest of FY24e (eNuW: 3.9% yoy sales growth). As a reminder, management

expects to grow FY24 sales slightly with an EBIT margin of 7-9%. Growth is

expected to be carried by a slight increase of boehmite volumes (홋 yoy),

further growing gap filler demand and improving utilization rates at its US

plants, while the remainder of F.F. and S.A. should remain rather flat yoy.

Boehmite retains plenty of potential. During the past two years, the

boehmite sales contribution decreased from EUR 24.2m in FY21 to EUR 17.3m last

year. The main reason behind this was a strong oversupply in China

(lacklustre EV demand growth), the core market for EV battery production

and a slower than initially expected ramp up of production capacities in

Europe and the US. Yet, with demand for ceramic coating solutions expected

to 4x until 2028, boehmite should return to growth; eNuW: from EUR 17m in

FY23 to EUR 25m by FY25e (conservatively below market growth).

In sum, Nabaltec is a cyclical company that has passed the demand trough

with a solid balance sheet, several structural growth drivers for core

products and upside from boehmite. Valuation seem to lag behind with shares

trading on 9/7x EV/EBIT FY24/25e. We confirm our BUY rating with an

unchanged EUR 25 PT based on FCFY 24e and keep Nabaltec in our NuWays Alpha

List.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/29535.pdf

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

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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.

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Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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