Original-Research: MAX Automation SE (von NuWays AG): BUY

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Original-Research: MAX Automation SE - from NuWays AG

16.05.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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Classification of NuWays AG to MAX Automation SE

Company Name: MAX Automation SE

ISIN: DE000A2DA588

Reason for the research: Update

Recommendation: BUY

from: 16.05.2025

Target price: EUR 7.00

Target price on sight of: 12 months

Last rating change:

Analyst: Konstantin Völk

Soft Q1 numbers due to postponements into H2'25e

Topic: MAX released soft Q1 numbers due to a weak macro environment and

project postponements. Despite this, the FY25e guidance was confirmed, as

management expects a stronger H2.

Q1 sales came in at EUR 69.5m (eNuW: EUR 81m), 23% below last year, due to

project postponements in the low double-digit EURm amount, mainly for ELWEMA

and Vecoplan. However, there is relatively high visibility that these

projects will be realized in Q3 or Q4'25e.

bdtronic's topline decreased 47% yoy to EUR 15.8m due to a continued weak EV

market. Whereas Q1'24 still benefited from a solid order backlog (end of

FY23 EUR 52m vs. EUR 34m in FY'24) thanks to an exceptionally strong demand in

FY23, Q1'25 successively reflected the current market weakness. To preserve

the company's profitability, bdtronic is reducing its capacity to a sales

scenario of EUR 75-85m for FY25e. Nevertheless, as the business is highly

cyclical and the demand situation can change quickly, bdtronic will keep its

capacity at a reasonable level to benefit from a potential rebound.

Vecoplan's sales declined 13.8% yoy to EUR 33.3m resulting from an overall

softer US business and postponements of larger projects which are seen to be

realized in H2'25e. Order intake continued to be strong and grew by 34% yoy

to EUR 45m. While demand in the Recycling/Waste segment (eNuW: 45% of sales)

developed nicely, order intake in Wood/Biomass (eNuW: 22% of sales) picked

up only slightly.

Order intake overall decreased by 14.2% yoy to EUR 77m, leading to an order

backlog of EUR 161m (-18% yoy). Main contributor was a strong decrease in

order intake for ELWEMA compared to the previous year due to project

postponements. However, significant orders could already be secured during

Q2.

EBITDA came in at EUR 0.1m (eNuW: EUR 2.4m; EUR 7.9m in Q1'24), noticeably below

last year due to lower sales and high fixed costs. Personnel expenses

declined only slightly by 2.1% to EUR 32.5m. On the other hand, cost of

materials decreased disproportionately by 29% yoy, with a cost ratio of

44.2% (-3.6pp yoy).

Guidance confirmed. Management confirmed its guidance of EUR 340-400m sales

(eNuW: EUR 364m) and EUR 21-28m EBITDA (eNuW: EUR 25m), despite the subdued start

into the year. Considering the postponement of major projects into the

second half of the year, the guidance looks still plausible in our view.

Reiterate BUY with an unchanged PT of EUR 7.00 based on DCF.

You can download the research here: http://www.more-ir.de/d/32622.pdf

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

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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

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2139088 16.05.2025 CET/CEST

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