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

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Original-Research: MAX Automation SE - from NuWays AG

17.07.2025 / 09:00 CET/CEST

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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: 17.07.2025

Target price: EUR 6.50

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Challenging market conditions weigh on operations; chg. est.

MAX Automation reduced its FY25 guidance to EUR 300-340m sales (old: EUR

340-400m, old eNuW: EUR 364m) and EUR 12-18m EBITDA (old: EUR 21-28m, old NuW: EUR

25m) based on preliminary H1 figures (H1 report to be published on August

1st) and the related updated FY projections of the individual portfolio

companies.

The revision of the sales forecast is primarily attributable to a slowdown

and delay in order intake during the first half of 2025. Mind you, in Q1 the

company reported a 14% yoy order intake decrease with a 18% lower order

backlog.

This development is closely linked to challenging macroeconomic conditions

and increased unpredictability surrounding U.S. customs regulations, which

have led to hesitancy among customers when it comes to placing new orders.

Moreover, a number of planned projects - especially those related to the

automotive and environmental technology industries - have been pushed back

to later dates.

The significant EBITDA guidance reduction is partially driven by one-off

expenses (next to the reduced top-line) in the mid-single-digit million

range (eNuW: EUR 5m) geared towards right-sizing cost structures across the

portfolio. Importantly, costs associated with the planned measures will

entirely be booked in FY25 and should lead to a decreased cost base from

next year onwards.

MAX' portfolio remains well-positioned for long-term value creation,

underpinned by its exposure to structurally attractive end markets. Core

holdings such as bdtronic, Vecoplan, ELWEMA, and NSM Jücker operate in

niche segments including e-mobility, environmental technology/recycling, and

industrial automation, all of which are supported by enduring macro trends.

Yet, timing of the return to strong structural growth remains uncertain. The

group's decentralized structure enables operational focus at the subsidiary

level, while ongoing cost and efficiency measures are expected to support

margin improvement from FY26 onwards.

We confirm our BUY rating with an updated EUR 6.5 PT (old: EUR 7) based on DCF

with roughly 25% of the EV covered by its minority stake of the listed ZEAL

Network.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=d45a60240af3c78b813bc85d1e844f1f

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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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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2170962 17.07.2025 CET/CEST

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