^

Original-Research: R. STAHL AG - von NuWays AG

Einstufung von NuWays AG zu R. STAHL AG

Unternehmen: R. STAHL AG

ISIN: DE000A1PHBB5

Anlass der Studie: Update

Empfehlung: BUY

seit: 16.02.2024

Kursziel: 31.00

Kursziel auf Sicht von: 12 Monaten

Letzte Ratingänderung:

Analyst: Christian Sandherr

Q4 prelims: Operating turnaround intact; chg. est.

Topic: R. Stahl released solid FY23 preliminary figures, exceeding the

company's guidance on the topline. However, Q4 profitability and order

intake were slightly weaker than expected due to a soft chemical industry

in the DACH-region.

Preliminary Q4 sales came in at EUR 89.9m (eNuW: EUR 77.3m), a 25.2% yoy

increase stemming from a strong order backlog and further improved supply

chains as well as logistics situations. Preliminary FY23 sales were up

20.5% yoy at EUR 331m, exceeding the guidance range of EUR 305-320m and our

expectations (eNuW: EUR 318m). Adj. EBITDA in Q4 stood at EUR 6.1m (eNuW: EUR

7.1m), up from EUR 5.7m yoy and with a slightly lower margin of 6.8% (-

1.1pp) due to a weak chemical business and wage inflation.

Strong order intake and backlog for FY23. R. Stahl's order intake for FY23

increased 9.3% yoy, despite a weak Q4. With c. 20% of sales coming from the

chemical industry, R. Stahl's final quarter of FY23 was affected by a

temporarily weak chemical sector. Despite a strong order intake for the

first weeks of FY24, we expect the softening to carry well into FY24e.

Nevertheless, FY24e sales should be supported by the strong EUR 115m in order

backlog (+5.2% yoy) and structural growth drivers kicking in.

LNG delivers a material mid-term growth opportunity. Independence from

Russian energy imports leads to a rising demand for LNG in Europe and R.

Stahl offers a wide range of explosion-proof equipment for this approach.

In 2023, the EU imported over 120 billion cubic meters (bcm) in LNG and

grew its capacity by 40 bcm. As a leading provider of explosion protection

solutions for LNG tankers, terminals and liquefaction/regassification

plants, R. Stahl should clearly benefit from this trend.

Potential impairment of investments in associated companies burdens the

financial result. In 2016, R. Stahl acquired a 25% stake in ZAVOD Goreltex,

the second largest company for explosion protection in Russia (company news

16.09.2016). In our view, a full write-off for the EUR 10.3m carrying amount

in FY23 is likely, as R. Stahl cannot participate in the earnings of ZAVOD

Goreltex and lost its influence in the company.

Apart from the investment in ZAVOD Goreltex, R. Stahl's operating

turnaround is intact. We reiterate our BUY rating with an unchanged PT of EUR

31, based on DCF.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/28905.pdf

Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden

www.nuways-ag.com/research.

Kontakt für Rückfragen

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

++++++++++

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.

++++++++++

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

°