Original-Research: R.

Original-Research: R. STAHL AG (von NuWays AG): BUY. STAHL AG - von NuWays AG Einstufung von NuWays AG zu R.

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: [e-mail]
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 analysierten Unternehmen befinden sich in der vollständigen Analyse.
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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. 
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
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