Original-Research: Nabaltec AG (von NuWays AG): Kaufen
Source: EQSClassification of
Company
ISIN: DE000A0KPPR7
Reason for the research: Update
Recommendation: Kaufen
from:
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
Further op. improvements // FY guidance conservative
Topic: Despite the recent 30% share price increase since the low in March,
Following a solid Q1 with € 54m sales and a 9% EBIT margin,
FY guidance looks increasingly conservative. Mind you, management expects to grow FY24e sales slightly with an EBIT margin of 7-9%. Considering the expected (eNuW) H1 performance with € 109m sales (+2.7% yoy) and a 9.2% EBIT margin (+1.2pp yoy), the lower end of the margin guidance implies a margin of only 4.6% for the remainder of the year.
Lagging boehmite demand, yet a promising optionality. During the past 1.5
years, demand for boehmite, the high-margin coating material for separator
foils and electrodes of lithium-ion batteries in EVs, has been weak with
sales falling from € 24m in FY21 to € 17m last year. The main reason behind
this was a strong oversupply in
Valuation remains highly attractive. At € 16.2/share,
We confirm our BUY rating with an unchanged € 25 PT based on FCFY 2025e and
keep
on our
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Contact for questions
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148
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