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 Group.

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
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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
++++++++++
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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2139088 16.05.2025 CET/CEST