^Original-Research: MAX Automation SE - von NuWays AGEinstufung von NuWays AG zu MAX Automation SEUnternehmen: MAX Automation SEISIN: DE000A2DA588Anlass der Studie: Q3 ReviewEmpfehlung: BUYseit: 10.11.2023Kursziel: EUR 7,30Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Konstantin VölkFully on track despite mixed Q3; chg. est. MAX delivered mixed results for Q3 2023, with sound top-line growth butpressure on margins. Q3 group sales rose slightly by 1.4% yoy to EUR 109.1m(Q3 2022: EUR 107.6m) while Q3 EBITDA fell sharply by 35% yoy to EUR 9.6m (Q32022: EUR 14.8m). Hence, the EBITDA margin declined by 4.9pp yoy to 8.8%.However, Q3 2022 was an extraordinarily strong quarter and compared to theFY 2022 EBITDA margin, the current Q3 margin is still 0.6pp higher. Thepostponement of some larger orders was the main reason for the margindecrease, while also burdening top-line growth. In detail: bdtronic grew sales by 48% yoy to EUR 26.0m along with a slight EBITDA marginimprovement by 0.2pp to a solid 14.4%. Driven by the strong top-linegrowth, EBITDA rose by 50% yoy to EUR 3.7m. This result was carried by strongdemand for bdtronics' dispensing and trickle impregnation technology, usedfor the impregnation of electric motors in e-vehicles. Vecoplan's revenues fell by 1.8% yoy to EUR 46.2m, caused by the Recycling /Waste and Wood / Biomass division, which continued to fall short ofexpectations due to the ongoing reluctance of customers to invest. EBITDAfell by 14.5% yoy to EUR 5.7m, with a margin of 12.5% (Q3 2022: 14.3%). Amongst the other subsidiaries, AIM micro stood out positively: salesincreased by c. 23% yoy to EUR 1.6m while EBITDA rose disproportionately by34% up to EUR 0.7m, due to economies of scale. Q3 group order intake fell by c. 31% yoy to EUR 78m, with the book-to-bill inthe third quarter arriving at only 0.72x, which reflects a more cautiouscustomer base across almost all subsidiaries. Order intake was particularlysoft for Vecoplan (-23% yoy to EUR 38.3m), NSM + Jücker (-61% yoy to EUR 6.9m)and Elwema (-69% yoy to EUR 5.1m), reflecting macro uncertainties and orderpostponements. Order backlog of the continuing operations fell by c. 12% toEUR 267m. MAX confirmed its FY23e guidance of EUR 410m to EUR 470m sales (eNuw: EUR 444m)and EUR 38m to EUR 44m EBITDA (eNuW: EUR 43.9m). This appears sensible, in ourview, as it implies a flat yoy topline development and a 3.5% margin in Q42023 at mid-point. The due diligence for a potential divestment of MA microis still ongoing. A successful transaction would uncover hidden value andthus serve as a major share price catalyst, in our view. Reiterate BUY witha new PT of EUR 7.30 (old: EUR 7.40) based on DCF.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28227.pdfDie Analyse oder weiterführende Informationen zu dieser können Sie hier downloadenwww.nuways-ag.com/research.Kontakt für RückfragenNuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: 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 Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.°