^Original-Research: MAX Automation SE - von NuWays AGEinstufung von NuWays AG zu MAX Automation SEUnternehmen: MAX Automation SEISIN: DE000A2DA588Anlass der Studie: UpdateEmpfehlung: BUYseit: 05.12.2023Kursziel: EUR 8,20Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Konstantin VölkStrong growth opportunities carried by structural trends; PT up Despite a strong competitive quality and structural growth drivers, MAXAutomation had difficulties translating it into operating performancebetween 2016 and 2020. Thanks to MAX having done its homework by adjustingits portfolio and structural trends kicking in, shares look poised for are-rating. Until 2025e, MAX Automation should be able to grow sales to EUR 510m whileachieving disproportionate EBITDA growth of 15% (2022-25e CAGR) thanks to: Structural growth drivers: MAX's subsidiary bdtronic is a leading providerof trickling impregnation, which significantly improves performance andsafety metrics of electric drive trains. With the number of electricvehicles likely to continue to soar during the foreseeable future, the needfor its automated solutions, that enable particularly high production speedwithout sacrificing quality, should enable bdtronc's sales to grow >20%annually. Defensible competitive quality: Bdtronic's trickling impregnation businessis based on highly specific know-how and a strong reputation, establishinglock-in effects and hence high entry barriers. Once the impregnationmachines are installed, it is costly for OEMs to switch to differentsuppliers, enabling bdtronic a lucrative service business, allowing forEBITDA margins north of 17% for bdtronic (eNuW). With that, MAX's group KPIs should also further improve: EBIT margins (5.4%in FY22 -> 7.6%), ROCEs (9.4% in FY22 to >11%) and free cashflow generation(neg. in FY22 to EUR 20m) going forward. In addition to the improving operating performance, a successful divestmentof the subsidiary MA micro (company news 08.09.2023) should be a notableshare price catalyst, revealing that the value of the "parts" clearlyexceeds the current Enterprise Value of the MAX Automation group, in ourview. A strategic buyer should be willing to pay at least 10x EBITDA forthis highly profitable and return-rich specialtybusiness, implying a purchase price of above EUR 100m (eNuW). Importantly, even after a divestment, MAX would own hidden Mittelstandchampions such as bdtronic and Vecoplan, amongst other, whose combinedvalue alone would well exceed the remaining (theoretical) EUR 200m EV of thegroup ex MA micro (eNuW), underpinning the undervaluation of the stock.Hence, we reiterate our BUY rating with an increased EUR 8.20 PT (old: EUR7.30) based on DCF.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28479.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.°