^Original-Research: MAX Automation SE - von NuWays AGEinstufung von NuWays AG zu MAX Automation SEUnternehmen: MAX Automation SEISIN: DE000A2DA588Anlass der Studie: UpdateEmpfehlung: BUYseit: 18.01.2024Kursziel: 8.20Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Konstantin VölkMAX lays the foundation for outperformance in 2024 Topic: MAX Automation has another promising year in front of it. We expectthe company to grow its topline by 7% in 2024e while sustaining last year'sprofitability (eNuW). Topline growth ahead: With several structural trends kicking in, MAX shouldbe able to grow its revenue in the current fiscal year at amid-single-digit growth rate. Around 35% of the growth is expected to comealone from MAX's crown jewel bdtronic (eNuW). With c. 80% of bdtronic'srevenue coming from dispensing solutions mainly in the automotive sector,bdtronic largely profits from an increasing number of electric componentsinside and outside the vehicles. Different dispensing applications are usedto protect electric control units from overheating, vibration duringdriving and environmental influences such as salt or dirt. MAX largestholding, Vecoplan, is expected to grow by 6% in 2024e (eNuW), outpacing theslow growing recycling market, due to its strong competitive quality.Vecoplan is an expert in producing machines and plants for shredding,conveying, and processing of primary and secondary raw materials, such aswood or plastic. Consistent profitability: We expect MAX to deliver an EBITDA margin of 9.8%in 2024e, which is roughly in line with 2023e (eNuW). Going forward,margins should further improve to > 10% by 2025e due to economies of scalebut more importantly due to an improving product mix from bdtronic. Despitelabour cost pressure, the company has not only strong growth potential butcan also improve margins in a tough market due to its technologicalleadership. 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 specialty business, implying apurchase 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 unchanged EUR 8.20 PT based onDCF.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28703.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.°