^Original-Research: MAX Automation SE - from NuWays AG01.11.2024 / 09:00 CET/CESTDissemination of a Research, transmitted by EQS News - a service of EQSGroup AG.The issuer is solely responsible for the content of this research. Theresult of this research does not constitute investment advice or aninvitation to conclude certain stock exchange transactions.---------------------------------------------------------------------------Classification of NuWays AG to MAX Automation SE Company Name: MAX Automation SE ISIN: DE000A2DA588 Reason for the research: Update Recommendation: Buy from: 01.11.2024 Target price: EUR 7.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin VölkGuidance revision // muted Q3 ahead; chg. est. & PTTopic: MAX will release its Q3 numbers on November 8th. We expect sales andmargins to remain muted. Further, on Tuesday evening, the company cut itsFY24e guidance.Investment reluctance among customers puts pressure on MAX: due to thecurrent challenging macro, restrictive financing conditions and persistentlyhigh price levels, customers hesitate to place orders. Order intake inH1'24e fell by 14% to EUR 167m and backlog by 11% to EUR 184m. bdtronic isparticularly impacted as the demand for EVs slowed down in the recentquarters. Consequently, we expect Q3 sales to decrease 9.9% yoy to EUR 90m.EBITDA should come in at EUR 7.1m (eNuW), with a 7.9% margin.Bdtronic impacted from cyclical demand: bdtronic has significantly expandedits capacity in FY23 due to an extraordinarily strong demand for itsimpregnation and dispensing machines and occupied c. 120 external serviceson the peak to handle the rapidly increased order intake. However, as thedemand for electric vehicles in the US and Europe calmed down in H1'24, OEMshesitate to expand their EV capacities. Therefore, bdtronic's cyclical orderintake decreased sharply by 52% yoy to EUR 32m (H1'24 backlog EUR 34m, -56%yoy). While bdtronic had to increase its capacity in FY23, they are nowsuffering from overcapacity and external personnel can be reduced onlyslowly and successively because of their idiosyncratic know-how withinspecific projects. We expect the situation to remain challenging throughoutH2'24e and expect sales of EUR 17m and EUR 0.6m EBITDA in Q3 for bdtronic.Elwema shows resilience: in contrast to bdtronic, Elwema's order intakeshowed a very positive development and rose by 32% to EUR 40m in H1'24 thanksto a solid demand for combustion engines in the US. Thanks to a steadystream of follow-up orders and long lead times of 12-18 months, the companysecured already enough projects for FY25e.FY24e guidance revised: MAX revised its forecast for the current fiscal yeardue to a decline in order intake. Sales are now expected to come in at EUR350-380m (previously: EUR 390-450m; eNuW old: EUR 378m) with an EBITDA in therange of EUR 27-31m (previously: EUR 31-38m; eNuW old: EUR 31m). Despite thechallenging macroeconomic environment, the new guidance looks plausible inour view (eNuW sales EUR 366m, EBITDA EUR 29m). Nevertheless, as mid-termprospects remain intact, we reiterate BUY with a new PT of EUR 7.00 (old: EUR7.50), based on DCF.You can download the research here: http://www.more-ir.de/d/31161.pdfFor additional information visit our website: www.nuways-ag.com/researchContact for questions:NuWays 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 Abschlussbestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim obenanalysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++---------------------------------------------------------------------------The EQS Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Archive at www.eqs-news.com---------------------------------------------------------------------------2020525 01.11.2024 CET/CEST°