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Original-Research: Stabilus SE - von Quirin Privatbank Kapitalmarktgeschäft

05.05.2025 / 14:42 CET/CEST
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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
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Einstufung von Quirin Privatbank Kapitalmarktgeschäft zu Stabilus SE

Unternehmen: Stabilus SE
ISIN: DE000STAB1L8

Anlass der Studie: Update
Empfehlung: Hold
seit: 05.05.2025
Kursziel: 26
Letzte Ratingänderung:
Analyst: Daniel Kukalj, CIIA, CEFA

Still no good figures for Stabilus

Because we are still not convinced by the figures presented (on group level
no organic growth in all business units in Q2) we confirm our Hold
recommendation on STABILUS with a new TP of EUR 26 (48), applied by our
ROE/COE valuation approach. The company has seen significant drops in key
profitability metrics with adj. EBIT margins shrinking steadily over the
last quarters/years. The TTM adj. EBIT margin is 30bps qoq and 115bps yoy
lower. If you look at the figures excluding the Destaco acquisition, the
clean TTM adj. EBIT margin is only at 10.3% (on a Q2 2024%25 basis only at
9.9%), a far cry from the historically high levels. In 2023, DESTACO's sales
amounted to USD 206m (EURUSD average 1.08: ~ EUR 191m) with an adjusted EBIT
margin of 20%. In the last twelve months, the company has generated EUR
187.1m revenues and EUR 36.6m EBIT (19.6% of revenue). The current top line
is not really a growth story, the high margin remains positive, we will see
how long it can remain at this level. We don't like the fact that goodwill
accounts for around 29% of the total balance sheet and even worse 79% of
total equity at the end of March 2025. Taking into consideration the
development of the blended NTM PE 10-Days-Moving average which is under its
100-Days-Moving average, has showed a massive sell-off in the last twelve
months. The valuation is already very low, so the risk of further massive
sell-off is minimized for the time being in our view.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/32454.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier
downloaden: https://research.quirinprivatbank.de/

Kontakt für Rückfragen:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2130212 05.05.2025 CET/CEST

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