Quirin Privatbank Kapitalmarktgeschäft: Stabilus SE | Rating: Hold

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/