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 Völk Guidance revision // muted Q3 ahead; chg. est. & PT Topic: MAX will release its Q3 numbers on  [ … ]

Muted start into the year but solid order intake; chg. est. Topic: MAX released mixed Q1 results with muted sales and slight pressure on margins in line with expectations. However, order intake moderately improved qoq from a low level in the last three quarters supported by continuous follow-up orders from ELWEMA. Q1 group sales declined slig [ … ]

MAX achieved attractive sales price for MA micro; chg. est. Topic: MAX Automation has come to an agreement on the divestment of its subsidiary MA micro with an attractive purchase price, sale of MA micro anticipated in the second half of FY24e. MAX Automation announced the sale of MA micro (intention was announced in September 2023), which wa [ … ]

Positive long-term prospects for Vecoplan and bdtronic Topic: In recent years, two of the current six portfolio companies (continuing operations only) became increasingly important. These two companies, bdtronic and Vecoplan, accounted for 71% of FY23 sales. Enough reason to have a closer look at their prospects. Vecoplan: As a global specialis [ … ]

Excellent growth and profitability, soft order intake; chg. Topic: MAX released strong FY23 results, with sales and EBITDA in line with expectations and the company’s guidance. The sales process of the subsidiary MA micro, which is now recognized as discontinued operations, is still ongoing. FY23 sales (incl. MA micro) rose by 8.3% to & [ … ]

MAX lays the foundation for outperformance in 2024 Topic: MAX Automation has another promising year in front of it. We expect the company to grow its topline by 7% in 2024e while sustaining last year’s profitability (eNuW). Topline growth ahead: With several structural trends kicking in, MAX should be able to grow its revenue in the cur [ … ]

Strong growth opportunities carried by structural trends; PT up Despite a strong competitive quality and structural growth drivers, MAX Automation had difficulties translating it into operating performance between 2016 and 2020. Thanks to MAX having done its homework by adjusting its portfolio and structural trends kicking in, shares look poise [ … ]

Fully on track despite mixed Q3; chg. est. MAX delivered mixed results for Q3 2023, with sound top-line growth but pressure on margins. Q3 group sales rose slightly by 1.4% yoy to € 109.1m (Q3 2022: € 107.6m) while Q3 EBITDA fell sharply by 35% yoy to € 9.6m (Q3 2022: € 14.8m). Hence, the EBITDA margin declined by 4.9pp yoy  [ … ]