Hoenle: FY25/26 guidance cut related to demand softness in Curing - NuWays AG Research
Yesterday, hoenle announced a guidance cut for the current FY 25/26 on account of weaker-than-anticipated demand in Curing. In detail:
ANNONS
Anticipating flat-ish FY 25/26 revenue development, management has reduced and narrowed its implied sales growth projection from to -1.8% to 1.4% yoy growth (old: 1.4% to 12.1% yoy growth). In absolute terms, FY 25/26 revenue guidance shifted from € 95-105m to € 92-95m. While Adhesives and Disinfection continue to deliver on growth, Curing looks set to remain a weak contributor. We attribute the weak performance in particular to soft investment demand from customers in the printing industry. In our view, the new revenue guidance looks achievable.
The investment case remains intact, supported by product innovation in pipeline across segments, further product portfolio optimizations and internal process improvements. Despite the delayed improvement in Curing, we see moderate to strong sales growth driven by Adhesives and Disinfection. Maintaining BUY with a reduced PT of € 14 (old: € 15), based on DCF.
