Indus Holding: Double-digit Q2 ahead - NuWays AG Research
INDUS is scheduled to release its H1 report on August 12th. We expect strong growth on top- and bottom-line for Q2.
ANNONS
Double-digit Q2 sales growth (eNuW: +12% yoy), leading to € 486m (eNuW) is anticipated, based on a temporarily boosted Material Solutions performance due to continued tungsten supply shortage caused by Chinese export controls and seasonally stronger Infrastructure benefitting from rising construction output and excellent weather. A combination of organic and inorganic growth should support a yoy outperformance of Engineering.
FY26e on track. Overall, the FY26 guidance of € 1.85-2.05bn in sales and adj. EBITA: € 160-190m, at an implied adj. EBITA margin of 8-10% continues to look achievable. At the current expected run rate, INDUS should be well positioned to delivering the mid- to upper range of its guidance. We project € 1.92 bn in sales (eNuW) and € 179m (eNuW) in adj. EBITA on an implied margin of 9.3% (eNuW). Effects from higher German Infrastructure spending and a stronger-than-anticipated Material Solutions performance continue to provide further upside potential.
Confirming BUY at a PT of € 37, based on FCFY 26e.
