Hoenle Q3e: Continued restructuring expected - NuWays AG Research
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Hoenle Q3e: Continued restructuring expected - NuWays AG Research

*Revenue expected flat-ish at € 22.6m (eNuW), EBITDA +24.5% yoy to € 0.7m (eNuW: 3.2%
margin) supported by internal optimization.
*Disinfection (eNuW: +7.9%) and Adhesives (eNuW: +6.8%) growth offsets Curing
weakness (eNuW: -12.1%, still EBITDA-negative).
*Further cost right-sizing at Curing expected.

Hoenle looks set to publish its Q3 FY25/26 results August 18th. Here is what to expect:

A flat-ish topline from mixed segment performance coming in at € 22.6m (eNuW: -0.1% yoy). We expect the segments Disinfection and Adhesives to show continued growth largely mitigating a challenging environment and persisting headwinds at Curing. At the same time, gross profit margin improvements and restructuring efforts are seen to contribute a bottom-line strengthening of 24.5% yoy to € 0.7m (eNuW) in EBITDA, leading to an implied EBITDA-margin of 3.2%, up by 0.6pp yoy.

Continued internal optimization efforts expected. In light of the particularly challenging situation at Curing (key end market is still printing), we would expect the company to further right-size its respective cost structure.

Reiterating BUY at € 14, based on DCF.
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