NuWays AG Recommends Buy Rating for MAX Automation SE Despite Mixed FY24 Results

NuWays AG has maintained a "Buy" rating with a target price of €7.00 for MAX Automation SE, following a detailed review of its FY24 performance. MAX Automation published mixed FY24 results, showing a 7.9% year-over-year decline in sales to €366 million, mainly due to economic uncertainties impacting the automotive sector. Order intake also fell by 7.9%, affecting the order backlog.

Among MAX's holdings, Vecoplan showed resilience, increasing its order intake by 7.2% thanks to demand in the Recycling/Waste segment. Despite the overall sales decline, the company managed to maintain a solid EBITDA margin of 8.0%, although it decreased by 0.7 percentage points compared to the previous year.

Looking forward, management has issued a broad FY25 guidance. Sales are anticipated to fall between €340 million and €400 million, with EBITDA ranging from €21 million to €28 million. This outlook reflects current market uncertainties, particularly in North America.