MAX Automation SE Witnesses Robust Growth Amid Economic Uncertainty

MAX Automation SE has been highlighted in a recent research update by NuWays AG, maintaining a 'BUY' recommendation. The analysis, dated March 13, 2024, pegs the target price at €8.20 and unfolds a narrative of strong financial performance for the fiscal year 2023, aligning with corporate guidance and market expectations. Despite a challenging economic landscape and a downtick in order intake, MAX Automation SE managed an 8.3% increase in sales to €443 million, showcasing significant contributions from its bdtronic segment.

Moreover, the company’s EBITDA surged by 28% year-over-year to €43.2 million, articulating an efficient operating model and successful cost management. This translates into a promising 9.8% margin, evidencing an uptick from the previous year. The bdtronic segment, in particular, displayed stellar performance with a 59% growth in sales and a substantial rise in EBITDA, fueled by strong demand in dispensing and impregnation technologies.

However, MAX Automation SE faces headwinds with a 16% decline in order intake, attributing to broader economic uncertainties and investment hesitations. The company, however, foresees a resilient FY24, guided by a robust backlog and encouraging pipeline. The impending divestiture of the subsidiary MA micro is also anticipated to positively influence the share price, underscoring the inherent value within the group’s portfolio.