MAX Automation SE Shows Mixed First Quarter Results But Improved Order Intake

MAX Automation SE reported mixed results for the first quarter, with a slight decline in group sales and pressures on margins. Sales fell by 6.1% year-over-year to €91 million, and EBITDA dropped by 18% to €7.9 million, attributable to lower sales volume, wage inflation, and a shift in product mix. Despite these challenges, the company witnessed a moderate quarterly improvement in order intake, rising by 26% to €90 million, although it still reflects a 21% decline compared to the same period last year.

The company's bdtronic segment showed a notable increase in sales, up 50% year-over-year to €29.6 million, driven by a strong order backlog and robust service business. However, its EBITDA remained flat at €3.3 million, influenced by a move towards lower-margin impregnation business and rising personnel costs. In contrast, Vecoplan’s revenue decreased by 16.2% to €38.7 million with a corresponding 27% drop in EBITDA, impacted by weak investment in the recycling and waste division.

Looking forward, MAX Automation confirms its full-year guidance with anticipated sales between €390 million and €450 million and EBITDA of €31 million to €38 million, reflecting conservative expectations of a gradual recovery in the latter half of the year. NuWays AG maintains a 'Buy' recommendation for MAX Automation SE with a target price of €8.20 based on their DCF valuation.