INDUS Holding AG: Resilient, Focused, and Undervalued – PARMANTIER & CIE. Reiterates Buy Recommendation

Frankfurt am Main, 19.05.2025 – INDUS Holding AG continues to prove resilient in a challenging market environment and remains on a long-term growth trajectory despite cyclical headwinds and geopolitical uncertainty. In its latest analysis dated May 19, 2025, PARMANTIER & CIE. reaffirms its Buy recommendation for the stock with a price target of €32.25.
In Q1 2025, INDUS reported a 1.9% decline in revenue to €402.4 million and adjusted EBITA of €24.9 million (-21%). The earnings drop is primarily attributed to indirect effects of U.S. tariff policy and related Chinese export controls on tungsten – a critical material for subsidiary BETEK.
Key Highlights:

• Order intake at Group level: +2.6% to €455.1 million
• Three strategic acquisitions (HBS, Kettler, Electro Trading) strengthen the portfolio
• EPS rises to €0.63 (Q1 2024: €0.38), supported by a one-off tax effect
• Guidance revised: Revenue now expected at €1.70–1.85 billion, adjusted EBITA at €130–165 million
• Solid balance sheet: Equity ratio of 38.8% as of March 31, 2025
• Attractive valuation: 2025e P/E ratio of 9.9, dividend yield >5%

"The company’s strategic focus on resilient SMEs, international expansion, and forward-looking technologies is paying off – despite temporary setbacks. The stock remains an attractive gateway to the industrial core of the German Mittelstand," says analyst Daniel Großjohann of Parmantier & Cie. Research.
Through its EMPOWERING MITTELSTAND growth strategy, INDUS aims to significantly increase earnings by 2030. The outlook for structural growth – especially through digitalization, AI adoption, and global scaling – remains intact.

For investors, INDUS offers a clear opportunity: a defensive investment platform with a proven business model, active portfolio management, and a stable dividend policy.
Full research report available via:
Bloomberg ; FactSet ; LSEG
Online: https://www.parmantiercie.com/research


About PARMANTIER & CIE. GmbH
PARMANTIER & CIE. is a modern merchant bank based in Frankfurt am Main. The firm advises companies on all aspects of corporate finance – equity, debt, and hybrid instruments – and also invests its own capital in both public and private companies. PARMANTIER & CIE. stands for integrity, foresight, and tailor-made financing solutions with entrepreneurial alignment.

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