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1. Company Snapshot

1.a. Company Description

MAX Automation SE, together with its subsidiaries, provides automation solutions for the automotive, electrical, recycling, raw materials recycling, packaging, and medical technology industries in Germany, rest of the European Union, North America, China, and internationally.The bdtronic Group segment develops, produces, and sells machines and systems with integrated software solutions for high precision manufacturing processes for the automotive, electronics and medical technology industries.The Vecoplan Group segment develops, produces, and installs machines and plants for the shredding, conveying, and processing of raw materials for customers in wood and recycling, waste disposal, and paper and plastics industries.


The MA micro Group segment focuses on the development, manufacture, and distribution of production, assembly and testing systems for medical and optical components such as lenses, lasers, and camera modules, as well as for medical products such as contact lenses, Tip&Cup, stents, or insulin pens.The AIM Micro segment develops, produces, and distributes technologies for the manufacture of optoelectronic modules and micro-optical components for customers in the medical technology and sensor industry as well as the aerospace industry.The iNDAT segment develops, manufactures, integrates, and maintains industrial robots, as well as robot controllers.


The NSM + Juecker segment provides automation solutions and customised solutions.The Elwema segment develops and manufactures solution in testing, assembly, and cleaning technology for automotive industry, especially for the engine, transmission, and steering sectors.The company was formerly known as MAX Automation AG and changed its name to MAX Automation SE in February 2018.


MAX Automation SE was incorporated in 1991 and is headquartered in Dusseldorf, Germany.

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1.b. Last Insights on MXHN

The recent 3-month performance of MAX Automation SE was negatively impacted by a decline in revenue, with a 7.9% year-over-year decrease in full-year 2024 results. The company's revenue fell to €367.4m, likely due to market pressures and a slowdown in demand. Additionally, the European market's volatility, triggered by higher-than-expected U.S. trade tariffs, has led to a sharp decline in major stock indexes, including an 8.44% drop in the STOXX Europe 600 Index. This broader market uncertainty has likely contributed to MAX Automation's recent performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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MAX Automation SE Plans to Switch to the General Standard for More Efficient Capital Market Communication and a Sharper Focus on Its Operating Business

Dec -01

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Discover European Penny Stocks To Watch In December 2025

Dec -01

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MAX Automation's (ETR:MXHN) Solid Earnings May Rest On Weak Foundations

Nov -14

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MAX Automation SE (ETR:MXHN) On An Uptrend: Could Fundamentals Be Driving The Stock?

Sep -19

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Are Investors Undervaluing MAX Automation SE (ETR:MXHN) By 23%?

Aug -30

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MAX Automation's (ETR:MXHN) Earnings Might Not Be As Promising As They Seem

Aug -09

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Investing in MAX Automation (ETR:MXHN) five years ago would have delivered you a 72% gain

Jun -12

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MAX Automation's (ETR:MXHN) Shareholders Have More To Worry About Than Only Soft Earnings

May -23

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.54%)

6. Segments

Vecoplan

Expected Growth: 3.5%

Vecoplan's 3.5% growth is driven by increasing demand for recycling and waste management solutions, expansion into emerging markets, and strategic acquisitions. Additionally, the company's focus on innovation, particularly in the development of energy-efficient and environmentally friendly technologies, has contributed to its growth momentum.

Bdtronic

Expected Growth: 3.8%

Bdtronic's 3.8% growth is driven by increasing demand for industrial automation, expansion into new markets, and strategic acquisitions. The company's focus on innovative solutions, such as robotics and machine learning, also contributes to its growth. Additionally, the rising need for process optimization and efficiency in the manufacturing sector further supports Bdtronic's growth momentum.

Nsm Jucker

Expected Growth: 3.2%

NSM Jucker's 3.2% growth is driven by increasing demand for automation solutions in the manufacturing sector, particularly in the automotive and electronics industries. Additionally, the company's focus on innovation, expansion into new markets, and strategic acquisitions have contributed to its growth momentum.

Elwema

Expected Growth: 3.9%

Elwema's 3.9% growth is driven by increasing demand for automation solutions in the manufacturing industry, particularly in the automotive and electronics sectors. The company's focus on innovative products and services, such as robotic welding and material flow systems, has enabled it to capitalize on this trend. Additionally, strategic acquisitions and partnerships have expanded Elwema's customer base and enhanced its market position.

Reconciliation

Expected Growth: 3.1%

MAX Automation SE's 3.1% growth is driven by increasing demand for industrial automation solutions, expansion into new markets, and strategic acquisitions. The company's focus on innovation, particularly in robotics and Industry 4.0 technologies, has also contributed to its growth. Additionally, cost savings initiatives and operational efficiencies have improved profitability, supporting the company's overall growth momentum.

Aim Micro

Expected Growth: 3.6%

Aim Micro's 3.6% growth is driven by increasing demand for micro-assembly and automation solutions in the electronics industry, coupled with MAX Automation SE's strategic expansion into high-growth markets, such as Asia. Additionally, the company's focus on innovative product development and process optimization has improved operational efficiency, contributing to the segment's growth.

Other

Expected Growth: 3.4%

MAX Automation SE's 3.4% growth is driven by increasing demand for industrial automation, expansion into new markets, and strategic acquisitions. The company's focus on Industry 4.0 and digitalization solutions also contributes to its growth. Additionally, the rising need for process optimization and cost reduction in the manufacturing sector further supports MAX Automation's growth momentum.

7. Detailed Products

Industrial Automation

MAX Automation SE provides industrial automation solutions for manufacturing and production processes, including robotics, machine vision, and control systems.

Process Technology

MAX Automation SE offers process technology solutions for industries such as chemical, pharmaceutical, and food processing, including mixing, drying, and filtration systems.

Conveyor Technology

MAX Automation SE provides conveyor technology solutions for material handling and logistics, including conveyor belts, sorters, and storage systems.

High-Tech Automation

MAX Automation SE offers high-tech automation solutions for industries such as semiconductor, solar, and medical technology, including robotics, machine vision, and control systems.

Industrial Services

MAX Automation SE provides industrial services including maintenance, repair, and overhaul (MRO) services, as well as consulting and engineering services.

8. MAX Automation SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for MAX Automation SE is moderate due to the availability of alternative automation solutions from competitors.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of MAX Automation SE's products and services, which limits the ability of customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers for raw materials and components, but the company's dependence on a few key suppliers for critical components.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the automation industry, including the need for significant capital investment and specialized expertise.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the automation industry, leading to a competitive market environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 51.97%
Debt Cost 6.02%
Equity Weight 48.03%
Equity Cost 6.02%
WACC 6.02%
Leverage 108.20%

11. Quality Control: MAX Automation SE passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Aumann

A-Score: 5.6/10

Value: 8.7

Growth: 7.7

Quality: 6.5

Yield: 1.9

Momentum: 6.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
MAX Automation

A-Score: 5.0/10

Value: 6.9

Growth: 4.4

Quality: 6.8

Yield: 0.0

Momentum: 2.5

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Dürr

A-Score: 4.6/10

Value: 8.7

Growth: 4.2

Quality: 2.2

Yield: 3.8

Momentum: 3.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Troax

A-Score: 3.9/10

Value: 2.7

Growth: 6.0

Quality: 6.5

Yield: 3.8

Momentum: 1.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Concentric

A-Score: 3.5/10

Value: 0.8

Growth: 7.2

Quality: 4.1

Yield: 3.1

Momentum: 5.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Nilfisk

A-Score: 3.5/10

Value: 7.6

Growth: 3.3

Quality: 2.9

Yield: 0.0

Momentum: 2.0

Volatility: 5.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.05$

Current Price

4.05$

Potential

-0.00%

Expected Cash-Flows