INDUS Holding AG (DE:INH)
XETRA:INH
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INDUS Holding
(XETRA:INH)
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Rating:69Neutral
Price Target:
€34.00
▲(10.75% Upside)
Action:Reiterated
Date:05/14/26
The score is driven by mixed fundamentals—improving operating performance but meaningful leverage and a sharp recent drop in free cash flow—partly offset by supportive technical uptrend signals and an attractive valuation (low P/E and ~3.8% dividend yield).
Positive Factors
Revenue and margin improvement
Steady TTM revenue growth with improving gross and operating margins indicates operational improvements and better pricing or mix at subsidiaries. These margin gains are durable drivers of operating cash flow and support reinvestment and portfolio value creation over the medium term.
Negative Factors
Meaningful leverage
Net leverage around one times equity is material for a cyclical industrial holding. In a downturn higher debt amplifies earnings pressure, increases interest and refinancing risk, and limits the group's ability to pursue opportunistic acquisitions or cushion subsidiary stress over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and margin improvement
Steady TTM revenue growth with improving gross and operating margins indicates operational improvements and better pricing or mix at subsidiaries. These margin gains are durable drivers of operating cash flow and support reinvestment and portfolio value creation over the medium term.
Read all positive factors
INDUS Holding (INH) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€803.67M
Dividend Yield4.4%
Average Volume (3M)24.16K
Price to Earnings (P/E)10.4
Beta (1Y)1.07
Revenue Growth3.53%
EPS Growth18.71%
CountryDE
Employees8,054
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)2.78
Shares Outstanding25,800,000
10 Day Avg. Volume28,257
30 Day Avg. Volume24,158
Financial Highlights & Ratios
PEG Ratio0.31
Price to Book (P/B)0.97
Price to Sales (P/S)0.41
P/FCF Ratio6.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€36.50Price Target Upside18.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.43
Revenue Forecast (FY)€1.89B
INDUS Holding Business Overview & Revenue Model
Company Description
INDUS Holding AG is a private equity firm specializing in mergers and acquisitions and corporate spin-offs. The firm does not invest in retail and service companies, pure trading or consumer goods businesses, companies with significant dependencie...
How the Company Makes Money
INDUS makes money primarily through the operating performance of its majority-owned portfolio companies. Revenue is generated at the subsidiary level from selling industrial products and engineering/manufacturing services to business customers (e....
INDUS Holding Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.77B | 1.74B | 1.72B | 1.81B | 1.80B | 1.74B |
| Gross Profit | 520.02M | 338.91M | 961.49M | 989.30M | 965.44M | 953.58M |
| EBITDA | 259.42M | 229.71M | 215.16M | 250.15M | 218.10M | 245.00M |
| Net Income | 69.08M | 69.03M | 53.71M | 55.44M | 72.89M | 46.81M |
Balance Sheet | ||||||
| Total Assets | 1.94B | 1.97B | 1.81B | 1.93B | 1.89B | 1.86B |
| Cash, Cash Equivalents and Short-Term Investments | 119.76M | 217.61M | 145.15M | 265.84M | 127.82M | 136.32M |
| Total Debt | 773.04M | 761.64M | 686.59M | 772.01M | 721.37M | 640.45M |
| Total Liabilities | 1.19B | 1.24B | 1.11B | 1.21B | 1.20B | 1.07B |
| Stockholders Equity | 748.82M | 729.42M | 697.54M | 717.94M | 683.16M | 785.63M |
Cash Flow | ||||||
| Free Cash Flow | 49.41M | 101.82M | 92.78M | 155.71M | 61.80M | 40.98M |
| Operating Cash Flow | 98.61M | 150.19M | 143.68M | 217.66M | 116.34M | 116.57M |
| Investing Cash Flow | -77.78M | -73.24M | -65.37M | -50.08M | -94.44M | -130.36M |
| Financing Cash Flow | -14.96M | -1.63M | -199.88M | -501.00K | 55.91M | -44.47M |
INDUS Holding Technical Analysis
Positive
30.70
Price Trends
29.17
Positive
29.87
Positive
26.73
Positive
Market Momentum
0.66
Positive
53.77
Neutral
18.58
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:INH, the sentiment is Positive. The current price of 30.7 is above the 20-day moving average (MA) of 30.48, above the 50-day MA of 29.17, and above the 200-day MA of 26.73, indicating a bullish trend. The MACD of 0.66 indicates Positive momentum. The RSI at 53.77 is Neutral, neither overbought nor oversold. The STOCH value of 18.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:INH.
INDUS Holding Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €832.59M | 29.32 | 8.57% | 1.64% | 2.18% | 33.99% | |
69 Neutral | €803.67M | 10.38 | 9.58% | 4.40% | 3.53% | 18.71% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | €482.35M | -5.40 | -0.80% | 4.99% | -41.23% | -108.85% | |
53 Neutral | €653.28M | 13.13 | 2.22% | 4.33% | 7.37% | 60.95% | |
43 Neutral | €13.59M | -4.00 | -8.58% | ― | -4.39% | -47.84% | |
39 Underperform | €97.35M | -0.37 | -40.94% | ― | -13.22% | -67.54% |
* Industrials Sector Average
DE:INH
INDUS Holding
31.15
9.84
46.21%
DE:DBAN
Deutsche Beteiligungs
25.65
-0.10
-0.38%
DE:BRNK
DIC ASSET
1.17
-0.61
-34.29%
DE:IUR
KAP Beteiligungs AG
1.75
-7.25
-80.56%
DE:MBB
MBB SE
194.40
42.19
27.72%
DE:PAT
Patrizia Immobilien
7.61
-0.03
-0.39%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.