INDUS Holding AG (DE:INH)
XETRA:INH
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INDUS Holding
(XETRA:INH)
Select Model
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Rating:69Neutral
Price Target:
€30.00
▼(-2.28% Downside)
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
Portfolio of mid-sized industrial subsidiaries
INDUS’s holding model concentrates on majority stakes in mid-sized engineering and manufacturing firms across mechanical engineering, metal processing and components. This creates a diversified, recurring earnings base and operational levers to improve subsidiaries over time, reducing single-company risk and supporting stable cash generation across cycles.
Negative Factors
Meaningful leverage on balance sheet
Debt slightly exceeds equity (debt-to-equity ~1.03), leaving less financial flexibility for a cyclical industrial conglomerate. In downturns higher leverage increases interest and refinancing risk, constrains bolt-on M&A or dividend policy, and raises the importance of steady cash conversion to service obligations.
Read all positive and negative factors
Positive Factors
Negative Factors
Portfolio of mid-sized industrial subsidiaries
INDUS’s holding model concentrates on majority stakes in mid-sized engineering and manufacturing firms across mechanical engineering, metal processing and components. This creates a diversified, recurring earnings base and operational levers to improve subsidiaries over time, reducing single-company risk and supporting stable cash generation across cycles.
Read all positive factors
INDUS Holding (INH) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€712.08M
Dividend Yield4.4%
Average Volume (3M)24.16K
Price to Earnings (P/E)10.1
Beta (1Y)1.06
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)3.45
Revenue Forecast (FY)€1.90B
INDUS Holding Business Overview & Revenue Model
Company Description
INDUS Holding AG, a private equity firm established in 1989 and headquartered in Bergisch Gladbach, Germany, specializes in mergers, acquisitions, and corporate divestitures. The company primarily makes long-term investments in stable, medium-size...
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
Negative
30.70
Price Trends
28.46
Negative
28.48
Negative
26.29
Positive
Market Momentum
-0.28
Negative
43.71
Neutral
75.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:INH, the sentiment is Negative. The current price of 30.7 is above the 20-day moving average (MA) of 28.05, above the 50-day MA of 28.46, and above the 200-day MA of 26.29, indicating a neutral trend. The MACD of -0.28 indicates Negative momentum. The RSI at 43.71 is Neutral, neither overbought nor oversold. The STOCH value of 75.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | €763.21M | 17.80 | 8.42% | 1.64% | 2.18% | 33.99% | |
69 Neutral | €712.08M | 10.09 | 9.58% | 4.40% | 3.53% | 18.71% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | €449.44M | -80.88 | -0.80% | 4.99% | -41.23% | -108.85% | |
53 Neutral | €662.72M | 29.55 | 2.22% | 4.33% | 2.47% | 72.49% | |
43 Neutral | €14.29M | -1.50 | -8.58% | ― | -4.41% | -47.81% | |
39 Underperform | €70.36M | -0.24 | -40.94% | ― | -13.22% | -67.54% |
* Industrials Sector Average
DE:INH
INDUS Holding
27.60
7.88
39.93%
DE:DBAN
Deutsche Beteiligungs
23.90
0.77
3.33%
DE:BRNK
DIC ASSET
0.84
-1.05
-55.59%
DE:IUR
KAP Beteiligungs AG
1.84
-8.11
-81.51%
DE:MBB
MBB SE
178.20
42.75
31.56%
DE:PAT
Patrizia Immobilien
7.72
-0.26
-3.29%
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.