Jost Werke Se · XETR:JST
Jost Werke — Investor Presentation (March 2023)
21 slides from Jost Werke's investor presentation, Mar 28, 2023
Slide 1: Investor Presentation – FY 2022
INVESTOR PRESENTATION – 28 MARCH 2023 JOST WERKE SE INVESTOR PRESENTATION – FY 2022
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION IS CONFIDENTIAL AND MUST NOT BE RELEASED, PUBLISHED, TRANSMITTED OR DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation
Slide 3: JOST: A Leading Global Supplier of Mission Critical Solutions for Commercial Vehicles
JOST: A Leading Global Supplier of Mission Critical Solutions for Commercial Vehicles Varioblock Turntable €1.27bn €124m Landing gear Drawbar sales adj. EBIT Front loader Container support leg Cross member FY 2022 FY 2022 Agriculture towing hitch Towing hitch Tag axle Independent 20 suspension Axles
Slide 4: Strong Products Driving Brand Desirability and Pulling Demand
Strong Products Driving Brand Desirability and Pulling Demand With the Push & Pull sales strategy end users generate additional demand by actively asking OEMs for JOST’s products Truck OEMs Fleet operators WORLDWIDE LEADING SUPPLIER WITH HIGH MARKET SHARES AND COSTUMER LOYALTY Trailer OEMs Push & Pu
Slide 5: High Aftermarket Content and Wide Diversification by Application and Region Support Business Resilience
High Aftermarket Content and Wide Diversification by Application and Region Support Business Resilience FIFTH WHEELS LANDING GEAR REGIONAL MIX IN 2022 (DESTINATION) in % of sales (incl. JV) South America (incl. JV): 8% North America: 31% Europe: 42% Asia Pacific Africa: 19% €0.50 additional aftermar
Slide 6: Flexible and Asset Light Business Model Allows a Quick Adaptation to Changing Market Environment
Flexible and Asset Light Business Model Allows a Quick Adaptation to Changing Market Environment KEY PARTS OF THE VALUE CHAIN Number of product variants1 20 100 100 1,500 On demand Purchased Mech. Stage Design/ Forging and Quality Logistics Vehicle materials/ processing/ Coating Assembly Painting en
Slide 7: A Proven Track Record
A Proven Track Record Focus on Value Creation Leading to Strong Shareholder Returns Profitable Strong Cash FY 2017 (IPO) FY 2022 CAGR Growth Generation SALES 701m€ » 1,265 m€ 13% FY 2017 (IPO) FY 2022 CAGR Value ADJ. EBIT 76m€ » 124m€ 11% Creation FY 2017 (IPO) FY 2022 CAGR ADJ. EPS 2.99€ » 5.41€ 13
Slide 8: JOST Innovations – Leveraging Industry Expertise and Know-how to Provide Solutions and Capture Growth
JOST Innovations – Leveraging Industry Expertise and Know-how to Provide Solutions and Capture Growth #jostassist #jostgreen #jostdigital Shift from hardware-only solutions towards smart, autonomous systems able to sense, predict and decide that can support customers in becoming more sustainable. 8
Slide 9: JOST Outlook for 2023
JOST Outlook for 2023 Low-single digit growth y-o-y; Sales (2022: €1,265m) Low-single digit growth y-o-y Adj. EBIT (2022: €124m) Adj. EBIT margin Slight increase (2022: 9.8 %) Capex (in % of sales) Approx. 2.5% of sales Working Capital Below 19% from sales (2022: 19.2%) 9 JOST Werke SE – INVESTOR PR
Slide 10: Market Development Expectations for FY 2023
Market Development Expectations for FY 2023 EUROPE NORTH AMERICA APA TRUCK 0–5% 0 – 5% 10 – 15% Order books through 2023 quite strong Demand for Class 8 remains robust Chinese truck market expected to recover, due to pent-up demand, but downside despite concerns about macroeconomic coming from a ver
Slide 11: JOST Investment Case Summary
JOST Investment Case Summary Internationally renowned brands with high OEM (push) and strong ~60% end-costumer base (pull) worldwide market share Wide diversification by product, customer and region as well as ~28% high aftermarket content with strong network effects aftermarket Flexible and asset-l
Slide 12: Mid-Term Targets
MID-TERM TARGETS 12 JOST Werke SE – INVESTOR PRESENTATION – MARCH 2023
Slide 13: JOST's Ambitions Through the Cycle – Accelerated Profitable Growth
JOST’s Ambitions Through the Cycle – Accelerated Profitable Growth Mid-term timeframe: 3-5 years // Targets announced during the 2021 Capital Markets Day SALES IN M€ ADJ. EBIT MARGIN IN % Mid to high single (ADJ. EBIT/SALES X 100) digit CAGR 11.5% 1,265 1,049 10.9 10.7 10.0 10.4 9.2 9.8 755 736 794
Slide 14: Key Financials – FY 2022
KEY FINANCIALS – FY 2022 14 JOST Werke SE – INVESTOR PRESENTATION – MARCH 2023
Slide 15: Financial Targets for 2022 Fully Achieved
Financial Targets for 2022 Fully Achieved Low-double digit growth y-o-y, +21% to Sales higher than €1.2bn (2021: €1.0bn) €1.265m High-single digit growth y-o-y +18% to Adj. EBIT (2021: €105m) €124m Working Below 20% from sales 19.2% Capital Capex Approx. 2.5% of sales 2.6% Leverage Lower than 1.45x
Slide 16: Development of Sales and Earnings by Region
Development of Sales and Earnings by Region SALES SPLIT BY GEOGRAPHY (IN M€) FY 2022 COMMENTARY 2022 vs PY CAGR: 13% • JOST boosted sales by +21% to 1,265m€ in FY 2022, Growth (%) 1,265 +21% compared to prior year 1,049 173 +1% 171 • North America grew strongest, supported by growing 755 736 794 396
Slide 17: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF DECEMBER 31, 2022 COMMENTARY 16.6% 18.3% • ROCE increased by 1.7pp to 18.3% compared to year-end 2021, mostly due to the increase ROCE1 of adj. EBIT compared to prior year. (%) Dec 31, 2021 Dec 31, 2022 • Equity ratio improved
Slide 18: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW IN FY 2022 COMMENTARY • The continuing surge in business volume as well as price increases, lead to a significant Cash conversion 0.5 0.3 Free cash flow1 rate2 increase in trade receivables and inventories, which impacted working capital.
Slide 19: Development of JOST's Sales and Adjusted EBIT by Quarter
Development of JOST’s Sales and Adjusted EBIT by Quarter SALES (€m) ADJ. EBIT (€m) ADJ. EBIT MARGIN (in %) 327 312 322 304 273 266 257 252 40.0 231 34 35.0 32 202 30 30 30 190 191 187 187 199 192 197 27 27 178 175 30.0 24 157 24 24 23 25.0 21 20 20 21 19 20.0 16 11.7% 11.0% 11.0% 15 9.6% 9.3% 15.0 1
Slide 20: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF MARCH 28, 2023 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 53% 20% Shares in issue 14,900,000 Allianz Global Investors Index SDAX Listed since July 20, 2017 PMB Management 15% FMR
Slide 21: Financial Calendar 2023 Contact
Financial Calendar 2023 Contact March 28 Publication of Annual Group Report 2022 Investor Relations Contact: March 30 Roadshow Madrid ROMY ACOSTA May 11 Annual General Meeting Head of Investor Relations May 15 Publication of Q1 2023 Interim Report Aug 14 Publication of Q2 2023 Interim Report JOST We