Jost Werke Se · XETR:JST
Jost Werke — Investor Presentation (September 2024)
27 slides from Jost Werke's investor presentation, Sep 20, 2024
Slide 1: Investor Presentation – JOST Werke SE – September 2024
INVESTOR PRESENTATION JOST WERKE SE – SEPTEMBER 2024
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: Who We Are – A Leading Global Supplier for Commercial Vehicles
WHO WE ARE A LEADING GLOBAL SUPPLIER FOR COMMERCIAL VEHICLES CENTERBOOM CABINS IMPLEMENTS VARIOBLOC » 1,250 COUNTERWEIGHTS FY 2023 CABINS TURNTABLES SALES m€ BUCKETS FRONT DRAWBAR AND FY 2023 » 141 LOADERS TOWING EYES TOWING CONTAINER HITCHES TECHNOLOGY ADJ. EBIT m€ SUPPORT BALL BEARING LEGS TURNTAB
Slide 4: JOST Brand Experience
JOST BRAND EXPERIENCE BRAND LOYALTY OF WIDE VARIETY OF PURCHASING DECISSION MAKERS Our strong brands and our customer focus build the foundation of JOST’s Push & Pull sales strategy, strengthening customers' trust in JOST and generating a high market demand for our solutions SAFETY-RELATED COMPONENT
Slide 5: Our Market Position
OUR MARKET POSITION THE GLOBAL LEADING SUPPLIER FOR FIFTH WHEELS, LANDING LEGS AND FRONT LOADERS APPLICATION MIX 2023 Landing leg: (in % of sales) EUROPE + #1 41% MIDDLE EAST 5th wheel: NORTH of sales #1 21% AMERICA Front loaders: #1 Tractors 41% Trailers Landing leg: #1 5th wheel: 23% 12% ASIA 38%
Slide 6: Flexible and Asset-Light Global Footprint with Local for Local
FLEXIBLE AND ASSET-LIGHT GLOBAL FOOTPRINT WITH “LOCAL FOR LOCAL” REGIONAL CORE 24 KEY PARTS OF THE VALUE CHAIN Number of product variants 20 100 100 1,500 On demand production plants Purchased Mech. Assembly Design/ Forging and Quality Logistics Vehicle Production stage engineering casting materials
Slide 7: What Drives Us – Finding Solutions for Tomorrow's Challenges
WHAT DRIVES US FINDING SOLUTIONS FOR TOMORROW'S CHALLENGES JOST spearheads the technological shift towards more connected, environmentally friendly and intelligent commercial vehicles. Our commitment to progress keeps our portfolio evolving with the market. KKS DCA WEIGHTMASTER PLUS E-Catalogue JOST
Slide 8: Ambition 2030
OUR TARGET COMMITMENT TO DRIVE VALUE CREATION Ambition 2030 SALES ADJ. ADJ. EBIT REVENUE EPS MARGIN 10.0% > € 2bn > €10 to per share 12.0% Shifting margin corridor CAGR: 7% p.a. CAGR: 8% p.a. up by 0.5pp JOST Werke SE I INVESTOR PRESENTATION – SEPTEMBER 2024 8
Slide 9: Investment Highlights
Investment INVESTMENT HIGHLIGHTS HIGHLIGHTS Technology leader with strong brands and high market shares worldwide Flexible and asset light business model with proven resilience through industry cycles Wide diversification by product, customer and region with high aftermarket shares Proven value crea
Slide 10: Financials
bi o Ls |
Slide 11: First Half 2024 Financial Highlights
FIRST HALF 2024 FINANCIAL HIGHLIGHTS Sales reached €597m in H1 2024, partially supported by €42m M&A contribution Adj. EBIT reached €68m in H1 2024 and adj. EBIT margin remained strong on prior year’s level at 11.5% despite declining sales Free cash flow grew strongly to €61m in H1 2024 and leverage
Slide 12: Strong Performance – Development of Sales and Earnings by Region
STRONG PERFORMANCE DEVELOPMENT OF SALES AND EARNINGS BY REGION Sales Growth (%) 2023 vs PY H1 2024 − Cyclical decline for Transport in vs PY (€m) CAGR: 9 % Europe and North America 1,265 1,250 -1% -11.2% (organic -16% in H1 2024) 173 1,049 208 +20 % 794 171 396 672 − Markets for agricultural loaders
Slide 13: Robust Financial Profile
ROBUST FINANCIAL PROFILE ROCE, EQUITY RATIO AND LEVERAGE DEVELOPMENT ROCE1 (%) Equity ratio (%) Net debt2 (€m) -1.3pp 0.998x Leverage3 0.999x 21,0% 38,0% 38,9% 180 168 19,7% 268 266 -88 -98 Dec 31, 2023 June 30, 2024 Dec 31, 2023 June 30, 2024 Dec 31, 2023 June 30, 2024 Interest-bearing capital Liqu
Slide 14: High Cash Generation
HIGH CASH GENERATION CASH FLOW AND WORKING CAPITAL DEVELOPMENT Free cash flow1 (€m) CAPEX (€m) Net working capital (€m) 0.6 Cash 1.3 2.2% Capex3 2.3% 19.3% NWC 17.7% conversion rate2 (% of sales) (% of sales) 60.6 14.9 251 13.8 210 196 148 33.6 188 195 -133 -133 YTD 2023 YTD 2024 YTD 2023 YTD 2024 Y
Slide 15: Historical Seasonality
HISTORICAL SEASONALITY DEVELOPMENT OF JOST’S SALES AND ADJUSTED EBIT BY QUARTER Sales (€m) Adj. EBIT (€m) / Adj. EBIT Margin (%) 40 342 37 330 322 327 312 304 34 35 33 34 292 286 299 298 32 273 266 30 30 30 30 257 252 27 27 231 24 24 199 202 197 23 192 21 178 175 12.0% 20 11.2% 19 11.7% 11.6% 11.6%
Slide 16: Market Development Expectations for 2024
MARKET DEVELOPMENT EXPECTATIONS FOR 2024 INDUSTRY (VOLUME) EUROPE NORTH AMERICA ASIA-PACIFIC-AFRICA (15) – (10) % (15) – (10) % 0–5% Weaker demand, compared to Demand for Class 8 trucks Chinese truck market recovers TRUCK very high, pent-up-demand-driven expected to contract, compared slowly, suppor
Slide 17: JOST Confirms Outlook for 2024
JOST CONFIRMS OUTLOOK FOR 2024 Single digit decline y-o-y; Sales (2023: €1,250m) Single digit decline y-o-y Adj. EBIT (2023: €141m) Adj. EBIT Decline y-o-y, but staying in upper half of margin strategic corridor of 10.0% - 11.5% Capex Approx. 2.5% - 2.9% of sales (in % of sales) 1 Working Below 19%
Slide 18: Acquisitions
Acquisi TIONS
Slide 19: Formal Exclusivity Agreement to Acquire Hyva Group Signed
FORMAL EXCLUSIVITY AGREEMENT TO ACQUIRE HYVA GROUP SIGNED Hyva fits JOST’s corporate and M&A strategy perfectly Renowned branded products added to portfolio Global market leader in hydraulic tipping cylinders with experienced management and staff More balanced geographical exposure in regions with h
Slide 20: Strategic M&A Criteria Fulfilled
STRATEGIC M&A CRITERIA FULFILLED Products and systems for transport, Commercial vehicles agriculture, mining and infrastructure (no passenger car!) industry Global market leader in hydraulic tipping Relative (regional) market cylinders with approx. 40% global market strength share High share of bran
Slide 21: Hyva Product Portfolio Complements and Enhances JOST
HYVA PRODUCT PORTFOLIO COMPLEMENTS AND ENHANCES JOST Combining two highly complementary industry leaders to create value and enhance JOST’s investment case PRODUCTS Front-end cylinders Underbodies cylinders Digital tipping systems Fifth wheels Towing hitches Skiploaders Cranes Refuse collection Hook
Slide 22: Acquisition of Hyva as Contributor to Higher Share of Off-Highway
ACQUISITION OF HYVA AS STRONG CONTRIBUTOR TO JOST STRATEGY TOWARDS HIGHER SHARE OF OFF- HIGHWAY Balancing share of sales by end market applications JOST JOST + HYVA Agriculture 25%- Construction 30% Other off-highway OFF highway ~45% - 50% 70%- Transport 75% Logistics ON highway ~50% - 55% JOST Werk
Slide 23: Key Financials Pro-Forma Combined
KEY FINANCIALS PRO-FORMA COMBINED FX Rate USD/EUR = 1.11 JOST + HYVA PRO FORMA [€M] LTM JUL-23 2023A TO JUN-24 SALES 1,874 1,813 GROSS PROFIT 466 467 GP % SALES 24.9% 25.7% ADJ. EBIT 175 175 ADJ. EBIT IN % SALES 9.4% 9.6% JOST Werke SE I INVESTOR PRESENTATION – SEPTEMBER 2024 23
Slide 24: Main Areas of Synergies
MAIN AREAS OF SYNERGIES Fitness Growth Cross-selling opportunities in the Direct and indirect COGS Americas, Asia and Brazil Significantly higher purchasing Operating leverage in India, power Brazil and North America Sales force and sales companies’ Stronger global market position organisation by le
Slide 25: Shareholder Structure and Share Information
SHAREHOLDER STRUCTURE AND SHARE INFORMATION Shareholder structure as of September 18, 2024 Share information Allianz Global Investors 20% ISIN DE000JST4000 Trading symbol JST Other 45% German Sec. Code Number (WKN) JST400 Shares in issue 14,900,000 20% PMB Management Index SDAX Listed since July 20,
Slide 26: Upcoming Investor Events / Investor Relations Contact
UPCOMING INVESTOR EVENTS Sept 25, 2024 Berenberg and Goldman Sachs German Corporate Conference 2024, Munich/Germany Sept 26, 2024 Baader Investment Conference 2024, Munich/Germany Nov 14, 2024 Publication of Q3 2024 Interim Report Jan 9, 2025 ODDO BHF Forum 2025, Lyon/France Jan 14, 2025 German Inve
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