JOST Werke SE · XETR:JST
JOST Werke — Q1 2023 Earnings Presentation
20 slides from JOST Werke's earnings presentation, June 2023
Slide 1: JOST Werke SE Investor Presentation – Update Q1 2023
INVESTOR PRESENTATION – JUNE 2023 JOST WERKE SE INVESTOR PRESENTATION – UPDATE Q1 2023
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
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
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
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 confirmed
JOST Outlook for 2023 confirmed 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 (2022: 2.6%) Working Capital Below 19% from sales (2022: 19.2%) 9 JOST
Slide 10: Market Development Expectations for FY 2023
Market Development Expectations for FY 2023 EUROPE NORTH AMERICA APA TRUCK 5 – 10 % 0 – 5% 10 – 15% Order books through 2023 quite strong Demand for Class 8 trucks remains robust Chinese truck market expected to recover, due to pent-up demand, but downside despite concerns about macroeconomic coming
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 – JUNE 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 – Q1 2023
KEY FINANCIALS – Q1 2023 14 JOST Werke SE – INVESTOR PRESENTATION – JUNE 2023
Slide 15: Development of Sales and Earnings by Region
Development of Sales and Earnings by Region SALES SPLIT BY GEOGRAPHY (IN M€) Q1 2023 COMMENTARY 2022 vs PY • JOST started the year 2023 successfully, posting a new Growth (%) 1,265 +21% +10% CAGR: 11% Q1 23 sales record of €342m, up by +10% compared to prior 1,049 173 +1% vs PY 342 year. 755 794 171
Slide 16: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF MARCH 31, 2023 COMMENTARY 18.3% 18.9% • ROCE increased to 18.9% compared to year-end, due to the growth of adj. EBIT compared ROCE1 to prior year. (%) • Equity ratio improved to 37.0% compared to year-end, driven by the net inc
Slide 17: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW Q1 2023 COMMENTARY Cash conversion - 0.5 + 0.4 rate2 • The operating cash flow improved significantly during Q1 2023, mostly driven by the better Free cash flow1 13.3 development in working capital. This resulted in a positive free cashflo
Slide 18: 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 %) 342 327 312 322 304 273 266 257 252 50.0 231 45.0 40 199 202 192 197 40.0 34 178 175 35.0 32 30 157 30 30 30.0 27 27 11.6% 24 23 24 25.0 19 20 21 10.0% 9.3% 8.9% 20.0 12.0% 11.2% 15 11.6% 7.8%
Slide 19: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF MAY 12, 2023 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 52% 20% Shares in issue 14,900,000 Allianz Global Investors Index SDAX Listed since July 20, 2017 PMB Management 15% FMR LL
Slide 20: Financial Calendar 2023 Contact
Financial Calendar 2023 Contact June 15 Warburg Highlights 2023, Hamburg/Germany Investor Relations Contact: Aug 14 Publication of Q2 2023 Interim Report ROMY ACOSTA Sept 6 Commerzbank and ODDO BHF Corporate Conference Head of Investor Relations 2023, Frankfurt/Germany Nov 13 Publication of Q3 2023