JOST Werke SE · XETR:JST
JOST Werke — Investor Presentation (November 2023)
27 slides from JOST Werke's investor presentation, November 2023
Slide 1: Investor Presentation – November 2023
INVESTOR PRESENTATION – NOVEMBER 2023 JOST WERKE SE INVESTOR PRESENTATION – NOVEMBER 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: 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 23 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 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
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: 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. 7
Slide 8: 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 9: 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 10: Accelerating Growth
ACCELERATING GROWTH 10 JOST Werke SE – INVESTOR PRESENTATION – NOVEMBER 2023
Slide 11: JOST Successfully Advances Corporate Growth Strategy
JOST Successfully Advances Corporate Growth Strategy Strategically compelling M&As to create value and strengthen JOST’s global market position Targeting new regions and new customers Crenlo do Brasil with two M&As and one greenfield investment Expanding JOST’s product portfolio and global productio
Slide 12: Positioning JOST to Capitalize on Strong Industry Fundamentals
Positioning JOST to Capitalize on Strong Industry Fundamentals ACCELERATING GROWTH IN AGRICULTURE Expected Market Growth 2023-2028e +6% CAGR Brazilian agricultural machinery market JOST CURRENT JOST FUTURE +6% CAGR APA agricultural machinery market AGRICULTURAL FOOTPRINT AGRICULTURAL FOOTPRINT Sourc
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: Appendix
Appendix 14 JOST Werke SE – INVESTOR PRESENTATION – NOVEMBER 2023
Slide 15: JOST Outlook for 2023 Updated
JOST Outlook for 2023 Updated On previous year’s level Sales (2022: €1,265m) High-single digit growth y-o-y Adj. EBIT (2022: €124m) Adj. EBIT margin Significant increase (2022: 9.8 %) Capex (in % of sales)1 Approx. 2.5% of sales (2022: 2.6%) Working Capital Below 20% from sales (2022: 19.2%) 1: Excl
Slide 16: Market Development Expectations for FY 2023
Market Development Expectations for FY 2023 EUROPE NORTH AMERICA APA TRUCK 10 – 15% 0 – 5% 20 – 25% Order books through 2023 remain strong Demand for Class 8 trucks remains robust Chinese truck market expected to recover, INDUSTRY (Volume) due to pent-up demand. despite concerns about macroeconomic
Slide 17: Immediate Access to the Brazilian Off-Highway and Agricultural Machinery Market
Immediate Access to the Brazilian Off-Highway and Agricultural Machinery Market Investment Goal: To develop the South American off-highway market for JOST’s products by gaining immediate access to a wide network of blue-chip OEMs in Brazil, further expanding JOST’s global customer list PRODUCTS Fron
Slide 18: Highly Complementary Product Portfolio Expansion with Strong Cross-selling Potential
Highly Complementary Product Portfolio Expansion with Strong Cross-selling Potential Investment Goal: To expand product portfolio in agriculture, leveraging joint know -how and sales channels to provide superior services to agricultural OEMs and end-customers worldwide Headquarter: Kuusa, Finland PR
Slide 19: Expanding Manufacturing Footprint for Agriculture with Greenfield Plant in India
Expanding Manufacturing Footprint for Agriculture with INDIA JOST’s Own Greenfield Production Plant in India Investment Goal: To expand JOST’s manufacturing footprint in Asia, tapping into the strong growing Indian market, while at the same time widening supplier pool and improving logistic costs fo
Slide 20: Improving Financial Profile: New Products and Markets
Improving Financial Profile: New Products and Markets Allow JOST to Tap into Attractive Revenue Pools and Accelerate Profitable Growth INITIAL FINANCIAL CONTRIBUTION OF M&A TARGETS KEY HIGHLIGHTS • In fiscal year 2023, Crenlo do Brasil and LH Lift together approx. €100m +7-8% are expected to generat
Slide 21: Key Financials – 9M 2023
KEY FINANCIALS – 9M 2023 21 JOST Werke SE – INVESTOR PRESENTATION – NOVEMBER 2023
Slide 22: Development of Sales and Earnings by Region
Development of Sales and Earnings by Region SALES SPLIT BY GEOGRAPHY (IN M€) 9M 2023 COMMENTARY 2022 vs PY • JOST posted sales of €964m in 9M 2023, up by +0.3% Growth (%) 1,265 +21% +0.3% CAGR: 11% 9M 23 compared to prior year. Adjusted for FX and M&A, 1,049 173 +1% vs PY 961 964 organic sales were
Slide 23: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development BALANCE SHEET OVERVIEW AS OF SEPTEMBER 30, 2023 COMMENTARY • ROCE continued to improve, reaching 20.0% as of September 30, 2023, compared to 18.3% ROCE1 18.3% 20.0% at year-end. The strong growth in adj. EBIT is the main driver for this development. (%) De
Slide 24: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development CASH FLOW OVERVIEW IN Q3 2023 COMMENTARY Cash conversion2 +0.7 +1.0 • The operating cash flow continued to improve significantly during Q3 2023, driven by the Free cash flow1 good development in working capital. This resulted in a positive free cashflow of €
Slide 25: 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 %) 342 330 327 312 322 304 292 273 266 257 252 50.0 231 45.0 40 199 202 37 192 197 40.0 34 33 178 175 35.0 32 30 157 30 30 30.0 27 27 24 23 24 25.0 20 21 11.4% 19 10.0% 9.3% 8.9% 20.0 12.0% 11.2%
Slide 26: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF NOVEMBER 15, 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% F
Slide 27: Financial Calendar and Contact
Financial Calendar 2023 Contact Nov 13 Publication of Q3 2023 Interim Report Investor Relations Contact: Nov 30 Virtual road show ROMY ACOSTA Head of Investor Relations Financial Calendar 2024 JOST Werke SE Jan 9-10 German Investment Seminar 2024, New York/USA SIEMENSSTRASSE 2 Jan 11 ODDO BHF Forum