WashTec AG (WSU.DE) : juste valeur

Thèse ACCE

WashTec makes car wash systems, from tunnel washes and drive-through installations to the chemicals and service contracts that run them, with a large installed base across Europe and North America. Its moat is recurring: once a tunnel is installed, operators buy consumables, spare parts and maintenance for years, and that service revenue gives the business steadier cash flow than the capital equipment sales alone would suggest. Revenue grew 10.4% and the company is priced at 14.5 times trailing earnings and 11.6 times forward, so the market is paying a modest multiple for a business with a 50.2% return on equity and a 9.7% operating margin, though the gap between gross and operating margin (31.2% versus 9.7%) is wide enough that the next question is where the cost base is heading. The return on equity looks unusually high for a company of this size, which makes the balance sheet and leverage worth checking before anything else. With no index membership and a market cap of roughly 442M EUR, this is a small, under-followed name where a deeper look at order intake, service revenue mix and margin trajectory would tell us whether the discount is earned.