Original-Research: LION E-Mobility AG (von NuWays AG): BUY
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Original-Research: LION E-Mobility AG - from NuWays AG
27.10.2025 / 09:00 CET/CEST
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Classification of NuWays AG to LION E-Mobility AG
Company Name: LION E-Mobility AG
ISIN: CH0560888270
Reason for the research: Update
Recommendation: BUY
from: 27.10.2025
Target price: EUR 2.90
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
LION E-Mobility looks set to report Q3 results on November 11th, which
should confirm that thecompany has passed the operational trough. Here is
what to expect:
Following a challenging FY24 with a mere EUR 17m sales (-70% yoy), sales in H1
already stood at EUR10.4m, +70% yoy. Thanks to better order momentums at key
mobility customers, the group's top lineshould show further consecutive
improvement during H2. Revenues in Q3 are seen to come in ataround EUR 6m
(eNuW: 9M sales of EUR 16.4m, +32% yoy). At the same time, EBITDA is expected
to bepositive at EUR 0.2m (eNuW: 9M sales of EUR 0.5m vs EUR -6m in previous year)
due to continued tight costcontrol and an improving top line. Taking into
account the expected 9M results and furtherimprovements during Q4, LION's
FY25e guidance of EUR 28-35m sales and "clearly positive EBITDA" looks
achievable , in our view (eNuW: EUR 32m sales and EUR 0.3m EBITDA).
Looking beyond FY25, LION is seen to remain on a growth path driven by both
segments, Mobilityand Storage. Here is why:
Mobility: To recap, LION operates a state-of-the-art factory, capable of an
annual output of some 40kbattery packs, which is currently highly
underutilized due to cautious order behaviour and severalinsolvencies
amongst customers during the past two years. Yet, the tide is turning as (1)
thecompetitive landscape has consolidated and (2) key customers such as
Karsan from Turkey arequickly expanding their customer basis.
Further, the anticipated launch of the new NMC+ battery pack , which offers
a significantly higherenergy density compared to the current version, should
allow LION to address a broader set ofpotential customers. Importantly, we
would also expect most of the company's existing customers toswitch to the
NMC+ pack going forward.
Storage: In April this year, LION entered into a strategic partnership with
LeapEnergy in order tosecure access to assembled BESS solutions (i.e. large
number of LFP-based battery packs installedin TEU containers). Combined with
LION's internal integration and service know-how as well asmarket access,
the company is able to offer a one-stop-shop solution to the rapidly
emerging energystorage market. For instance, LION already announced a
partnership with MünchnerSolarkraftwerke, which currently has a pipeline of
over 40 large-scale hybrid (PV + BESS) projects.The biggest bottleneck
should be grid connection approvals, hence why we expect potential
revenuerecognition from the Münchner Solarkraftwerke partnership to span
over several years, starting withH2 2026. Still, sales from the Storage
segment are seen to account for roughly a quarter ofgroup sales in FY25e and
could reach half in FY26e
.
Overall, LION looks set to be able show notable top line growth for several
year thanks to its uniqueset up and a growing project pipeline, which should
enable sustainable cash generation and hencealso turn the balance sheet
around. BUY with an unchanged EUR 2.90 PT
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=e652d53b97434d174a7c8db5268065c2
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2218734 27.10.2025 CET/CEST
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