Original-Research: Nynomic AG (von NuWays AG): Buy
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Original-Research: Nynomic AG - from NuWays AG
07.11.2025 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to Nynomic AG
Company Name: Nynomic AG
ISIN: DE000A0MSN11
Reason for the research: Update
Recommendation: Buy
from: 07.11.2025
Target price: EUR 21.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Q3 prelims: Nynomic should have passed the trough; chg. est.
Nynomic published mixed Q3 preliminary results. Most importantly, order
intake came in at the highest since Q1 2024 and the company's efficiency
program "NyFit2025" is beginning to positively impact earnings.
Q3 sales of EUR 22.8m were down 6.3% yoy (9M: EUR 64.9m, down 9.9% yoy). As with
recent quarters, this was the result of still-weak end market demand with
customers delaying capex amid elevated inventories, compounded by supply
chain frictions (rare earth trade restrictions, semiconductor shortages
across certain industries and new U.S. tariff effects) that shifted revenue
recognition into later periods. We expect those effects to be true across
Nynomic's segments.
Order intake turned around. Importantly, Nynomic's order backlog improved
compared to previous quarters (EUR 48.5m vs. EUR 43.4m at the end of H1) as
order intake of EUR 27.9m (+44%) came in at the highest level since the
beginning of last year, pointing towards Nynomic having passed the demand
trough.
Following two loss-making quarters, EBIT turned positive at EUR 0.5m (9M: EUR
-1.5m, down EUR 0.4m yoy), benefitting from a slightly better top line but
also first positive implications from its efficiency program compared to H1.
Going forward, those effects look set to further increase qoq.
FY sales guidance trimmed. In light of further project postponements, sales
in Q4 are seen to come in weaker than initially expected by management. As a
result, the FY25 sales guidance was reduced to EUR 93-96m (old: EUR100-105m,
eCons old: EUR 99m). While the FY25 EBIT guidance remained unchanged,
management pointed towards the lower ends as reasonable expectations, in
line with market expectations (eCons old: EUR 1.9m). Assuming EUR 94m FY25 sales
and EUR 2m EBIT, Q4 looks set to come in as a decent quarter with EUR 29m sales
(-4% yoy) and EUR 3.5m EBIT (12% margin). The implied yoy EBIT improvements
(eNuW: EUR 1.2m) should to a large extent already be stemming from Nynomic's
efficiency program.
Mind you, with H1 figures Nynomic introduced "NyFIT2025", which targets EUR
5-6m in annual cost savings from 2026 onwards. Key measures include
workforce adjustments (number of employees was down 5% at the end of H1),
optimization of internal processes, and structural consolidation (Spectral
Engines and APOS legal structures were merged into m-u-t GmbH). Importantly,
the majority of the related expenses were already booked in H1 (~ EUR 1.5m).
Nynomic has been through two challenging years. However, the company seems
to have passed the trough and should return to sales growth next year, in
our view. Coupled with a lower cost base as a result of the efficiency
program, we also expect a strongly improved profitability. We confirm our
BUY rating with a new EUR 21 PT (old: EUR 24.50) based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=0dadee8f81804672801fc29064838fef
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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2225660 07.11.2025 CET/CEST
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