Original-Research: Bittium Oyj (von NuWays AG): BUY
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Original-Research: Bittium Oyj - from NuWays AG
30.04.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Bittium Oyj
Company Name: Bittium Oyj
ISIN: FI0009007264
Reason for the research: Update
Recommendation: BUY
Target price: EUR 40
Target price on sight of: 12 months
Last rating change:
Analyst: Julius Neittamo
Q1 missed, but order intake momentum remains exceptional
Yesterday, Bittium published its Q1'26 business review. Group sales
increased 10.2% yoy to EUR 21.3m vs. eNuW EUR 26.9m and BBG cons. EUR 27.6m, with
the miss mainly stemming from deliveries timing, thus not a cause for
concern (eNuW). EBITDA came in at EUR 2.8m vs. eNuW EUR 5.2m and BBG cons. EUR
6.4m, while EBIT of EUR 1.5m was in line with eNuW but below BBG cons. EUR 2.9m.
As guided in February, sales and operating profit are expected to be heavily
H2-weighted, reflecting the typical seasonality of the business. Performance
per segment:
* Defence & Security grew 24.1% yoy to EUR 13.3m (miss vs. eNuW EUR 20.5m),
with an 11.5% EBIT margin. As mentioned above, the miss was mainly
driven by deliveries timing.
* Medical grew 9.5% yoy to EUR 5.2m (beat vs. eNuW EUR 4.0m), with an 8.8%
EBIT margin, a positive surprise driven by orders from new distributors
and stronger deliveries to Boston Scientific.
* Engineering Services decreased 27.3% yoy to EUR 2.8m (beat vs. eNuW EUR
2.4m), with an -8.4% EBIT margin, reflecting the softer market
conditions.
Order backlog increased across all segments, with demand in Defense &
Security remaining exceptionally strong. Group order intake was strong at EUR
34.8m (vs. EUR 11.2m year-prior), lifting the aggregate order backlog qoq from
EUR 77.9m to EUR 92.5m. Defense & Security order intake was EUR 26.3m, implyling a
book-to-bill of ~2x. Defense & Security's backlog increased from EUR 70.9m to
EUR 84.4m, covering 80% of eNuW Q2-Q4'26 segment sales. Noteworthy, part of
the backlog extends into FY27. Management confirmed no internal capacity
constraints, citing manufacturing investments made last year and a pre-built
component inventory buffer ahead of the Iran war, which will support meeting
Q2-Q4'26 delivery commitments without incremental capex.
FY26 guidance is unchanged. Given the seasonality of the business and the
strong backlog, we remain confident Bittium will achieve its guidance of EUR
140-155m sales and EUR 26-32m EBIT (eNuW). The group's visibility is
noticeably better than it was at this point in prior years; Q1'26 order
backlog covers ~70% of Q2-Q4'26 sales; this was 47% in Q1'24 and 37% Q1'25.
Sales pipeline remains very strong. As flagged in our Q1'26 preview, many
deal-driven catalysts give reasons to be upbeat about Bittium. Among others,
a first order for the Swedish Armed Forces is to be expected this year
(eNuW). The UK tactical communications tender, due to conclude in June 2026,
should yield a decision or an update by Q3 at the latest. While not entirely
discounting the chances of other peers, we see the pairs Thales/Babcock and
Bittium/BAE Systems as the frontrunners for the UK tender, with either or
both well-positioned to capture meaningful portions, if not the entirety, of
the contract.
We keep our BUY rating and EUR 40 PT unchanged, based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=5695a6c1fe9d785f3e2e884dd5a73acb
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2318546 30.04.2026 CET/CEST
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