Original-Research: Limes Schlosskliniken AG (von NuWays AG): BUY
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Original-Research: Limes Schlosskliniken AG - from NuWays AG
18.06.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Limes Schlosskliniken AG
Company Name: Limes Schlosskliniken AG
ISIN: DE000A0JDBC7
Reason for the research: Update
Recommendation: BUY
Target price: EUR 810
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Financially attractive expansion into Italy; PT Up
LIMES signed a preliminary yet binding agreement to acquire the operating
company of the "Villa Boccella" estate in Lucca, Tuscany. In our view, that
significantly increases the attractiveness of LIMES' equity story beyond the
pure financials. Here are the key takeaways:
Prime estate. Located in the heart of Tuscany (near Pisa), the recently
renovated estate offers six individual villas, four pools and a 14-hectare
lot. This makes for an ideal addition to the group's current portfolio,
bridging the gap between LIMES' ultra luxury clinic in Zurich and its
locations in Germany.
Clinic opening. Subject to obtaining a clinic license from the relevant
authorities, the opening is planned for early summer next year. Importantly,
no major renovations are necessary as the whole estate is currently still
operated as a luxury vacation destination.
Financial implications. As Boccella is closing a gap in LIMES' offering,
demand for therapy slots should be high, in our view (Q1 results suggest
that ramp ups of Abtsee and Bergisches Land are well ahead of schedule). On
an annualized basis, Boccella is seen to add EUR 15-20m in sales (eNuW: EUR 15m)
at margins above current group levels (eNuW: 30%). As per LIMES' asset light
business model, cash conversion is seen to be high (eNuW: 60-70%).
Importantly, LIMES did not purchase the property in order to keep the
group's balance sheet light and ROE high. If needed, LIMES could buy the
property thanks to a purchase option. Total investment volume for the
operating company and some refitting should be roughly EUR 6m, eNuW.
Our take. The expansion into Italy further underpins the LIMES success
story. With its strong brand recognition, a differentiated referral
ecosystem and a structurally undersupplied market, growth should persist
beyond 2028 (eNuW). With its successful clinic blueprint, we would also not
rule out additional European clinics for the mid- to long-term. The maiden
dividend alongside the strong Q1 figures demonstrates that LIMES has entered
a new phase of financial maturity, transitioning into a self-funding,
cash-generative healthcare platform within an attractive niche. With demand
for its Zurich location high (including a waiting list) and the ramp ups up
Abtsee and Bergisches progressing well, the coming quarters could serve as
additional share price catalysts.
We confirm our BUY rating with an increased EUR 810 PT (old: EUR 710) based on
DCF as we reflect Boccella in our estimates from FY27e onwards.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=808a0970e34572318ba20805eecf3855
For additional information visit our website:
https://www.nuways-ag.com/research
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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2348610 18.06.2026 CET/CEST
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