Original-Research: Hoenle AG (von NuWays AG): BUY
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Original-Research: Hoenle AG - from NuWays AG
19.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Hoenle AG
Company Name: Hoenle AG
ISIN: DE0005157101
Reason for the research: Update
Recommendation: BUY
Target price: EUR 14
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann
Q3 FY25/26: Adhesive Solutions driving the bottom-line
Yesterday, hoenle reported Q3 25/26 results, clearly reflecting turnaround
progress despite the guidance cut on July 26. In detail:
Bottom line strengthened. EBITDA came in at EUR 1.7m (eNuW: EUR 0.7m), up 54.3%
yoy. This against moderate top-line growth of 4.6% to EUR 23.7m (eNuW: EUR
22.6m). The profitability gains were especially driven by a
stronger-than-anticipated contribution from Adhesive Solutions, carried by
project-related growth in electronics and med tech as well as internal
optimization efforts. The Q3 EBITDA margin improved from 2.5% to 3.6%.
Adhesive Solutions EBITDA more than tripled to EUR 1.71m (eNuW: EUR 0.6m), while
revenue rose by 17.5% yoy to EUR 9.2m (eNuW: EUR 8.4m). The beats were driven by
higher project-related revenue in electronics and med tech as well as
stronger-than-anticipated profitability gains from portfolio optimization
and operational efficiency measures.
Disinfection grew 22.8% yoy, with sales reaching EUR 7.5m (eNuW: EUR 6.6m). The
bottom-line improved by 26.3% yoy to EUR 0.8m (eNuW: EUR 0.7m). In addition to
anticipated demand from new customers, hoenle was able to leverage new sales
potential from existing customers on the basis of an expanded product
portfolio.
Curing improved but remained under pressure. The business unit's EBITDA
contribution of EUR -0.8m came in lower than expected (eNuW: EUR -0.5m) but
notably improved on restructuring initiatives compared to EUR -2.2m in Q3
24/25. This came against a 19.6% top-line decline to EUR 7.0m (eNuW: EUR 7.6m)
on headwinds from a weak investment environment in mechanical engineering
and partially due to the insolvency of key customer manroland.
Turnaround progress clearly visible, further internal optimization expected.
Both Adhesive Solutions and Curing show marked bottom-line improvements on a
yoy basis. This clearly shows progress made on various initiatives within
hoenle aimed at reducing costs and improving margins. However, given the
weak environment in Curing we view further cost reduction measures, i. e.
capacity adjustments due to prolonged demand reduction, as essential to
returning to a positive bottom-line contribution. Hence, we expect
management to remain focused on internal optimization efforts in Curing,
while leveraging growth opportunities in Disinfection and Adhesives. With
our core estimates and valuation assumptions unchanged, we reiterate BUY at
EUR 14.0, based on DCF.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=1850f8310da982e275e8fb2d805c125b
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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2385284 19.08.2026 CET/CEST
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