Original-Research: Nabaltec AG (von NuWays AG): BUY
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Original-Research: Nabaltec AG - from NuWays AG
07.10.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Nabaltec AG
Company Name: Nabaltec AG
ISIN: DE000A0KPPR7
Reason for the research: Update
Recommendation: BUY
Target price: EUR 16
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Conference feedback: Passed the trough, AI as driver
We hosted Nabaltec at our conference in Paris. Management confirmed that the
return to growth continues and that FY26 guidance (sales +4-6%, EBIT margin
5-7%) is still in reach. In detail:
Growth to continue. Management expects the growth to continue in H2,
following 6.9% sales growth in the second quarter. Mind you, the company
ended Q2 with an order backlog of EUR 52.2m (+36.3% yoy) providing decent
visibility into H2. Drivers:
* Aluminium hydroxides (ATH). The environmentally friendly flame retardant
used in cables is increasingly being used in data-centre build-outs.
While the exact revenue contribution is difficult to quantify, rising
demand is likely notable. Key cable manufacturers have highlighted data
centres as one of the most important demand drivers for high-end cables.
* Viscosity optimized hydrates (VH). VH sales rose 36% yoy in H1, driven
by rising adoption rates. As a reminder, VH is mixed into adhesives used
in lithium-ion batteries to improve their thermal management, which
lowers the risk of overheating, improves fast charging and extends
battery life. In our view, growth should carry through the remainder of
the year (FY26e sales of EUR 15.8m) and the mid-term, with the drivers
unchanged and the market expected to grow by 18.5% p.a. until 2031.
* Boehmites have likely passed the trough. The coating material for
separators in EV batteries contributed sales of some EUR 24m in FY21, but
only EUR 8.5m (eNuW) in FY25. Since the beginning of the year, sales have
been slowly picking up again as several battery plants ramp up
production across Europe. In our view, boehmite sales should grow by
roughly 10% in FY26 to almost EUR 10m.
Energy remains a headwind. Electricity and natural gas costs are still
weighing on earnings, as average prices have increased. Countering this are
raw material costs and fewer than initially expected interruptions from the
waste incineration plant. Importantly, natural gas prices were fixed until
the end of the year, allowing for additional visibility on the margin. Mind
you, FY26e will be impacted by some EUR 2m one-off expenses from maintenance
work at the waste incineration.
Conclusion: Little downside risk, valuation remains attractive. The
conference feedback confirms our view that the investment case is intact.
Data centres and VH remain the key growth drivers, and the FY26 guidance
remains in reach despite higher energy costs. Nabaltec holds a globally
leading position in environmentally friendly flame retardants, a market
underpinned by tightening regulation and structural demand growth. Even
against a difficult backdrop for specialty chemicals, the company stands out
for its solid balance sheet, resilient margins and sizeable untapped
capacity (EUR 300m revenue potential, eNuW) to be filled over the mid- to
long-term.
The valuation continues to appear cheap, with the shares trading clearly
below book value and an adj. FCFY of 13% for FY26e. We confirm our BUY
rating with an unchanged EUR 16 PT, based on FCFY26e.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=b409cbb16c26a7584003038623634029
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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2411530 07.10.2026 CET/CEST
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